Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

The components of Property, plant and equipment, net are as follows:


(in thousands)	June 30, 2023		December 31, 2022		June 30, 2022
Land	$	31,838	$	38,689	$	38,630
Land improvements and leasehold improvements	81,470		92,084		91,542
Buildings and storage facilities	349,773		364,721		370,453
Machinery and equipment	891,368		980,159		949,142
Construction in progress	56,578		41,429		31,237
	1,411,027		1,517,082		1,481,004
Less: accumulated depreciation	747,586		754,353		717,561
Property, plant and equipment, net	$	663,441	$	762,729	$	763,443

Depreciation expense on property, plant, and equipment used in continuing operations was $24.4 million and $27.5 million for three months ended June 30, 2023 and 2022, respectively. Additionally, depreciation expense on property, plant and equipment used in continuing operations was $50.5 million and $55.8 million for the six months ended June 30, 2023 and 2022, respectively.

In the first quarter of 2023, the Company recorded a $87.2 million impairment charge related to ELEMENT, LLC ("ELEMENT"), the Company's joint venture ethanol plant within the Renewables segment. The plant has faced operational and market-based challenges which were exacerbated by a shift in the California Low Carbon Fuel Standard credit markets and high western corn basis. At the time of the impairment, the Company owned 51% of ELEMENT and it was a consolidated entity, so 49% of the impairment charge was represented in Net income (loss) attributable to noncontrolling interests in the Company's Condensed Consolidated Statements of Operations.