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v3.22.1

Property Plant and Equipment | 3 Months Ended
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Mar. 31, 2022
Property Plant and Equipment |
Property, Plant And Equipment | 3. Property, Plant and Equipment Property, plant and equipment consist of the following:
|  | As of |
|  | March 31, 2022 |  |  | December 31, 2021 |
Land |  | $ | 6,177 |  |  | $ | 4,082 |
Plant and buildings |  |  | 96,878 |  |  |  | 97,110 |
Furniture and fixtures |  |  | 1,359 |  |  |  | 1,334 |
Machinery and equipment |  |  | 5,273 |  |  |  | 5,294 |
Tenant improvements |  |  | 31 |  |  |  | - |
Construction in progress |  |  | 65,383 |  |  |  | 55,859 |
Property held for development |  |  | 15,437 |  |  |  | 15,437 |
Finance lease right of use assets |  |  | 2,317 |  |  |  | 2,317 |
Total gross property, plant & equipment |  |  | 192,855 |  |  |  | 181,433 |
Less accumulated depreciation |  |  | (47,632 | ) |  |  | (46,332 | )
Total net property, plant & equipment |  | $ | 145,223 |  |  | $ | 135,101 |
For the three months ended March 31, 2022 and 2021, interest capitalized in property, plant, and equipment was $2.1 million and $0.6 million, respectively. Construction in progress includes costs for the biogas construction projects (dairy digesters, pipeline and biogas-to-RNG upgrade unit), Riverbank projects (sustainable aviation fuel and renewable diesel plant as well as carbon capture characterization well), and energy efficiency projects at the Keyes Plant. 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
For the three months ended March 31, 2022 and 2021, the Company recorded depreciation expense of $1.3 and $1.4 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 months ended March 31, 2022 and 2021.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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