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8NOV201319001834
8NOV201319003049
Property, Plant and Equipment
A summary of property, plant and equipment as of Depreciation expense for the years ended August 31,
August 31, 2013 and 2012 is as follows: 2013, 2012 and 2011, was $224.5 million, $199.8 million
and $205.2 million, respectively.
(DOLLARS IN THOUSANDS) 2013 2012
Land and land improvements $ 169,022 $ 145,831 We are leasing certain of our wheat milling facilities and
Buildings 574,834 598,269 related equipment to Horizon Milling under an operating
lease agreement. The net book value of the leased
Machinery and equipment 4,195,523 3,786,488
milling assets at August 31, 2013 was $46.9 million. As a
Office and other 118,442 109,136
result of the pending Ardent Mills transaction described
Construction in progress 480,703 405,755 in Note 4, Investments, these assets are classified as held
5,538,524 5,045,479 for sale in other current assets on our Consolidated Bal-
Less accumulated depreciation and ance Sheet as of August 31, 2013.
amortization 2,367,120 2,259,155
$ 3,171,404 $ 2,786,324
resulting in a decrease to goodwill during fiscal 2013 and
2012.
During the years ended August 31, 2013 and 2012, intan-
gible assets acquired totaled $1.5 million and $23.4 mil-
lion, respectively.
Intangible assets amortization expense for the years
ended August 31, 2013, 2012 and 2011, was $10.0 million,
$12.7 million and $11.0 million, respectively. The estimated
annual amortization expense related to intangible assets
subject to amortization for the next five years is as follows:
(DOLLARS IN THOUSANDS)
Year 1 $ 7,997
Year 2 6,479
Year 3 5,927
Year 4 4,545
Year 5 2,507
Thereafter 8,021
During the years ended August 31, 2013 and 2012, we had $ 35,476
acquisitions which resulted in $8.3 million and $55.5 million
of goodwill, respectively. There were no dispositions
44 CHS 2013
Other Assets
Other assets as of August 31, 2013 and 2012 are as follows:
(DOLLARS IN THOUSANDS) 2013 2012
Goodwill $ 85,063 $ 81,693
Customer lists, less accumulated
amortization of $20,063 and
$32,883, respectively 16,352 20,694
Non-compete covenants, less
accumulated amortization of $6,129
and $6,896, respectively 812 1,987
Trademarks and other intangible assets,
less accumulated amortization of
$19,853 and $15,949, respectively 18,312 22,185
Notes receivable 143,343 173,054
Long-term receivable 38,704 37,589
Prepaid pension and other benefits 187,270 86,477
Capitalized major maintenance 109,408 70,554
Other 56,896 24,053
$ 656,160 $ 518,286