Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 86

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1A
Chunk 86
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 $2.2 million. During fiscal year 2023, long-lived assets with an aggregate carrying value of $5.9 million were written down to their fair value of $4.6 million, resulting in asset impairment charges of $1.3 million. The carrying amounts of the Company’s financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and other accrued expenses, approximate fair value because of the short maturity of those assets and liabilities.

6. Property and Equipment

The Company had the following property and equipment balances as of September 30, 2025 and 2024, dollars in thousands:

			Useful lives

			As of September 30,

			(in years)

			2025

			2024

			Construction in process

			n/a

			$
			3,009

			5,758

			Land

			n/a

			10,990

			6,746

			Buildings

			16
			 –
			40

			65,591

			60,556

			Land improvements

			1
			–
			24

			2,600

			2,324

			Leasehold and building improvements

			1
			–
			25

			192,171

			185,045

			Fixtures and equipment

			5
			–
			7

			173,491

			167,060

			Computer hardware and software

			3
			–
			5

			32,968

			30,622

			480,820

			458,111

			Less accumulated depreciation and amortization

			(298,079
			
			)

			(279,502
			
			)

			Property and equipment, net

			$
			182,741

			178,609

Total costs capitalized for qualifying construction projects of leasehold and building improvements included $0.2 million, $0.4 million and $0.5 million for the years ended September 30, 2025, 2024 and 2023, respectively, related to internal staff compensation. Depreciation expense related to capitalized internal staff compensation was $0.4 million, $0.7 million and $0.7 million for the years ended September