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Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property and Equipment  
Property and Equipment

Note 7. Property and Equipment

Property and equipment consisted of the following at December 31 (in thousands):

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​

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2025

  ​ ​ ​

2024

 

Buildings and improvements

​

$

2,019,890

​

$

1,948,849

​

Land

​

 

679,263

​

 

678,687

​

Fixtures and equipment

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63,747

​

 

56,700

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Idle plant assets

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​

30,500

​

​

30,500

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Construction in process

​

 

71,340

​

 

71,436

​

Capitalized internal use software

​

 

37,608

​

 

33,846

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Total property and equipment

​

 

2,902,348

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2,820,018

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Less accumulated depreciation

​

 

1,244,904

​

 

1,113,413

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Total

​

$

1,657,444

​

$

1,706,605

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​

Property and equipment includes retail gasoline station assets held for sale of $5.3 million and $5.2 million at December 31, 2025 and 2024, respectively.

At December 31, 2025, the Partnership had a $37.3 million remaining net book value of long-lived assets at its West Coast facility, including $30.5 million related to the Partnership’s ethanol plant acquired in 2013. The Partnership would need to take certain measures to prepare the facility for ethanol production in order to place the plant into service and commence depreciation. Therefore, the $30.5 million related to the ethanol plant was included in property and equipment and classified as idle plant assets at both December 31, 2025 and 2024.

If the Partnership is unable to generate cash flows to support the recoverability of the plant and facility assets, this may become an indicator of potential impairment of the West Coast facility. The Partnership believes these assets are recoverable but continues to monitor the market for ethanol, the continued business development of this facility for ethanol or other product transloading, and the related impact this may have on the facility’s operating cash flows and whether this would constitute an impairment indicator.

Construction in process in 2025 includes $31.9 million in costs related to the Partnership’s gasoline stations and $39.4 million in costs related to the Partnership’s terminals.

Construction in process in 2024 includes $26.2 million in costs related to the Partnership’s gasoline stations and $45.2 million in costs related to the Partnership’s terminals.

Depreciation

Depreciation expense allocated to cost of sales was $131.9 million, $126.2 million and $94.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Depreciation expense allocated to selling, general and administrative expenses was $5.4million, $5.2 million and $7.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.