Construction in progress

6 Months Ended

Jun. 30, 2022

Construction in progress [Abstract]

Construction in progress

Construction in progress

The Company’s construction in progress activity during the six months ended June 30, 2022 is detailed below:

	June 30, 2022
Balance at beginning of period	$	1,043,883
Additions	437,539
Asset impairment expense	(48,109)
Impact of currency translation adjustment	18,993
Transferred to property, plant and equipment, net	(50,838)
Balance at end of period	$	1,401,468

Interest expense of $29,495 and $9,310, inclusive of amortized debt issuance costs, was capitalized for the six months ended June 30, 2022 and 2021, respectively.

The Company’s development activities are primarily in Latin America and the completion of such development is subject to risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance.

The assets of CEBARRA primarily consist of construction in progress, and in conjunction with the Sergipe Sale, the assets of CEBARRA meet the criteria to be presented as held for sale. These assets were measured at fair value, less costs to sell, upon classification to held for sale, and the Company recognized an impairment loss of $48,109 in Asset impairment expense in the condensed consolidated statements of operations and comprehensive income (loss) in the Terminals and Infrastructure Segment. The fair value of assets that are held for sale are not significant and have not presented separately as held for sale on the condensed consolidated balance sheets. Nonrecurring, Level 2 inputs were used to estimate the fair value of the investment for the purpose of recognizing the asset impairment. As of June 30, 2022, no other indicators of impairment have been identified.