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Property Plant and Equipment
 3 Months Ended
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.