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Property, Plant, and Equipment | 3 Months Ended
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Dec. 31, 2019
Property, Plant, and Equipment |
Property, Plant and Equipment | Note 12. Property, plant, and equipment
|  | December 31, |  | September 30,
|  | 2019 |  | 2019
Land and land improvements |  | $ | 89,483 |  | $ | 94,976
Buildings and building improvements |  |  | 575,988 |  |  | 587,541
Leasehold improvements |  |  | 17,810 |  |  | 17,446
Machinery and production equipment |  |  | 733,995 |  |  | 731,159
Computer equipment and software |  |  | 123,187 |  |  | 124,201
Office furniture and equipment |  |  | 40,002 |  |  | 39,934
Other |  |  | 19,162 |  |  | 19,346
Construction in progress |  |  | 49,228 |  |  | 57,624
|  |  | 1,648,855 |  |  | 1,672,227
Less accumulated depreciation |  |  | (615,277) |  |  | (613,452)
Property, plant, and equipment, net |  | $ | 1,033,578 |  | $ | 1,058,775
In the second quarter of fiscal year 2018, the Company announced its decision to relocate its Duarte, California operations to the Company’s newly renovated Drake Campus in Fort Collins, Colorado, and in fiscal year 2019, Woodward finalized the relocation. On December 30, 2019 the Company closed on the sale of one of two parcels of real property at Woodward’s former Duarte operations and recorded a pre-tax gain on sale of assets of $13,522 (see Note 18, Other (income) expense, net). The carrying value of the remaining parcel of Duarte real property is $2,520 as of December 31, 2019, all of which the Company has identified as an asset held for sale and is included in “Land and land improvements”. The asset held for sale is included in unallocated corporate property, plant, and equipment. Based on an existing real property purchase agreement and current market conditions, the Company expects to record an additional gain on the subsequent sale of the remaining parcel of real property, which is expected to close by June 30, 2020. The Company assessed whether the decision to relocate from its Duarte facility could indicate a potential impairment of the assets at the Duarte facility and concluded that the assets were not impaired as of December 31, 2019. In the first quarter of fiscal year 2020, Woodward determined that the approved plan to divest of the renewable power systems portfolio (see Note 10, Impairment of assets held for sale) represented a triggering event requiring the long-lived assets attributable to the renewable power systems portfolio be assessed for impairment. Given the current facts and circumstances, Woodward determined that the remaining value of the plant, property and equipment of the renewable power systems portfolio was not recoverable and a $13,158 non-cash impairment charge was recorded in the first quarter of fiscal year 2020. For the three-months ended December 31, 2019 and 2018, Woodward had depreciation expense as follows:
|  | Three-Months Ended
|  | December 31,
|  | 2019 |  | 2018
Depreciation expense |  | $ | 22,546 |  | $ | 21,169
For the three-months ended December 31, 2019 and 2018, Woodward capitalized interest that would have otherwise been included in interest expense of the following:
|  | Three-Months Ended
|  | December 31,
|  | 2019 |  | 2018
Capitalized interest |  | $ | 34 |  | $ | 227

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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- References No definition available. + Details
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