v3.26.1
Note 4 - Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Property, Plant, and Equipment [Text Block]

4. Property, Plant and Equipment

 

Property, plant and equipment, net consists of the following:

 

 

 

As of

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Land

 

 $

8,589

 

 

 $

8,616

 

Plant and buildings

 

 

199,632

 

 

 

200,008

 

Furniture and fixtures

 

 

2,952

 

 

 

3,036

 

Machinery and equipment

 

 

5,933

 

 

 

5,894

 

Construction in progress

 

 

84,062

 

 

 

57,043

 

Property held for development

 

 

15,431

 

 

 

15,431

 

Finance lease right of use assets

 

 

3,602

 

 

 

2,889

 

Total gross property, plant & equipment

 

 

320,201

 

 

 

292,917

 

Less accumulated depreciation

 

 

(77,373

)

 

 

(73,200

)

Total property, plant & equipment, net

 

 $

242,828

 

 

 $

219,717

 

 

For the three months ended  June 30, 2026 and 2025, interest capitalized in property, plant and equipment was $1.3 million and $1.1 million, respectively. For the six months ended June 30, 2026 and 2025, interest capitalized in property, plant and equipment was $2.4 million and $2.1 million, respectively. 

 

Construction in progress includes biogas dairy digesters, mechanical vapor recompression at the Keyes Plant, the Riverbank sustainable aviation fuel and renewable diesel plant, and the Carbon Capture and Underground Sequestration ("CCUS") facilities. Property held for development is the partially completed plant in Goodland, Kansas (the "Goodland Plant"). Depreciation begins for each project when construction is complete and the project is placed into service, and is calculated using the straight-line method to allocate the depreciable amount over the estimated useful life of the applicable asset as follows:

 

 

 

Years

 

Plant and buildings

 

 

 20 - 30

 

Machinery and equipment

 

 

 5 - 15

 

Furniture and fixtures

 

 

 3 - 5

 

 

For the three months ended  June 30, 2026 and 2025, depreciation expense was $2.5 million and $2.3 million, respectively. For the six months ended  June 30, 2026 and 2025, depreciation expense was $5.1 million and $4.7 million, respectively.