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Property, Plant and Equipment

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The components of Property, plant and equipment, net are as follows:

(in thousands)	September 30, 2019				December 31, 2018				September 30, 2018
Land	$	39,393			$	29,739			$	29,545
Land improvements and leasehold improvements	95,720				68,826				68,859
Buildings and storage facilities	354,625				284,998				282,826
Machinery and equipment	608,831				393,640				380,109
Construction in progress	54,163				102,394				65,539
	1,152,732				879,597				826,878
Less: accumulated depreciation	449,336				402,886				392,373
Property, plant and equipment, net	$	703,396			$	476,711			$	434,505

Depreciation expense on property, plant and equipment was $51.0 million and $34.7 million for the nine months ended September 30, 2019 and 2018, respectively. Additionally, depreciation expense on property, plant and equipment was $18.3 million and $11.5 million for the three months ended September 30, 2019 and 2018, respectively.

In the second quarter of 2019, the Company recorded a $3.1 million impairment charge related to its remaining Tennessee facilities in the Trade group. The Company wrote down the value of these assets to the extent their carrying values exceeded their fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 inputs in the fair value hierarchy. In June 2018, the Company recorded charges totaling $1.6 million for impairment of property, plant and equipment in the Trade segment related to assets that were reclassified as assets held for sale at June 30, 2018 and were sold in the third quarter of 2018.

Rail Group Assets

The components of Rail Group assets leased to others are as follows:

(in thousands)	September 30, 2019				December 31, 2018				September 30, 2018
Rail Group assets leased to others	$	699,972			$	640,349			$	576,622
Less: accumulated depreciation	134,226				118,564				111,846
Rail Group assets, net	$	565,746			$	521,785			$	464,776

Depreciation expense on Rail Group assets leased to others amounted to $21.1 million and $18.4 million for the nine months ended September 30, 2019 and 2018, respectively. Additionally, depreciation expense on Rail Group assets leased to others amounted to $7.4 million and $6.1 million for the three months ended September 30, 2019 and 2018, respectively.

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- References

No definition available.

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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

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