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Sale of Assets | 9 Months Ended
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Sep. 30, 2017
Property, Plant and Equipment [Abstract] |
Sale of Assets | Property, Plant and Equipment The components of Property, plant and equipment, net are as follows:
(in thousands) | September 30, 2017 |  | December 31, 2016 |  | September 30, 2016
Land | $ | 23,342 |  |  | $ | 30,672 |  |  | $ | 28,473 |
Land improvements and leasehold improvements | 71,559 |  |  | 79,631 |  |  | 82,908 |
Buildings and storage facilities | 298,951 |  |  | 322,856 |  |  | 319,950 |
Machinery and equipment | 384,422 |  |  | 392,418 |  |  | 393,178 |
Construction in progress | 7,703 |  |  | 12,784 |  |  | 21,284 |
| 785,977 |  |  | 838,361 |  |  | 845,793 |
Less: accumulated depreciation | 366,629 |  |  | 388,309 |  |  | 385,546 |
| $ | 419,348 |  |  | $ | 450,052 |  |  | $ | 460,247 |
Depreciation expense on property, plant and equipment was $36.0 million and $35.7 million for the nine months ended September 30, 2017 and 2016, respectively. Additionally, depreciation expense on property, plant and equipment was $11.9 million and $12.0 million for the three months ended September 30, 2017 and 2016, respectively. In December 2016, the Company recorded charges totaling $6.0 million for impairment of property, plant and equipment in the Retail business. This does not include $0.5 million of impairment charges related to software. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The Company classified the significant assumptions used to determine fair value of the impaired assets as Level 3 inputs in the fair value hierarchy. In December 2016, the Company also recorded charges totaling $2.3 million for impairment of property, plant and equipment in the Plant Nutrient segment due to the closing of a cob facility. Rail Group Assets The components of Rail Group assets leased to others are as follows:
(in thousands) | September 30, 2017 |  | December 31, 2016 |  | September 30, 2016
Rail Group assets leased to others | $ | 484,214 |  |  | $ | 431,571 |  |  | $ | 438,211 |
Less: accumulated depreciation | 106,821 |  |  | 104,376 |  |  | 103,810 |
| $ | 377,393 |  |  | $ | 327,195 |  |  | $ | 334,401 |
Depreciation expense on Rail Group assets leased to others amounted to $14.9 million and $14.0 million for the nine months ended September 30, 2017 and 2016, respectively. Additionally, depreciation expense on Rail Group assets leased to others amounted to $5.2 million and $4.7 million for the three months ended September 30, 2017 and 2016, respectively. Sale of Assets During the third quarter of 2017 the Company sold two of its retail properties for $7.6 million and recorded a $5.7 million gain in Other income, net. On March 31, 2017 the Company sold four farm center locations in Florida for $17.4 million and recorded a $4.7 million gain, net of transaction costs in Other income, net. The sale price included a working capital adjustment of $3.6 million. On May 2, 2016 the Company sold eight grain and agronomy locations in Iowa for $54.3 million and recorded a nominal gain.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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