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Property, Plant and Equipment | 9 Months Ended
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Sep. 30, 2020
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, 2020 |  | December 31, 2019 |  | September 30, 2019
Land | $ | 40,223 |  |  | $ | 40,442 |  |  | $ | 39,393 |
Land improvements and leasehold improvements | 96,290 |  |  | 103,148 |  |  | 95,720 |
Buildings and storage facilities | 384,203 |  |  | 373,961 |  |  | 354,625 |
Machinery and equipment | 906,864 |  |  | 835,156 |  |  | 608,831 |
Construction in progress | 21,657 |  |  | 59,993 |  |  | 54,163 |
| 1,449,237 |  |  | 1,412,700 |  |  | 1,152,732 |
Less: accumulated depreciation | 560,726 |  |  | 474,282 |  |  | 449,336 |
Property, plant and equipment, net | $ | 888,511 |  |  | $ | 938,418 |  |  | $ | 703,396 |
Depreciation expense on property, plant and equipment was $93.8 million and $51.0 million for the nine months ended September 30, 2020 and 2019, respectively. Additionally, depreciation expense on property, plant and equipment was $31.6 million and $18.3 million for the three months ended September 30, 2020 and 2019, respectively. The large increase in depreciation expense from the prior year was due to the TAMH merger that took place in the fourth quarter of 2019 and ELEMENT being operational for all of the current year. In the second quarter of 2019, the Company recorded a $3.1 million impairment related to its remaining Tennessee facilities in the Trade group. The Company wrote down the 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. Rail Group Assets The components of Rail Group assets leased to others are as follows:
(in thousands) | September 30, 2020 |  | December 31, 2019 |  | September 30, 2019
Rail Group assets leased to others | $ | 741,080 |  |  | $ | 723,004 |  |  | $ | 699,972 |
Less: accumulated depreciation | 153,229 |  |  | 138,706 |  |  | 134,226 |
Rail Group assets, net | $ | 587,851 |  |  | $ | 584,298 |  |  | $ | 565,746 |
Depreciation expense on Rail Group assets leased to others amounted to $23.1 million and $21.1 million for the nine months ended September 30, 2020 and 2019, respectively. Additionally, depreciation expense on Rail Group assets leased to others amounted to $7.7 million and $7.4 million for the three months ended September 30, 2020 and 2019, respectively.

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- References No definition available. + Details
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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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