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PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Property, plant and equipment | Depreciation on property, plant and equipment is recognized on a straight-line basis over their estimated useful lives, as follows:
| Years
Land improvements | 25
Buildings and building improvements | 10-40
Machinery and equipment | 3-20
The Company’s property, plant and equipment consisted of the following:
| December 31,
(in thousands) | 2022 |  | 2021
Land and land improvements | $ | 16,102 |  |  | $ | 7,925 |
Buildings and building improvements | 15,111 |  |  | 8,791 |
Machinery and equipment | 186,388 |  |  | 61,822 |
Assets under construction | 338,482 |  |  | 134,327 |
Mineral rights | 438,395 |  |  | 437,376 |
Property, plant and equipment, gross | 994,478 |  |  | 650,241 |
Less: Accumulated depreciation and depletion | (58,735) |  |  | (39,629) |
Property, plant and equipment, net | $ | 935,743 |  |  | $ | 610,612 |
The Company’s depreciation and depletion expense were as follows:
| For the year ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Depreciation expense | $ | 5,808 |  |  | $ | 6,825 |  |  | $ | 4,702 |
Depletion expense(1) | $ | 12,209 |  |  | $ | 17,200 |  |  | $ | 1,961 |
(1)At the beginning of the fourth quarter of 2021, as a result of an updated life of mine, the Company revised its estimate of the remaining useful life of the mineral rights to approximately 35 years from approximately 23 years. The effect of the change in estimate was a reduction in depletion expense for the years ended December 31, 2022 and 2021 of $6.1 million and $1.5 million, respectively.

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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