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Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment  
3. Property, Plant and Equipment

3. Property, Plant and Equipment

 

Property, plant and equipment consist of the following:

 

 

 

As of

 

 

 

June 30,

2021

 

 

December 31,

2020

 

Land

 

$4,083

 

 

$4,092

 

Plant and buildings

 

 

97,035

 

 

 

97,398

 

Furniture and fixtures

 

 

1,276

 

 

 

1,195

 

Machinery and equipment

 

 

5,259

 

 

 

5,188

 

Construction in progress

 

 

37,524

 

 

 

25,397

 

Property held for development

 

 

15,408

 

 

 

15,408

 

Finance lease right of use assets

 

 

2,204

 

 

 

2,308

 

Total gross property, plant & equipment

 

 

162,789

 

 

 

150,986

 

Less accumulated depreciation

 

 

(43,631)

 

 

(41,106)

Total net property, plant & equipment

 

$119,158

 

 

$109,880

 

 

For the three months ended June 30, 2021 and 2020, interest capitalized in property, plant, and equipment was $0.9 million and $0.1 million, respectively. For the six months ended June 30, 2021 and 2020, interest capitalized in property, plant, and equipment was $1.5 million and $0.2 million, respectively.

Construction in progress contains incurred costs for the ABGL biogas project, Riverbank project, and Zebrex equipment installation at the Keyes Plant. In the second quarter of 2020, the CO₂ Project commenced operations and was placed in service at that time. In the third quarter of 2020, two diary digesters commenced operations and were placed in service at that time. Spending for ongoing capital projects is accumulated in construction in progress and will be capitalized with subsequent depreciation once the capital projects are finished and are in service. Depreciation on the components of property, plant and equipment is calculated using the straight-line method over their estimated useful lives as follows:

 

Years

 

Plant and buildings

 

20 - 30

 

Machinery and equipment

5 - 15

 

Furniture and fixtures

 

3 - 5

 

 

For the three months ended June 30, 2021 and 2020, the Company recorded depreciation expense of $1.4 and $1.2 million, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded depreciation expense of $2.8 and $2.3 million, respectively.

 

Management is required to evaluate these long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Management determined there was no impairment on the long-lived assets during the three and six months ended June 30, 2021 and 2020.