Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

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


(in thousands)	March 31, 2024		December 31, 2023		March 31, 2023
Land	$	30,626	$	30,912	$	38,000
Land improvements and leasehold improvements	82,541		82,438		91,503
Buildings and storage facilities	366,790		365,744		362,451
Machinery and equipment	959,920		951,544		917,269
Construction in progress	45,327		36,541		48,158
	1,485,204		1,467,179		1,457,381
Less: accumulated depreciation	796,091		773,814		778,664
Property, plant and equipment, net	$	689,113	$	693,365	$	678,717

Depreciation expense on property, plant, and equipment was $24.7 million and $26.2 million for three months ended March 31, 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.