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Note 6 - Property, Plant and Equipment | 9 Months Ended
--- | ---
Sep. 30, 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 |
|  | September 30, 2024 |  |  | December 31, 2023 |
Land |  | $ | 7,341 |  |  | $ | 7,345 |
Plant and buildings |  |  | 171,814 |  |  |  | 136,318 |
Furniture and fixtures |  |  | 2,641 |  |  |  | 2,266 |
Machinery and equipment |  |  | 5,695 |  |  |  | 14,982 |
Construction in progress |  |  | 52,978 |  |  |  | 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 |  |  | 258,789 |  |  |  | 252,288 |
Less accumulated depreciation |  |  | (62,850 | ) |  |  | (57,180 | )
Total net property, plant & equipment |  | $ | 195,939 |  |  | $ | 195,108 |
For the three months ended September 30, 2024 and 2023, interest capitalized in property, plant and equipment was $1.0 million and $1.5 million (not including depreciation), respectively. For the nine months ended September 30, 2024 and 2023, interest capitalized in property, plant and equipment was $4.0 million and $3.9 million, respectively. Construction in progress includes costs for biogas digesters that are under construction, the Riverbank sustainable aviation fuel and renewable diesel plant, the carbon capture and sequestration 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 operational 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 September 30, 2024 and 2023, the Company recorded depreciation expense of $2.3 million and $1.7 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded depreciation expense of $6.1 million and $5.2 million, respectively.

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