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Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2017
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)
March 31,
2017
 
December 31,
2016
 
March 31,
2016
Land
$
29,331

 
$
30,672

 
$
30,138

Land improvements and leasehold improvements
78,798

 
79,631

 
77,531

Buildings and storage facilities
321,344

 
322,856

 
304,276

Machinery and equipment
388,230

 
392,418

 
377,879

Construction in progress
13,113

 
12,784

 
47,755

 
830,816

 
838,361

 
837,579

Less: accumulated depreciation
390,421

 
388,309

 
374,918

 
$
440,395

 
$
450,052

 
$
462,661


Depreciation expense on property, plant and equipment was $12.1 million and $12.1 million for the three months ended March 31, 2017 and 2016, respectively.
In December 2016, the Company recorded charges totaling $6.0 million for impairment of property, plant and equipment in the Retail business. This does not include $0.5 million of impairment charges related to software. 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 fair value of the impaired assets as Level 3 inputs in the fair value hierarchy.
In December 2016, the Company also recorded charges totaling $2.3 million for impairment of property, plant and equipment in the Plant Nutrient segment due to the closing of a cob facility.
Rail Group Assets
The components of Rail Group assets leased to others are as follows:
(in thousands)
March 31,
2017
 
December 31,
2016
 
March 31,
2016
Rail Group assets leased to others
$
448,761

 
$
431,571

 
$
436,948

Less: accumulated depreciation
105,825

 
104,376

 
99,287

 
$
342,936

 
$
327,195

 
$
337,661


Depreciation expense on Rail Group assets leased to others amounted to $4.7 million and $4.6 million for the three months ended March 31, 2017 and 2016, respectively.
Sale of Assets

On March 31, 2017 the Company sold four farm center locations in Florida for $17.4 million and recorded a $4.7 million gain, net of transaction costs in Other income, net. The sales price includes a working capital adjustment receivable of $3.6 million that was outstanding as of March 31, 2017.
On May 2, 2016 the Company sold eight grain and agronomy locations in Iowa for $54.3 million and recorded a nominal gain.