Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment

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Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT.

 

Property and equipment consisted of the following (in thousands):

 

    December 31,  
    2024     2023  
Facilities and plant equipment   $ 420,456     $ 405,010  
Land     3,594       3,687  
Other equipment, vehicles and furniture     20,636       9,719  
Construction in progress     11,154       50,505  
      455,840       468,921  
Accumulated depreciation     (241,098 )     (220,173 )
    $ 214,742     $ 248,748  

 

Depreciation expense was $23,820,000, $22,492,000 and $24,528,000 for the years ended December 31, 2024, 2023 and 2022, respectively. The Company capitalized interest of $2,517,000, $2,454,000 and $720,000 for the years ended December 31, 2024, 2023 and 2022, respectively, related to its capital investment activities. The Company recorded an asset impairment of $19,000,000 for the year ended December 31, 2024. The Company did not record any impairment on its property and equipment for the years ended December 31, 2023 and 2022.

 

The Company’s property and equipment are substantially pledged as collateral under the Company’s Term Loan.