v3.26.1
Note 4 - Property, Plant, Equipment and Water Programs
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 – PROPERTY, PLANT, EQUIPMENT AND WATER PROGRAMS

 

Property, plant, equipment and water programs consist of the following (dollars in thousands):

 

  

December 31,

 
  

2025

  

2024

 
         

Land and land improvements

 $39,211  $33,069 

Water programs

  32,023   29,383 

Pipeline

  22,106   22,100 

Buildings

  1,805   1,805 

Leasehold improvements, furniture and fixtures

  1,623   1,609 

Machinery and equipment

  4,427   4,117 

Construction in progress

  6,018   6,857 
   107,213   98,940 

Less accumulated depreciation

  (11,829)  (10,578)
  $95,384  $88,362 

 

Land and land improvements primarily include land acquisitions, well development, irrigation systems and other related land infrastructure. Water programs primarily include costs directly attributable to the Company’s water project development efforts, including consulting fees for various engineering, hydrological, environmental and additional feasibility studies, and other professional and legal fees.

 

During the year ended December 31, 2025, $6.1 million of construction in progress was placed into service, which included the conversion of the Company's diesel operated agricultural wells to natural gas to reduce emissions.

 

Depreciation expense on land improvements, buildings, leasehold improvements, machinery and equipment and furniture and fixtures was $1.3 million and $1.2 million for the years ended December 31, 2025 and 2024, respectively.