Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

The components of property, plant and equipment are as follows:


	December 31,
(in thousands)	2021		2020
Land	$	39,162	$	39,704
Land improvements and leasehold improvements	91,122		92,455
Buildings and storage facilities	368,577		379,195
Machinery and equipment	936,476		898,557
Construction in progress	20,676		19,473
	1,456,013		1,429,384
Less: accumulated depreciation	(669,984)		(569,073)
Property, plant and equipment, net	$	786,029	$	860,311

Depreciation expense on property, plant and equipment amounted to $126.9 million, $122.4 million and $79.1 million for the years ended 2021, 2020 and 2019, respectively. The increase in depreciation expense from 2019 to 2020 was due to the TAMH merger in October of 2019 and ELEMENT starting its operations in August of 2019.

In December 2021, the Company recorded charges of $7.7 million for impairments of property, plant and equipment in the Trade segment related to its frac sand assets in Oklahoma. The Company also recorded a $0.6 million impairment of property, plant and equipment in the Trade segment related to the shutdown of a facility in Texas.

In 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 in 2019.

Sale of Assets

During 2021, The Company sold its grain assets in Champaign, Illinois including working capital for $23.3 million which resulted in a $14.6 million gain recorded in Other income, net. The Company has collected $18.1 million of cash proceeds as of December 31, 2021, with the remaining $5.2 million to be collected upon the completion of property severances. The Company also sold its Rail Leasing business which is described in further detail in Note 16.

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.