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Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Note 7. Property, Plant and Equipment, Net

The following table summarizes property, plant and equipment, net as of June 30, 2024 and December 31, 2023:

​

​	​	​	​	​	​	​	​	​
(Dollars in Thousands)		Depreciable Lives		June 30, 2024			December 31, 2023
Land	​	​	​	$	6,630	​	$	8,778
Buildings	​	10-40 years	​	​	38,164	​	​	35,911
Leasehold improvements(1)	​	​	​	​	12,764	​	​	9,800
Plant equipment	​	3-15 years	​	​	145,307	​	​	128,639
Vehicles and transportation equipment	​	3-5 years	​	​	637	​	​	648
IT systems	​	3-7 years	​	​	12,853	​	​	8,909
Furniture and fixtures	​	3-10 years	​	​	7,002	​	​	3,294
Customer beverage equipment(2)	​	3-5 years	​	​	23,089	​	​	22,931
Lease right-of-use assets(3)	​	​	​	​	81	​	​	81
Construction in progress and equipment deposits	​	​	​	​	265,161	​	​	208,308
​	​	​	​	​	511,688	​	​	427,299
Less: accumulated depreciation	​	​	​	​	(93,441)	​	​	(83,261)
Property, plant and equipment, net	​	​	​	$	418,247	​	$	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 six months ended June 30, 2024 was $5.8 million and $11.3 million, respectively, and depreciation expense for the three and six months ended June 30, 2023 was $4.1 million and $8.0 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 June 30, 2024 are expected to be in production use.

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No definition available.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

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-Topic 360
-Name Accounting Standards Codification
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