Property, Plant and Equipment

12 Months Ended

Aug. 31, 2018

Property, Plant and Equipment [Abstract]

As of August 31, 2018, and 2017, major classes of property, plant and equipment, which include capital lease assets, consisted of the amounts in the table below.



	2018		2017
	(Dollars in thousands)
Land and land improvements	$	341,767	$	357,829
Buildings	1,034,860		1,030,478
Machinery and equipment	7,199,509		6,950,435
Office equipment and other	316,946		235,361
Construction in progress	204,207		327,682
	9,097,289		8,901,785
Less accumulated depreciation and amortization	3,955,570		3,545,351
Total property, plant and equipment	$	5,141,719	$	5,356,434

We have various assets under capital leases totaling $50.0 million and $58.2 million as of August 31, 2018, and 2017, respectively. Accumulated amortization on assets under capital leases was $18.9 million and $27.4 million as of August 31, 2018, and 2017, respectively.

The following is a schedule by fiscal year of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of August 31, 2018:



	(Dollars in thousands)
2019	$	4,845
2020	4,595
2021	4,197
2022	3,593
2023	3,427
Thereafter	7,936
Total minimum future lease payments	28,593
Less amount representing interest	3,313
Present value of net minimum lease payments	$	25,280

During fiscal 2017, our Ag segment recorded an impairment charge of $30.4 million from the reduction in the fair value of agricultural assets held, which was determined using a market-based approach. In addition, our Energy segment recorded an impairment charge of $32.7 million associated with the cancellation of a capital project during fiscal 2017. These impairments were included in the reserve and impairment charges (recoveries), net line of the Consolidated Statements of Operations.

Depreciation expense, including amortization of capital lease assets, for the years ended August 31, 2018, 2017, and 2016, was $475.8 million, $475.9 million and $437.6 million, respectively.