XML 21 R9.htm IDEA: XBRL DOCUMENT v3.22.2
Property Plant and Equipment
 6 Months Ended
Jun. 30, 2022
Property Plant and Equipment  
Property, Plant And Equipment

3. Property, Plant and Equipment

 

Property, plant and equipment consist of the following:

 

 

 

As of

 

 

 

June 30, 2022

 

 

December 31, 2021

 

Land

 

$6,156

 

 

$4,082

 

Plant and buildings

 

 

122,165

 

 

 

97,110

 

Furniture and fixtures

 

 

1,504

 

 

 

1,334

 

Machinery and equipment

 

 

5,203

 

 

 

5,294

 

Tenant improvements

 

 

56

 

 

 

-

 

Construction in progress

 

 

51,279

 

 

 

55,859

 

Property held for development

 

 

15,437

 

 

 

15,437

 

Finance lease right of use assets

 

 

3,152

 

 

 

2,317

 

Total gross property, plant & equipment

 

 

204,952

 

 

 

181,433

 

Less accumulated depreciation

 

 

(48,162)

 

 

(46,332)
Total net property, plant & equipment

 

$156,790

 

 

$135,101

 

   

For the three months ended June 30, 2022 and 2021, interest capitalized in property, plant, and equipment was $2.6 million and $0.9 million, respectively. For the six months ended June 30, 2022 and 2021, interest capitalized in property, plant, and equipment was $4.7 million and $1.5 million, respectively.

 

Construction in progress includes costs for the biogas construction projects (dairy digesters and pipeline), 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 June 30, 2022 and 2021, the Company recorded depreciation expense of $1.3 million and $1.4 million, respectively. For the six months ended June 30, 2022 and 2021, the Company recorded depreciation expense of $2.7 million and $2.8 million, respectively.