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PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended
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Sep. 30, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The Company’s property, plant and equipment consisted of the following:
| September 30, 2024 |  | December 31, 2023
(in thousands) |
Land and land improvements | $ | 40,254 |  |  | $ | 27,091 |
Buildings and building improvements | 95,236 |  |  | 92,203 |
Machinery and equipment | 564,681 |  |  | 503,145 |
Assets under construction | 262,994 |  |  | 211,848 |
Mineral rights | 438,395 |  |  | 438,395 |
Property, plant and equipment, gross | 1,401,560 |  |  | 1,272,682 |
Less: Accumulated depreciation and depletion | (171,043) |  |  | (114,628) |
Property, plant and equipment, net | $ | 1,230,517 |  |  | $ | 1,158,054 |
Additions to Property, Plant and Equipment: The Company capitalized expenditures related to property, plant and equipment of $130.0 million and $199.9 million for the nine months ended September 30, 2024 and 2023, respectively, including amounts not yet paid (see Note 20, “Supplemental Cash Flow Information”). The capitalized expenditures for the nine months ended September 30, 2024 and 2023, related primarily to machinery, equipment and assets under construction to support the Company’s Fort Worth Facility, as well as various projects at Mountain Pass, including the HREE Facility (as defined in Note 15, “Government Grants”). The capitalized expenditures for the nine months ended September 30, 2023, also included assets under construction to support the Company’s Stage II optimization project. The Company’s depreciation and depletion expense were as follows:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation expense | $ | 16,018 |  |  | $ | 13,951 |  |  | $ | 46,012 |  |  | $ | 28,385 |
Depletion expense | $ | 2,969 |  |  | $ | 2,664 |  |  | $ | 8,864 |  |  | $ | 8,407 |
The Company recognized $0.8 million and $5.5 million of demolition costs for the three and nine months ended September 30, 2023, which are included in “Other operating costs and expenses” within the Company’s unaudited Condensed Consolidated Statements of Operations, incurred in connection with demolishing and removing certain old facilities from the Mountain Pass site that have never been used in the Company’s operations. There were no property, plant and equipment impairments recognized for the three and nine months ended September 30, 2024 and 2023. For information on the Company’s asset-based government grants, which impact the carrying amount of the Company’s property, plant and equipment, see Note 15, “Government Grants.”

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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