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v3.22.2.2

Note 3 - Property, Plant and Equipment | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] | 3. Property, Plant and Equipment Property, plant and equipment consist of the following:
|  | As of |
|  | September 30, 2022 |  |  | December 31, 2021 |
Land |  | $ | 7,352 |  |  | $ | 4,082 |
Plant and buildings |  |  | 99,220 |  |  |  | 97,110 |
Furniture and fixtures |  |  | 1,697 |  |  |  | 1,334 |
Machinery and equipment |  |  | 15,613 |  |  |  | 5,294 |
Tenant improvements |  |  | 56 |  |  |  | - |
Construction in progress |  |  | 76,225 |  |  |  | 55,859 |
Property held for development |  |  | 15,437 |  |  |  | 15,437 |
Finance lease right of use assets |  |  | 3,045 |  |  |  | 2,317 |
Total gross property, plant & equipment |  |  | 218,645 |  |  |  | 181,433 |
Less accumulated depreciation |  |  | (49,160 | ) |  |  | (46,332 | )
Total net property, plant & equipment |  | $ | 169,485 |  |  | $ | 135,101 |
For the three months ended September 30, 2022 and 2021, interest capitalized in property, plant, and equipment was $3.1 million and $1.4 million, respectively. For the nine months ended September 30, 2022 and 2021, interest capitalized in property, plant, and equipment was $7.7 million and $2.9 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 September 30, 2022 and 2021, the Company recorded depreciation expense of $1.4 million and $1.3 million, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded depreciation expense of $4.0 million and $4.1 million, respectively.

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