XML 26 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Property, Plant and Equipment
3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
    The following is a summary of property, plant and equipment at March 31, 2021 and December 31, 2020 (in thousands):
Estimated
Useful Lives
in Years
March 31,
2021
December 31,
2020
Land$31,080 $30,869 
Land improvements
8-15
7,688 7,620 
Buildings and improvements
13-39
118,592 121,105 
Rental machinery and equipment
2-7
906,117 897,398 
Machinery and equipment - other
7
54,869 54,842 
Furniture, fixtures and computers
3-5
19,756 16,928 
Automobiles and other vehicles
5
25,894 25,948 
Leasehold improvements
7-15, or lease term if shorter
12,754 12,773 
Construction in progress - machinery and equipment12,412 24,381 
1,189,162 1,191,864 
Less: Accumulated depreciation(933,761)(919,157)
Total property, plant and equipment, net$255,401 $272,707 

    During the three months ended March 31, 2020, we recorded fixed asset impairment charges of $15.5 million primarily associated with construction in progress in our Cementing Equipment segment, which is included in severance and other charges, net on our condensed consolidated statements of operations. During the first quarter of 2020, the results of the Company's test for impairment of goodwill in the Cementing Equipment segment as a result of negative market indicators was a triggering event that indicated that our long-lived tangible assets in this segment were impaired. Impairment testing performed in the first quarter of 2020 resulted in the determination that certain long-lived assets were not recoverable and that the estimated fair value was below the carrying value. Please see Note 15—Severance and Other Charges, net for additional details. No impairments associated with held for use assets were recognized during the three months ended March 31, 2021.

During the first quarter of 2021, a building with a net book value of $1.9 million was sold, resulting in a gain of $0.2 million. In addition, a building with a net book value of $2.6 million met the criteria to be classified as held for sale and was reclassified from property, plant and equipment to assets held for sale on our condensed consolidated balance sheet.

    The following table presents the depreciation and amortization expense associated with each line item for the three months ended March 31, 2021 and 2020 (in thousands):
Three Months Ended
March 31,
20212020
Services$14,472 $17,263 
Products138 239 
General and administrative expenses1,497 2,216 
Total$16,107 $19,718