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Property and Equipment, Net | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | 11. Property and Equipment, net The following table presents the major classes of assets and total accumulated depreciation and depletion:
(in thousands) | December 31, 2024 |  | December 31, 2023
Equipment and vehicles | $ | 1,211,208 |  |  | $ | 1,140,195 |
Quarry property | 256,043 |  |  | 251,922 |
Land and land improvements | 128,124 |  |  | 105,872 |
Buildings and leasehold improvements | 115,147 |  |  | 102,676 |
Office furniture and equipment | 75,078 |  |  | 72,098 |
Property and equipment | 1,785,600 |  |  | 1,672,763 |
Less: accumulated depreciation and depletion | 1,069,416 |  |  | 1,009,899 |
Property and equipment, net | $ | 716,184 |  |  | $ | 662,864 |
Depreciation and depletion expense primarily included in cost of revenue in our consolidated statements of operations was $110.6 million, $89.2 million and $79.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. As discussed in Note 1, we have asset retirement obligations, which are liabilities associated with our legally required obligations to reclaim owned and leased quarry property and related facilities. As of December 31, 2024 and 2023, $6.6 million and $5.8 million, respectively, of our asset retirement obligations were included in accrued expenses and other current liabilities and $37.8 million and $32.7 million, respectively, were included in other long-term liabilities in the consolidated balance sheets. Of the amount included in other long-term liabilities as of December 31, 2024, $5.9 million is expected to be settled in 2026, $8.2 million in 2027, $1.2 million in 2028, $3.4 million in 2029 and the remaining $19.1 million is expected to be settled thereafter. The following table summarizes the asset retirement obligation balances for the periods presented (in thousands):
Years Ended December 31, | 2024 |  | 2023
Beginning balance | $ | 38,529 |  |  | $ | 29,190 |
Acquisition additions | 2,500 |  |  | 6,422 |
Revisions to estimates | 3,996 |  |  | 1,726 |
Liabilities settled | (2,351) |  |  | (371) |
Accretion | 1,728 |  |  | 1,562 |
Ending balance | $ | 44,402 |  |  | $ | 38,529 |

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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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