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Note 3 - Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
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, 2023

  

December 31, 2022

 

Land

 $7,345  $7,344 

Plant and buildings

  136,318   99,116 

Furniture and fixtures

  2,266   1,831 

Machinery and equipment

  14,982   15,209 

Construction in progress

  73,057   88,990 

Property held for development

  15,431   15,437 

Finance lease right of use assets

  2,889   3,045 

Total gross property, plant & equipment

  252,288   230,972 

Less accumulated depreciation

  (57,180)  (50,531)

Total net property, plant & equipment

 $195,108  $180,441 

 

Interest capitalized in property, plant, and equipment was $5.6 million and $11.1 million for the years ended December 31, 2023 and 2022, 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 development is the partially completed Goodland Plant which 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 $6.9 million and $5.5 million respectively, for the years ended December 31, 2023 and 2022.