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Property Plant and Equipment
 12 Months Ended
Dec. 31, 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

 

 

 

December 31, 2021

 

 

December 31, 2020

 

Land

 

$4,082

 

 

$4,092

 

Plant and buildings

 

 

97,110

 

 

 

97,398

 

Furniture and fixtures

 

 

1,334

 

 

 

1,195

 

Machinery and equipment

 

 

5,294

 

 

 

5,188

 

Construction in progress

 

 

55,859

 

 

 

25,397

 

Property held for development

 

 

15,437

 

 

 

15,408

 

Finance lease right of use assets

 

 

2,317

 

 

 

2,308

 

Total gross property, plant & equipment

 

 

181,433

 

 

 

150,986

 

Less accumulated depreciation

 

 

(46,332)

 

 

(41,106)
Total net property, plant & equipment

 

$135,101

 

 

$109,880

 

 

Interest capitalized in property, plant, and equipment was $4.7 million, $1.9 million and $0.3 million for the years ended December 31, 2021, 2020, and 2019, respectively.

 

Construction in progress contains incurred costs for the Biogas Project, Riverbank Project, and Zebrex equipment installation at the Keyes Plant. Given there are several ongoing capital projects, their capital expenses have been accumulated in construction in progress and will be capitalized and depreciated 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 to allocate their depreciable amounts over their estimated useful lives as follows:

 

Years

Plant and buildings

20 - 30

Machinery and equipment

5 - 15

Furniture and fixtures

 

3 - 5

 

The Company recorded depreciation expense of approximately $5.4 million, $4.9 million, and $4.4 million respectively, for the years ended December 31, 2021, 2020, and 2019.