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Sale of Assets
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Sale of Assets Property, Plant and Equipment
The components of property, plant and equipment are as follows:
December 31,
(in thousands)20202019
Land$40,222 $40,442 
Land improvements and leasehold improvements96,700 103,148 
Buildings and storage facilities387,992 373,961 
Machinery and equipment925,074 835,156 
Construction in progress19,725 59,993 
1,469,713 1,412,700 
Less: accumulated depreciation(590,534)(474,282)
Property, plant and equipment, net$879,179 $938,418 

Capitalized interest was de minimis and $2.2 million for the years ended December 31, 2020 and 2019, respectively.

Depreciation expense on property, plant and equipment amounted to $125.7 million, $82.3 million and $46.5 million for the years ended 2020, 2019 and 2018, respectively. The large increase in depreciation expense from the prior years was due to the TAMH merger in October of 2019 and ELEMENT starting its operations in August of 2019.

In December 2019, the Company recorded charges of $32.3 million for impairment of property, plant and equipment in the Trade segment related to its frac sand assets. The Company also recorded a $3.7 million impairment of property, plant, and equipment in the Trade segment related to its Tennessee grain assets, of which $3.1 million was recorded in the second quarter of 2019.
In June 2018, the Company recorded charges totaling $1.6 million for impairment of property, plant and equipment in the Trade segment related to assets that were reclassified as assets held for sale at June 30, 2018 and were sold in the third quarter of 2018.

Rail Assets

The components of the Rail assets leased to others are as follows:
December 31,
(in thousands)20202019
Rail assets leased to others$750,473 $723,004 
Less: accumulated depreciation(158,527)(138,706)
Rail assets, net$591,946 $584,298 
Depreciation expense on Rail assets leased to others amounted to $30.8 million, $28.5 million and $24.7 million for the years ended 2020, 2019 and 2018, respectively.

In June 2018, the Company recorded charges of $4.7 million for impairment of Rail assets leased to others that had been reclassified as assets held for sale at June 30, 2018. These assets were sold during the second half of 2018. There were no Rail asset impairment charges taken in 2019 or 2020.
Sale of Assets
During 2020, the Company sold part of its grain assets in Geneva, New York plus working capital during the third quarter for $11.6 million resulting in a pre-tax gain of $1.4 million recorded in Other income, net.

During 2019, the Company sold the agronomy assets of ANDE Canada (formerly Thompsons Limited), a wholly owned subsidiary, in Ontario, Canada for $25.1 million resulting in a pre-tax gain of $5.7 million recorded in Other income, net. The Company sold its farm center assets in Bay City, Michigan for $4.6 million resulting in a pre-tax gain of $2.9 million recorded in Other income, net. The Company sold its assets in Union City, Tennessee for $0.6 million resulting in a pre-tax loss of $0.6 million in Other income, net.

During 2018, the Company sold its grain elevators in Humboldt, Kenton and Dyer, Tennessee for $19.5 million plus working capital during the second quarter of 2018 and its Como location for $1.3 million plus working capital during the third quarter of 2018. The Company sold one of its convertible preferred security investments for $6.4 million and recorded a pre-tax gain of $3.9 million in Other income, net. The Company sold fifty barge vessels for $26.9 million and recorded a pre-tax gain of $2.4 million in Other income, net. The Company sold its final retail property for $4.9 million and recorded a nominal gain.