Property, Plant, and Equipment, Net

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, Net

Property, Plant, and Equipment, Net

The major classifications of the Company’s property, plant, and equipment are as follows (in thousands):

	March 31, 2015			December 31, 2014
Plant, equipment, buildings and leasehold improvements	$	137,048		$	133,777
Construction in progress	1,109			6,432
Office furniture, fixtures and equipment	8,220			5,862
	146,377			146,071
Accumulated depreciation and amortization	(27,575		)	(25,054		)
Property, plant and equipment, net	$	118,802		$	121,017

Depreciation and amortization expense was as follows (in thousands):

	Three Months Ended March 31,
	2015			2014
Total depreciation and amortization expense	$	2,683		$	2,605
Amount allocated to inventory and cost of canola oil and meal sold	(2,146		)	(2,063		)
Total reported depreciation and amortization	$	537		$	542

Impairment Losses for the Three Months Ended March 31, 2015:

During the three months ended March 31, 2015, the Company recorded an impairment loss of $1.1 million to write down the value of capitalized development costs related to an oil and gas well the Company is currently drilling. The estimated fair value of the well was determined using a discounted cash flow model. The loss was reported in the condensed consolidated statement of operations and comprehensive income or loss within impairment loss on intangible and long-lived assets and was included in the results of operations of the corporate segment.

Impairment Losses for the Year Ended December 31, 2014:

Due to the significant decline in crude oil prices during the fourth quarter of 2014, the Company completed an impairment analysis of the oil and gas wells using a discounted cash flow model. Based on the analysis, the Company wrote down the carrying value of oil wells capitalized to their estimated fair value, resulting in an impairment loss for the year ended December 31, 2014 of $4.4 million.