XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.3
Property, Plant and Equipment
9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
The components of Property, plant and equipment, net are as follows:
(in thousands)September 30,
2023
December 31,
2022
September 30,
2022
Land$30,872 $38,689 $38,508 
Land improvements and leasehold improvements79,829 92,084 93,026 
Buildings and storage facilities360,234 364,721 366,453 
Machinery and equipment916,552 980,159 956,471 
Construction in progress44,420 41,429 40,599 
1,431,907 1,517,082 1,495,057 
Less: accumulated depreciation 751,719 754,353 729,118 
Property, plant and equipment, net$680,188 $762,729 $765,939 

Depreciation expense on property, plant, and equipment used in continuing operations was $24.9 million and $27.3 million for three months ended September 30, 2023 and 2022, respectively. Additionally, depreciation expense on property, plant and equipment used in continuing operations was $75.5 million and $83.2 million for the nine months ended September 30, 2023 and 2022, respectively.

In the first quarter of 2023, the Company recorded a $87.2 million impairment charge related to ELEMENT. The plant faced operational and market-based challenges which were exacerbated by a shift in the California Low Carbon Fuel Standard credit markets and high western corn basis. At the time of the impairment, the Company owned 51% of ELEMENT and was a consolidated entity, as such, 49% of the impairment charge was represented in Net income (loss) attributable to noncontrolling interests in the Company's Condensed Consolidated Statements of Operations.