Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment, Net.

Property, Plant and Equipment, Net

Note 8. Property, Plant and Equipment, Net

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

(Dollars in Thousands)	Depreciable Lives	December 31, 2024		December 31, 2023
Land		$	6,581	$	8,778
Buildings	10-40 years		175,171		35,911
Leasehold improvements(1)			12,320		9,800
Plant equipment	3-15 years		249,933		128,639
Vehicles and transportation equipment	3-5 years		615		648
IT systems	3-7 years		12,717		8,909
Furniture and fixtures	3-10 years		7,373		3,294
Customer beverage equipment(2)	3-5 years		21,826		22,931
Lease right-of-use assets(3)			81		81
Construction in progress and equipment deposits			85,279		208,308
			571,896		427,299
Less: accumulated depreciation			(104,885)		(83,261)
Property, plant and equipment, net		$	467,011	$	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 years ended December 31, 2024, 2023 and 2022 was $26.6 million, $18.4 million and $17.4 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 December 31, 2024 are expected to be in production use.