Property, Plant and Equipment

6 Months Ended

Jun. 30, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The components of property, plant and equipment are as follows:

(in thousands)	June 30, 2014		December 31, 2013		June 30, 2013
Land	$	22,055	$	21,801	$	22,637
Land improvements and leasehold improvements	68,003		67,153		65,625
Buildings and storage facilities	234,745		231,976		224,281
Machinery and equipment	314,427		308,215		295,723
Software	55,710		13,351		13,469
Construction in progress	18,362		48,135		44,146
	713,302		690,631		665,881
Less: accumulated depreciation and amortization	322,715		303,173		294,165
	$	390,587	$	387,458	$	371,716

Depreciation expense on property, plant and equipment amounted to $20.4 million, $37.5 million and $18.5 million for the year-to-date periods ended June 30, 2014, December 31, 2013, and June 30, 2013, respectively.

In December 2013, the Company recorded charges totaling $4.4 million for asset impairment, primarily due to the write down of asset values in Retail. 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 the fair value of the impaired assets, which were not material, as Level 3 in the fair value hierarchy. 

Railcar assets leased to others

The components of Railcar assets leased to others are as follows:

(in thousands)	June 30, 2014		December 31, 2013		June 30, 2013
Railcar assets leased to others	$	323,881	$	317,750	$	321,269
Less: accumulated depreciation	81,734		77,129		78,382
	$	242,147	$	240,621	$	242,887

Depreciation expense on railcar assets leased to others amounted to $6.9 million, $14.7 million and $7.4 million for the year-to-date periods ended June 30, 2014, December 31, 2013 and June 30, 2013, respectively.