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5NOV201416070633
5NOV201416071897
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Depreciation expense for the years ended August 31,
2014, 2013 and 2012, was $253.3 million, $224.5 million
and $199.8 million, respectively.
aggregate, to our consolidated financial statements.
There were no dispositions resulting in a decrease to
goodwill during fiscal 2014 and 2013.
During the years ended August 31, 2014 and 2013, intan-
gible assets acquired totaled $38.8 million and $1.5 mil-
lion, respectively, and were primarily within our Ag
segment.
Intangible assets amortization expense for the years
ended August 31, 2014, 2013 and 2012, was $9.7 million,
$10.0 million and $12.7 million, respectively. The esti-
mated annual amortization expense related to intan-
gible assets subject to amortization for the next five
years is as follows:
(DOLLARS IN THOUSANDS)
Year 1 $ 6,962
Year 2 6,610
Year 3 5,040
During the years ended August 31, 2014 and 2013, we Year 4 3,828
had acquisitions which resulted in $72.9 million and
Year 5 3,210
$8.3 million of goodwill, respectively, for which we paid
Thereafter 29,804
cash consideration of $281.5 million and $12.7 million,
respectively. These acquisitions were primarily within Total $ 55,454
our Ag segment and were not material, individually or in
CHS 2014 39
Property, Plant and Equipment
A summary of property, plant and equipment as of
August 31, 2014 and 2013 is as follows:
(DOLLARS IN THOUSANDS) 2014 2013
Land and land improvements $ 212,609 $ 169,022
Buildings 686,371 574,834
Machinery and equipment 4,558,485 4,195,523
Office and other 133,599 118,442
Construction in progress 1,018,011 480,703
6,609,075 5,538,524
Less accumulated depreciation and
amortization 2,578,052 2,367,120
Total property, plant and
equipment $ 4,031,023 $ 3,171,404
Other Assets
Other assets as of August 31, 2014 and 2013 are as
follows:
(DOLLARS IN THOUSANDS) 2014 2013
Goodwill $ 158,696 $ 85,063
Customer lists, less accumulated
amortization of $26,114 and $20,063,
respectively 43,748 16,352
Trademarks and other intangible
assets, less accumulated
amortization of $29,587 and $25,982,
respectively 11,706 19,124
Notes receivable 166,901 143,343
Long-term receivable 40,718 38,704
Prepaid pension and other benefits 186,342 187,270
Capitalized major maintenance 67,643 109,408
Other 119,325 56,896
$ 795,079 $ 656,160