PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET

The following table shows the component of property, plant and equipment, net (in thousands):


	Estimated Useful Lives (in Years)		December 31, 2023			December 31, 2022
Rental tools and equipment		5-10		188,949			160,973
Buildings and improvements		5-40		6,672			5,781
Office furniture, fixtures and equipment		3-5		2,389			2,101
Transportation and equipment		3-5		793			827

Total property, plant and equipment				198,803			169,682
Less: accumulated depreciation				(133,003	)		(125,537	)

Property, plant and equipment, net (excluding construction in progress)				65,800			44,145
Construction in progress				—			9

Property, plant and equipment, net			$	65,800		$	44,154

Total depreciation expense for the year ended December 31, 2023 and 2022 was approximately $20.3 million and $19.7 million, respectively. The Company has not acquired any property, plant and equipment under capital leases.

Property, plant and equipment, net, were concentrated within the United States. As of December 31, 2023 and 2022, property, plant and equipment, net held within the United States was $63.0 million and $41.8 million, respectively, or 96% and 95% of total property, plant and equipment, net, respectively. As of December 31, 2023 and 2022, property, plant and equipment, net held outside of the United States, in Canada, was $2.8 million and $2.3 million, or 4% and 5% of total property, plant and equipment net for both periods.