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3. Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
3. Property, Plant and Equipment

Property, plant and equipment consist of the following:

 

   

December 31,

2016

    

December 31,

2015

  
Land   $ 2,713     $ 2,727  
Plant and buildings     81,755       81,821  
Furniture and fixtures     572       494  
Machinery and equipment     4,308       4,052  
Construction in progress     88       147  
Total gross property, plant & equipment     89,436       89,241  
Less accumulated depreciation     (23,066 )     (18,523 )
Total net property, plant & equipment   $ 66,370     $ 70,718  

 

Depreciation on the components of the property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as follows:

 

    Years  
Plant and buildings     20 - 30  
Machinery and equipment     5 - 7  
Furniture and fixtures     3 - 5  

 

The Company recorded depreciation expense of approximately $4.7 million each for the years ended December 31, 2016 and 2015.

 

Management is required to evaluate these long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Based on the recent third party appraisals of the fair value of plant assets, equipment and land and management’s valuations using discounted cash flow analysis, both the Keyes ethanol and animal feed production plant and India biodiesel and glycerin processing plant reporting units did not require impairment adjustment as of December 31, 2016 and 2015.