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Property, Plant and Equipment | 12 Months Ended
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Aug. 31, 2016
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Property, Plant and Equipment As of August 31, 2016 and 2015, major classes of property, plant and equipment, which include capital lease assets, consisted of the amounts in the table below.
| 2016 |  | 2015
| (Dollars in thousands)
Land and land improvements | $ | 266,016 |  |  | $ | 233,666 |
Buildings | 1,040,943 |  |  | 838,386 |
Machinery and equipment | 6,747,865 |  |  | 5,563,370 |
Office and other | 250,879 |  |  | 163,026 |
Construction in progress | 523,817 |  |  | 1,337,633 |
| 8,829,520 |  |  | 8,136,081 |
Less accumulated depreciation and amortization | 3,341,197 |  |  | 2,943,154 |
Total property, plant and equipment | $ | 5,488,323 |  |  | $ | 5,192,927 |
We have various assets under capital leases totaling $206.3 million and $222.2 million as of August 31, 2016 and 2015, respectively. Accumulated amortization on assets under capital leases was $103.3 million and $101.3 million as of August 31, 2016 and 2015, respectively. The following is a schedule by fiscal years of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of August 31, 2016:
| (Dollars in thousands)
2017 | $ | 38,357 |
2018 | 28,064 |
2019 | 16,542 |
2020 | 8,285 |
2021 | 7,095 |
Thereafter | 16,395 |
Total minimum future lease payments | 114,738 |
Less amount representing interest | 9,030 |
Present value of net minimum lease payments | $ | 105,708 |
We announced in September 2014 that our Board of Directors had approved plans to begin construction of a fertilizer manufacturing plant in Spiritwood, North Dakota that was anticipated to cost more than $3.0 billion. In August 2015, we made the decision to not move forward with the construction of the Spiritwood facility and evaluated the assets and other capitalized costs related to the project for recoverability under ASC Topic 360-10. Consequently, we concluded that these assets were impaired and we recorded an overall charge of $116.5 million in marketing, general and administrative costs in our Ag segment. This charge was primarily comprised of the impairment of construction-in-progress, land and equipment totaling $94.3 million. The remainder of the charge included the impairment of other assets and various contract termination costs associated with the cessation of the project. Depreciation expense, including amortization of capital lease assets, for the years ended August 31, 2016, 2015 and 2014, was $437.6 million, $344.4 million and $292.4 million, respectively.

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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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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