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Rental Equipment, Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Rental Equipment, Property and Equipment Rental Equipment, Property and Equipment
Rental Equipment

Our rental equipment and associated accumulated depreciation as of December 31, 2022 and 2021, respectively, consisted of the following:
December 31,
20222021
(in thousands)
Compressor units$387,145 $374,336 
Work-in-progress37,034 5,212 
Rental equipment424,179 379,548 
Accumulated depreciation(177,729)(172,563)
Rental equipment, net of accumulated depreciation$246,450 $206,985 


Our rental equipment has an estimated useful life between 15 and 25 years. Depreciation expense for rental equipment was $21.9 million and $22.9 million for the years ended December 31, 2022 and 2021, respectively. During the year ended December 31, 2022 we added 45 units to our rental fleet.


Retirement of Rental Equipment

Company management routinely reviews its inventory of rental equipment for retirement or obsolescence. During 2022, management reviewed the rental fleet to determine which units were not of the type, configuration, make or model that our customers are demanding or that were not cost efficient to refurbish, maintain and/or operate. As a result of this review, we determined 124 units should be retired from our rental fleet. Accordingly, we recorded a $0.2 million loss on retirement of rental equipment during the year ended December 31, 2022.

During our review of our rental compressor units in 2021, we determined 263 units should be retired from our rental fleet. We recorded a $3.1 million loss on retirement of rental equipment.
Property and Equipment

Property and equipment consists of the following at December 31, 2022 and 2021:
December 31,
 Useful Lives (Years)20222021
($ in thousands)
Land —$1,680 $1,680 
Building3919,166 18,977 
Leasehold improvements391,218 1,197 
Office equipment and furniture52,016 2,016 
Software5573 573 
Machinery and equipment74,052 3,874 
Vehicles39,858 8,295 
Work-in-progress594— 
Total39,157 36,612 
Less accumulated depreciation(16,981)(15,784)
Total$22,176 $20,828 

Depreciation expense for property and equipment was $2.1 million and $2.4 million for the year ended December 31, 2022 and 2021, respectively.

Depreciation Expense by Product Line

The following table depicts annual depreciation expense associated with each product line as well as our corporate activities at December 31, 2022 and 2021:
December 31,
 20222021
(in thousands)
Rentals$23,243 $24,423 
Sales275 281 
Service & Maintenance33 49 
Corporate440 476 
Total$23,991 $25,229