Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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