Property, Plant and Equipment

9 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Property, plant and equipment at June 30, 2019 and September 30, 2018 consisted of the following (in thousands):


	June 30, 2019		September 30, 2018
	(unaudited)
Construction equipment	$	217,662	$	190,420
Asphalt plants	82,855		79,563
Land and improvements	34,888		29,624
Quarry reserves	20,749		20,908
Buildings	14,248		12,416
Furniture and fixtures	4,588		4,422
Leasehold improvements	1,347		765
Total property, plant and equipment, gross	376,337		338,118
Accumulated depreciation, depletion and amortization	(175,660)		(160,795)
Construction in progress	1,035		1,369
Total property, plant and equipment, net	$	201,712	$	178,692

On February 28, 2019, the Company acquired a liquid asphalt terminal located in Panama City, Florida. The purchase price of $10.8 million was paid in cash on the date of acquisition. The Company uses the terminal to receive, store and process liquid asphalt primarily for use in its construction projects. The transaction was accounted for as an asset acquisition in accordance with ASC 805. Accordingly, the purchase price and direct costs of $0.1 million incurred to complete the transaction were allocated to asset categories based on their relative fair value at the date of acquisition.

Depreciation, depletion and amortization expense related to property, plant and equipment was $7.8 million and $6.5 million for the three months ended June 30, 2019 and June 30, 2018, respectively, and $22.1 million and $17.6 million for the nine months ended June 30, 2019 and June 30, 2018, respectively.