XML 25 R12.htm IDEA: XBRL DOCUMENT v3.24.3
PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
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, 2024December 31, 2023
(in thousands)
Land and land improvements$40,254 $27,091 
Buildings and building improvements95,236 92,203 
Machinery and equipment564,681 503,145 
Assets under construction262,994 211,848 
Mineral rights438,395 438,395 
Property, plant and equipment, gross1,401,560 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)2024202320242023
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.”