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Note 3 - Property, Plant and Equipment
 9 Months Ended
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.