(9) Property, Plant and Equipment
Property, plant and equipment consisted of the following at July 31:
| 2013 | 2012 | |||||||
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Land and improvements |
$ | 9,823 | $ | 9,638 | ||||
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Buildings and improvements |
56,745 | 51,556 | ||||||
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Machinery, equipment and software |
214,294 | 169,211 | ||||||
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Construction in progress |
2,024 | 26,236 | ||||||
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Capital leases |
14,420 | 11,790 | ||||||
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Total |
297,306 | 268,431 | ||||||
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Less accumulated depreciation |
(163,145 | ) | (119,830 | ) | ||||
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Less accumulated amortization |
(1,936 | ) | (1,657 | ) | ||||
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Property, plant and equipment, net |
$ | 132,225 | $ | 146,944 | ||||
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For fiscal 2013, 2012 and 2011, depreciation expense was $25.6 million, $20.3 million and $20.0 million, respectively.
During the fiscal 2012, Diamond recorded asset impairment charges of $10.1 million associated with equipment that either is not currently being utilized or will not be utilized for its remaining useful life. The fair value of the equipment was determined utilizing third party quotes and a discounted cash flow analysis.
During fiscal 2013, the Company accelerated the remaining useful lives of leasehold and building improvement assets at the Fishers facility. Refer to Note 10 to the Notes to the Consolidated Financial Statements for further discussion on the Fishers facility closure.