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Note 6 - Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

6. Property, Plant and Equipment

 

Property, plant and equipment consist of the following:

 

  

As of

 
  

March 31, 2024

  

December 31, 2023

 

Land

 $7,344  $7,345 

Plant and buildings

  136,750   136,318 

Furniture and fixtures

  2,529   2,266 

Machinery and equipment

  15,150   14,982 

Construction in progress

  76,609   73,057 

Property held for development

  15,431   15,431 

Finance lease right of use assets

  2,889   2,889 

Total gross property, plant & equipment

  256,702   252,288 

Less accumulated depreciation

  (58,965)  (57,180)

Total net property, plant & equipment

 $197,737  $195,108 

 

For the three months ended March 31, 2024 and 2023, interest capitalized in property, plant and equipment was $1.7 million and $1.8 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. 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 

 

For the three months ended March 31, 2024 and 2023, the Company recorded depreciation expense of $1.8 million for each period.