Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.19.1
Property, Plant and Equipment
 6 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment at March 31, 2019 and September 30, 2018 consisted of the following (in thousands):
 
 
March 31, 2019
 
September 30, 2018
 
 
(unaudited)
 
 
Construction equipment
 
$
207,931

 
$
190,420

Asphalt plants
 
81,705

 
79,563

Land and improvements
 
34,815

 
29,624

Quarry reserves
 
20,822

 
20,908

Buildings
 
13,320

 
12,416

Furniture and fixtures
 
4,661

 
4,422

Leasehold improvements
 
1,244

 
765

Total property, plant and equipment, gross
 
364,498

 
338,118

Accumulated depreciation, depletion and amortization
 
(168,550
)
 
(160,795
)
Construction in progress
 
1,921

 
1,369

Total property, plant and equipment, net
 
$
197,869

 
$
178,692

 
 
 
 


On February 28, 2019, the Company acquired a liquid asphalt terminal located in Panama City, Florida. The purchase price of $10.8 million was paid in cash on the date of acquisition. 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 was $7.3 million and $5.6 million for the three months ended March 31, 2019 and March 31, 2018, respectively, and $14.2 million and $11.2 million for the six months ended March 31, 2019 and March 31, 2018, respectively.