Property, Plant and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

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


(in thousands)	March 31, 2023		December 31, 2022		March 31, 2022
Land	$	38,000	$	38,689	$	39,183
Land improvements and leasehold improvements	91,503		92,084		91,061
Buildings and storage facilities	362,451		364,721		369,850
Machinery and equipment	917,269		980,159		946,352
Construction in progress	48,158		41,429		23,512
	1,457,381		1,517,082		1,469,958
Less: accumulated depreciation	778,664		754,353		697,713
Property, plant and equipment, net	$	678,717	$	762,729	$	772,245

Depreciation expense on property, plant and equipment used in continuing operations was $26.2 million and $28.3 million for the three months ended March 31, 2023 and 2022, respectively.

The Company recorded a $87.2 million impairment charge for the three months ended March 31, 2023 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. As the Company owns 51% of ELEMENT, the Company consolidates the results of ELEMENT and 49% of the impairment charge will be represented in Net loss attributable to noncontrolling interests in the Company's Condensed Consolidated Statements of Operations.