Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.7.0.1
Intangible Assets
12 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
INTANGIBLE ASSETS
Amortizing intangible assets consist of the following at December 31:
 
December 31, 2016
 
Cost
 
Accumulated Amortization
 
Net
 
Weighted Average Remaining Life
Raw material supply agreement
$
6,230

 
$
(1,987
)
 
$
4,243

 
9.0 years
Renewable hydrocarbon diesel technology
8,300

 
(1,429
)
 
6,871

 
12.5 years
Acquired customer relationships
2,900

 
(396
)
 
2,504

 
8.6 years
Ground lease
200

 
(127
)
 
73

 
4.9 years
In-process research and development
15,956

 
(177
)
 
15,779

 
14.8 years
Total intangible assets
$
33,586

 
$
(4,116
)
 
$
29,470

 
 
 
December 31, 2015
 
Cost
 
Accumulated Amortization
 
Net
 
Weighted Average Remaining Life
Raw material supply agreement
$
6,230

 
$
(1,551
)
 
$
4,679

 
10.0 years
Renewable hydrocarbon diesel technology
8,300

 
(876
)
 
7,424

 
13.5 years
Acquired customer relationships
2,900

 
(106
)
 
2,794

 
9.6 years
Ground lease
200

 
(112
)
 
88

 
5.9 years
Total amortizing intangibles
17,630

 
(2,645
)
 
14,985

 
 
In-process research and development, indefinite lives
15,956

 

 
15,956

 
 
Total intangible assets
$
33,586

 
$
(2,645
)
 
$
30,941

 
 

The raw material supply agreement acquired is amortized over its 15 year term based on actual usage under the agreement and expires in 2025. The Company determined the estimated amount of raw materials to be purchased over the life of the agreement to calculate a per pound rate of consumption. The rate is then multiplied by the actual usage each period for expense reporting purposes.
Amortization expense of $1,471, $1,112 and $1,298 for intangible assets was recorded for the years ended December 31, 2016, 2015 and 2014, respectively.
Estimated amortization expense for fiscal years ended December 31 is as follows:
2017
$
2,366

2018
2,372

2019
2,379

2020
2,386

2021
2,392

Thereafter
17,575

Total
$
29,470