Annual report pursuant to Section 13 and 15(d)

Property, Plant and Equipment

Property, Plant and Equipment
12 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment at September 30, 2019 and 2018 consisted of the following (in thousands):
September 30,
2019    2018   
Construction equipment $ 214,500    $ 190,420   
Plants 92,279    79,563   
Land and improvements 34,365    29,624   
Quarry reserves 20,678    20,908   
Buildings 15,458    12,416   
Furniture and fixtures 4,864    4,422   
Leasehold improvements 1,135    765   
Total property, plant and equipment, gross 383,279    338,118   
Accumulated depreciation, depletion and amortization (177,927)   (160,795)  
Construction in progress 518    1,369   
Total property, plant and equipment, net $ 205,870    $ 178,692   
On February 28, 2019, the Company acquired a liquid asphalt terminal located in Panama City, Florida. The purchase price of $10.9 million was paid from cash on hand on the acquisition date. The Company uses the terminal to receive, store and process liquid asphalt primarily for use in its construction projects. The transaction was accounted for as an asset acquisition in accordance with ASC 805. Accordingly, the purchase price and direct costs of $0.1 million incurred to complete the transaction were allocated to asset categories based on their relative fair value at the date of acquisition.
Depreciation, depletion and amortization expense related to property, plant and equipment for the fiscal years ended September 30, 2019 and 2018 was $30.1 million and $24.8 million, respectively.