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Property and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment consists of the following at December 31, 2018 and 2017 (in thousands):

			Useful Lives (Years)						2018						2017
Land			—						$	1,290					$	1,290
Building			39						6,116						6,116
Leasehold improvements			39						808						808
Office equipment and furniture			5						1,492						1,490
Software			5						573						573
Machinery and equipment			7						3,275						3,133
Vehicles			3						6,270						5,516
Construction in Progress			—						8,319						—
Total									28,143						18,926
Less accumulated depreciation									(11,556)						(11,274)
Total									$	16,587					$	7,652

Depreciation expense for property and equipment was $1.1 million, $1.2 million and $1.4 million for the year ended December 31, 2018, 2017 and 2016, respectively.

In 2017, the Midland fabrication facility suffered damages two separate times, due to hailstorms. We did not incur a loss, as our insurance proceeds fully covered the estimated cost for the repairs. In accordance with ASC 605-40, we reduced the value of the building for these damages.

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- References

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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