Property, Plant and Equipment |
The Company’s estimated depreciable lives of operating assets and facilities are as follows: | | | | | | Land | Not Applicable | Building | 30 years | Construction in Progress (“CIP”) | Not Applicable | Leasehold Improvements | Shorter of: remaining lease term or | 10 years | Tools & Equipment | 7 years | Kitchen & Lab Equipment | 7 years | Other Machinery & Equipment | 7 years | Furniture & Fixtures | 7 years | Electronic & Security Equipment | 5 years | Vehicles | 7 years | Land Improvements | 15 years |
Property, plant and equipment and related accumulated depreciation consists of the following at December 31, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | As of December 31, | | | 2023 | | 2022 | Land | | $ | 30,934 | | | $ | 31,877 | | Buildings and Improvements | | 194,274 | | | 197,819 | | Furniture and Fixtures | | 19,884 | | | 16,189 | | Computer Equipment and Software | | 25,861 | | | 21,478 | | Leasehold Improvements | | 230,877 | | | 211,785 | | Tools and Equipment | | 90,386 | | | 88,507 | | Vehicles | | 4,373 | | | 4,992 | | Assets Under Construction (1) | | 39,844 | | | 41,800 | | | | | | | Total Property, Plant and Equipment, Gross | | 636,433 | | | 614,447 | | Less: Accumulated Depreciation | | (135,129) | | | (88,542) | | | | | | | Property, Plant and Equipment, Net | | $ | 501,304 | | | $ | 525,905 | |
(1)Assets under construction represent construction in progress related to facilities not yet completed or otherwise not placed in service. A reconciliation of the beginning and ending balances of property, plant and equipment is as follows: | | | | | | | | | | | | | | | | | | | | | | | Property, Plant and Equipment, Gross | | Accumulated Depreciation | | Property, Plant and Equipment, Net | | | | | | | | Balance as of January 1, 2022 | | $ | 498,380 | | | $ | (46,148) | | | $ | 452,232 | | Additions | | 122,626 | | | — | | | 122,626 | | Property, plant and equipment from business combination | | 5,891 | | | (229) | | | 5,662 | | Disposals and other | | (11,196) | | | 1,596 | | | (9,600) | | Deconsolidation from disposition of business combination | | (1,254) | | | 281 | | | (973) | | Depreciation | | — | | | (44,042) | | | (44,042) | | | | | | | | | Balance as of December 31, 2022 | | $ | 614,447 | | | $ | (88,542) | | | $ | 525,905 | | Additions | | 35,815 | | | — | | | 35,815 | | Disposals and other | | (4,260) | | | 2,093 | | | (2,167) | | Impairment | | (9,569) | | | 996 | | | (8,573) | | Depreciation | | — | | | (49,676) | | | (49,676) | | | | | | | | | Balance as of December 31, 2023 | | $ | 636,433 | | | $ | (135,129) | | | $ | 501,304 | |
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Schedule of Finite-Lived Intangible Assets |
Amortization periods by class of intangible assets with finite lives were as follows as of December 31, 2023: | | | | | | Licenses | 9-15 years | Tradenames | 5-10 years | Technology | 5-10 years |
As of December 31, 2023 and December 31, 2022, intangible assets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Licenses | | Tradenames | | Technology | | Total | Cost | | | | | | | | | Balance as of January 1, 2023 | | $ | 1,274,981 | | | $ | 54,166 | | | $ | 6,431 | | | $ | 1,335,578 | | Impairment | | (7,605) | | | — | | | — | | | (7,605) | | Other Additions(1) | | 1,950 | | | — | | | — | | | 1,950 | | Balance as of December 31, 2023 | | $ | 1,269,326 | | | $ | 54,166 | | | $ | 6,431 | | | $ | 1,329,923 | | | | | | | | | | | Accumulated Amortization | | | | | | | | | Balance as of January 1, 2023 | | 143,246 | | | 9,579 | | | 1,987 | | | 154,812 | | Amortization | | 84,997 | | | 5,422 | | | 1,038 | | | 91,457 | | Impairment | | (2,492) | | | — | | | — | | | (2,492) | | Balance as of December 31, 2023 | | $ | 225,751 | | | $ | 15,001 | | | $ | 3,025 | | | $ | 243,777 | | | | | | | | | | | Net Book Value | | | | | | | | | Balance as of January 1, 2023 | | 1,131,735 | | | 44,587 | | | 4,444 | | | 1,180,766 | | Balance as of December 31, 2023 | | $ | 1,043,575 | | | $ | 39,165 | | | $ | 3,406 | | | $ | 1,086,146 | |
(1) The Company obtained a license following regulatory approval where payment consideration occurred in prior periods. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Licenses | | Tradenames | | Technology | | Total | Cost | | | | | | | | | Balance as of January 1, 2022 | | $ | 1,386,131 | | | $ | 54,166 | | | $ | 11,603 | | | $ | 1,451,900 | | Purchases | | — | | | — | | | — | | | — | | Additions from business combination | | 21,545 | | | — | | | — | | | 21,545 | | Adjustments to purchase price allocation | | (2,025) | | | — | | | (5,172) | | | (7,197) | | Impairment | | (130,670) | | | — | | | — | | | (130,670) | | Balance as of December 31, 2022 | | $ | 1,274,981 | | | $ | 54,166 | | | $ | 6,431 | | | $ | 1,335,578 | | | | | | | | | | | Accumulated Amortization | | | | | | | | | Balance as of January 1, 2022 | | 66,703 | | | 4,158 | | | 1,126 | | | 71,987 | | Amortization | | 91,062 | | | 5,421 | | | 861 | | | 97,344 | | Impairment | | $ | (14,519) | | | $ | — | | | $ | — | | | $ | (14,519) | | Balance as of December 31, 2022 | | $ | 143,246 | | | $ | 9,579 | | | $ | 1,987 | | | $ | 154,812 | | | | | | | | | | | Net Book Value | | | | | | | | | Balance as of January 1, 2022 | | 1,319,428 | | | 50,008 | | | 10,477 | | | 1,379,913 | | Balance as of December 31, 2022 | | $ | 1,131,735 | | | $ | 44,587 | | | $ | 4,444 | | | $ | 1,180,766 | |
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