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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
13. Commitments and Contingencies

 

Land Lease

The Company operates a plant in Corpus Christi, Texas. The facility is located in the Rincon Industrial Park on approximately 15 acres of land, with 13 acres leased from the Port of Corpus Christi Authority (the "Port") and approximately two acres owned by the Company. The lease payment is subject to an adjustment every 5 years for what the Port calls the "equalization valuation". This is used as a means of equalizing rentals on various Port lands and is determined solely at the discretion of the Port. The last equalization valuation was July 2012 at which time the annual lease increased from approximately $54,000 to $95,000. The Company and the Port executed an amended lease agreement on July 11, 2000, which extended the expiration date of the lease to June 30, 2027.

 

Minimum future rental payments for non-cancelable leases as of December 31, 2015 for the next five years ending December 31 and in total thereafter are as follows:

 

Years Ending December 31,    
(In thousands)    
2016    $ 115 
2017   115 
2018   95 
2019   95 
2020   95 
Thereafter   621 
Total minimum lease payments    $ 1,136 

 

Rent expense under these leases was approximately $115,000 and $117,000 for the years ended December 31, 2015 and 2014, respectively.

 

Contingencies

There are claims arising in the normal course of business that are pending against the Company. While it is not feasible to predict or determine the outcome of any case, it is the opinion of management that the ultimate dispositions will have no material effect on the consolidated financial statements of the Company.

 

The Company believes that it is in compliance with all applicable federal, state and local laws and regulations relating to the discharge of substances into the environment, and it does not expect that any material expenditure for environmental control facilities will be necessary in order to continue such compliance.