Property, Plant and Equipment
A summary of property, plant and equipment as of August 31, 2013 and 2012 is as follows:
|
| | | | | | | |
| 2013 | | 2012 |
| (Dollars in thousands) |
Land and land improvements | $ | 169,022 |
| | $ | 145,831 |
|
Buildings | 574,834 |
| | 598,269 |
|
Machinery and equipment | 4,195,523 |
| | 3,786,488 |
|
Office and other | 118,442 |
| | 109,136 |
|
Construction in progress | 480,703 |
| | 405,755 |
|
| 5,538,524 |
| | 5,045,479 |
|
Less accumulated depreciation and amortization | 2,367,120 |
| | 2,259,155 |
|
| $ | 3,171,404 |
| | $ | 2,786,324 |
|
Depreciation expense for the years ended August 31, 2013, 2012 and 2011, was $224.5 million, $199.8 million and $205.2 million, respectively.
We are leasing certain of our wheat milling facilities and related equipment to Horizon Milling under an operating lease agreement. The net book value of the leased milling assets at August 31, 2013 was $46.9 million. As a result of the pending Ardent Mills transaction described in Note 4, Investments, these assets are classified as held for sale in other current assets on our Consolidated Balance Sheet as of August 31, 2013.
