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Rental Equipment, Property and Equipment | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022, respectively, consisted of the following:
| December 31,
| 2023 |  | 2022
| (in thousands)
Compressor units | $ | 514,527 |  |  | $ | 387,145 |
Work-in-progress | 50,867 |  |  | 37,034 |
Rental equipment | 565,394 |  |  | 424,179 |
Accumulated depreciation | (191,745) |  |  | (177,729) |
Rental equipment, net of accumulated depreciation | $ | 373,649 |  |  | $ | 246,450 |
Our rental equipment has an estimated useful life between 15 and 25 years. Depreciation expense for rental equipment was $24.0 million and $21.9 million for the years ended December 31, 2023 and 2022, respectively. Retirement of Rental Equipment Management routinely reviews the Company's inventory of rental equipment for retirement or obsolescence. During 2023, 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 recorded a $0.5 million loss on retirement of rental equipment during the year ended December 31, 2023. During our review of our rental compressor units in 2022, we recorded a $0.2 million loss on retirement of rental equipment. Property and Equipment Property and equipment consists of the following at December 31, 2023 and 2022:
|  |  | December 31,
| Useful Lives (Years) |  | 2023 |  | 2022
|  |  | (in thousands)
Land | — |  | $ | 1,680 |  |  | $ | 1,680 |
Building | 39 |  | 19,140 |  |  | 19,166 |
Leasehold improvements | 39 |  | 1,295 |  |  | 1,218 |
Office equipment and furniture | 5 |  | 2,039 |  |  | 2,016 |
Software | 5 |  | 573 |  |  | 573 |
Machinery and equipment | 7 |  | 4,113 |  |  | 4,052 |
Vehicles | 3 |  | 8,770 |  |  | 9,858 |
Work-in-progress |  |  | 589 |  |  | 594 |
Total |  |  | 38,199 |  |  | 39,157 |
Less accumulated depreciation |  |  | (17,649) |  |  | (16,981) |
Total |  |  | $ | 20,550 |  |  | $ | 22,176 |
Depreciation expense for property and equipment was $2.4 million and $2.1 million for the year ended December 31, 2023 and 2022, 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, 2023 and 2022:
| December 31,
| 2023 |  | 2022
| (in thousands)
Rentals | $ | 25,507 |  |  | $ | 23,243 |
Sales | 260 |  |  | 275 |
Service & Maintenance | 89 |  |  | 33 |
Corporate | 569 |  |  | 440 |
Total | $ | 26,425 |  |  | $ | 23,991 |

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