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Sale of Assets
 3 Months Ended
Mar. 31, 2018
Property, Plant and Equipment [Abstract]  
Sale of Assets
Property, Plant and Equipment
The components of Property, plant and equipment, net are as follows:
(in thousands)
March 31,
2018
 
December 31,
2017
 
March 31,
2017
Land
$
29,915

 
$
22,388

 
$
29,331

Land improvements and leasehold improvements
69,320

 
69,127

 
78,798

Buildings and storage facilities
285,084

 
284,820

 
321,344

Machinery and equipment
377,563

 
373,127

 
388,230

Construction in progress
15,116

 
7,502

 
13,113

 
776,998

 
756,964

 
830,816

Less: accumulated depreciation
383,235

 
372,287

 
390,421

 
$
393,763

 
$
384,677

 
$
440,395


Depreciation expense on property, plant and equipment was $11.6 million and $12.1 million for the three months ended March 31, 2018 and 2017, respectively.
In December 2017, the Company recorded charges totaling $10.9 million for impairment of property, plant and equipment in the Grain segment, of which $5.6 million relates to assets that are deemed held and used and $5.3 million related to assets that have been reclassified as assets held for sale at December 31, 2017. 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 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)
March 31,
2018
 
December 31,
2017
 
March 31,
2017
Rail Group assets leased to others
$
577,678

 
$
531,391

 
$
448,761

Less: accumulated depreciation
115,425

 
107,948

 
105,825

 
$
462,253

 
$
423,443

 
$
342,936


Depreciation expense on Rail Group assets leased to others amounted to $6.2 million and $4.7 million for the three months ended March 31, 2018 and 2017, 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 sale price included a working capital adjustment of $3.6 million.