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3. Property, Plant and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:

		December 31, 2018				December 31, 2017
Land		$	4,116			$	2,747
Plant and buildings			82,445				82,652
Furniture and fixtures			1,056				1,003
Machinery and equipment			3,928				3,972
Construction in progress			3,581				941
GAFI property, plant & equipment			15,408				15,408
Total gross property, plant & equipment			110,534				106,723
Less accumulated depreciation			(32,042	)			(27,886	)
Total net property, plant & equipment		$	78,492			$	78,837

Interest capitalized in property, plant, and equipment was $135 thousand and none for the years ended December 31, 2018 and 2017, respectively.

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 $4.6 million each for the years ended December 31, 2018 and 2017.

The Company evaluates the recoverability of long-lived assets with finite lives in accordance with ASC Subtopic 360-10-35 Property Plant and Equipment –Subsequent Measurements, which requires recognition of impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, based on estimated undiscounted cash flows, the impairment loss would be measured as the difference between the carrying amount of the assets and its estimated fair value. Based on the analysis, both the Keyes Plant and Kakinada Plant did not require impairment adjustment as of December 31, 2018 and 2017.