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Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Note 6 – Property, Plant and Equipment Property, plant and equipment consist of the following as of March 31, 2025 and December 31, 2024 (in thousands):
|  | As of March 31, |  |  | As of December 31, |
|  | 2025 |  |  | 2024 |
Land |  | $ |  | 1,822 |  |  | $ |  | 1,822 |
Buildings |  |  |  | 3,298 |  |  |  |  | 3,297 |
Furniture and fixtures |  |  |  | 5,416 |  |  |  |  | 5,263 |
Software |  |  |  | 5,322 |  |  |  |  | 3,659 |
Machinery and equipment |  |  |  | 885,061 |  |  |  |  | 857,900 |
Vehicles |  |  |  | 5,946 |  |  |  |  | 5,889 |
Leasehold improvements |  |  |  | 8,276 |  |  |  |  | 8,269 |
Construction in progress |  |  |  | 5,676 |  |  |  |  | 7,148 |
Property, plant and equipment |  |  |  | 920,817 |  |  |  |  | 893,247 |
Less: accumulated depreciation |  |  |  | (214,005 | ) |  |  |  | (190,631 | )
Property, plant and equipment, net |  | $ |  | 706,812 |  |  | $ |  | 702,616 |
The Company’s rental fleet included in machinery and equipment was $825.1 million (approximately $618.5 million, net of accumulated depreciation) as of March 31, 2025 was and $799.5 million (approximately $620.0 million, net of accumulated depreciation) as of December 31, 2024. Depreciation expenses for the three months ended March 31, 2025 and 2024 were approximately $23.4 million and $10.7 million, respectively. The Company reviews long-lived tangible assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events and changes may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy, among others. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to estimated future undiscounted net cash flows expected to be generated by the asset. Impairment losses are recognized in the period in which the impairment occurs and represent the excess of the asset carrying value over its fair value estimated using future discounted net cash flows. No impairment was recorded for the three months ended March 31, 2025 and 2024.

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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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