Property, Plant and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

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

(in thousands)	June 30, 2024		December 31, 2023		June 30, 2023
Land	$	31,008	$	30,912	$	31,838
Land improvements and leasehold improvements	84,019		82,438		81,470
Buildings and storage facilities	370,877		365,744		349,773
Machinery and equipment	977,948		951,544		891,368
Construction in progress	48,771		36,541		56,578
	1,512,623		1,467,179		1,411,027
Less: accumulated depreciation	818,487		773,814		747,586
Property, plant and equipment, net	$	694,136	$	693,365	$	663,441

Depreciation expense on property, plant, and equipment was $24.6 million and $24.4 million for three months ended June 30, 2024, and 2023, respectively. Additionally, depreciation expense on property, plant and equipment was $49.3 million and $50.5 million for the six months ended June 30, 2024, and 2023, respectively.

In the first quarter of 2023, the Company recorded a $87.2 million impairment charge related to ELEMENT. The plant 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, as such, 49% of the impairment charge was represented in Net income (loss) attributable to noncontrolling interests in the Company's Condensed Consolidated Statements of Operations.