Westrock Coffee Co
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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7. Property, Plant and Equipment, Net
Note 7. Property, Plant and Equipment, Net
The following table summarizes property, plant and equipment, net as of September 30, 2024 and December 31, 2023:
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| (Dollars in Thousands) · Depreciable Lives · September 30, 2024 · December 31, 2023 | ||||||||
| Land | | | | $6,592 | | $8,778 | ||
| Buildings | | 10-40 years | | | 143,915 | | | 35,911 |
| Leasehold improvements(1) | | | | | 13,132 | | | 9,800 |
| Plant equipment | | 3-15 years | | | 242,716 | | | 128,639 |
| Vehicles and transportation equipment | | 3-5 years | | | 616 | | | 648 |
| IT systems | | 3-7 years | | | 12,935 | | | 8,909 |
| Furniture and fixtures | | 3-10 years | | | 7,495 | | | 3,294 |
| Customer beverage equipment(2) | | 3-5 years | | | 21,575 | | | 22,931 |
| Lease right-of-use assets(3) | | | | | 81 | | | 81 |
| Construction in progress and equipment deposits | | | | | 88,133 | | | 208,308 |
| | | | | | 537,190 | | | 427,299 |
| Less: accumulated depreciation | | | | | (98,573) | | | (83,261) |
| Property, plant and equipment, net | | | | $438,617 | | $344,038 | ||
1 - Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life.
2 - Customer beverage equipment consists of brewers held on site at customer locations.
3 - Lease right-of-use assets are amortized over the shorter of the useful life of the asset or the lease term.
Depreciation expense for the three and nine months ended September 30, 2024 was $5.8 million and $17.1 million, respectively, and depreciation expense for the three and nine months ended September 30, 2023 was $4.4 million and $12.4 million, respectively. Assets classified as construction in progress and equipment deposits are not depreciated, as they are not ready for production use. All assets classified as construction in progress and equipment deposits at September 30, 2024 are expected to be in production use.
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