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PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT |
NOTE 3 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment as of December 31, 2024 and September 30, 2024 consisted of the following:
(in thousands) | Estimated Useful Lives |  | December 31, 2024 |  | September 30, 2024
Drilling services equipment | 4 - 15 years |  | $ | 6,713,200 |  |  | $ | 6,671,975 |
Tubulars | 4 years |  | 539,876 |  |  | 552,773 |
Real estate properties | 10 - 45 years |  | 49,061 |  |  | 48,617 |
Other | 2 - 23 years |  | 465,604 |  |  | 460,857 |
Construction in progress 1 |  |  | 132,367 |  |  | 106,183 |
|  |  | 7,900,108 |  |  | 7,840,405 |
Accumulated depreciation |  |  | (4,890,748) |  |  | (4,824,128) |
Property, plant and equipment, net |  |  | $ | 3,009,360 |  |  | $ | 3,016,277 |
(1)Included in construction in progress are costs for projects in progress to upgrade or refurbish certain rigs in our existing fleet. Additionally, we include other advances for capital maintenance purchase-orders that are open/in process. As these various projects are completed, the costs are then classified to their appropriate useful life category. Depreciation Depreciation expense during the three months ended December 31, 2024 and 2023 was $97.0 million and $92.4 million, including abandonments of $0.7 million and $0.5 million, respectively. During the three months ended December 31, 2024, depreciation expense included $1.2 million of accelerated depreciation for components on rigs that are scheduled for conversion in fiscal year 2025 compared to $0.9 million in the three months ended December 31, 2023. These expenses are recorded within Depreciation and amortization on our Unaudited Condensed Consolidated Statements of Operations. Gain on Reimbursement of Drilling Equipment We recognized a gain of $9.4 million and $7.5 million during the three months ended December 31, 2024 and 2023, respectively, related to customer reimbursement for the current replacement value of lost or damaged drill pipe. Gains related to these asset sales are recorded in Gain on reimbursement of drilling equipment within our Unaudited Condensed Consolidated Statements of Operations.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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