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Note 3 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 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*
		*December 31, 2022*				*December 31, 2021*
Land		$	7,344			$	4,082
Plant and buildings			99,116				97,110
Furniture and fixtures			1,831				1,334
Machinery and equipment			15,209				5,294
Tenant improvements			56				-
Construction in progress			88,934				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			230,972				181,433
Less accumulated depreciation			(50,531	)			(46,332	)
Total net property, plant & equipment		$	180,441			$	135,101

Interest capitalized in property, plant, and equipment was $11.1 million and $4.7 million for the years ended December 31, 2022 and 2021, 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. Property held for developed is the partially completed Goodland Plant is not ready for operation. Depreciation will begin for each project when the project is finalized and placed into service. 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

The Company recorded depreciation expense of approximately $5.5 million and $5.4 million respectively, for the years ended December 31, 2022 and 2021.