Kaman

AR 13

Financials

Part II

Financials/Financial Statements and Supplementary Data/Notes to Consolidated Financial Statements – Note 9

For the Years Ended December 31, 2013, 2012 and 2011

9. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net is summarized as follows:

At December 31,
In thousands 2013 2012
Land $ 12,357 $ 10,971
Buildings 70,992 62,084
Leasehold improvements 16,480 16,046
Machinery, office furniture and equipment 182,897 168,764
Construction in process 33,064 20,500
Total 315,790 278,365
Less accumulated depreciation (167,282) (149,696)
Property, plant and equipment, net $ 148,508 $ 128,669

The increase in property, plant and equipment, net is attributable to capital expenditures made during the year and the acquisitions completed in 2013. Depreciation expense was $21.0 million, $18.9 million and $16.2 million for 2013, 2012 and 2011, respectively.