Property, Plant and Equipment

Property, Plant and Equipment

The components of property, plant and equipment are as follows:



(in thousands)	June 30, 2012		December 31, 2011		June 30, 2011
Land	$	19,505	$	17,655	$	15,424
Land improvements and leasehold improvements	52,536		47,958		45,634
Buildings and storage facilities	172,354		150,461		142,864
Machinery and equipment	243,216		191,833		186,245
Software	11,204		10,861		10,603
Construction in progress	33,613		13,006		6,696
	532,428		431,774		407,466
Less accumulated depreciation and amortization	266,153		256,687		253,824
	$	266,275	$	175,087	$	153,642

There have been significant additions to property, plant and equipment in the first half of 2012 primarily related to business acquisitions, construction of a grain load-out facility and the phased implementation of an enterprise resource planning system.

Depreciation expense on property, plant and equipment amounted to $12.0 million, $20.4 million and $9.9 million for the periods ended June 30, 2012, December 31, 2011, and June 30, 2011, respectively.

Railcars

The components of Railcar assets leased to others are as follows:



(in thousands)	June 30, 2012		December 31, 2011		June 30, 2011
Railcar assets leased to others	$	332,997	$	272,883	$	248,030
Less accumulated depreciation	80,032		75,746		69,889
	$	252,965	$	197,137	$	178,141

Railcar assets leased to others has increased significantly during the six months ended June 30, 2012 due to an increase in railcar purchases. The rail fleet has increased to approximately 23,100 cars from 22,400 last year.

Depreciation expense on railcar assets leased to others amounted to $7.8 million, $13.8 million and $6.7 million for the periods ended June 30, 2012, December 31, 2011 and June 30, 2011, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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