Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

The following table summarizes the components of property and equipment for the years ended December 31, 2019, and 2018. Prior year amounts are adjusted for the discontinued pumping services and contract drilling operations (in thousands):



	December 31,
Property and Equipment:	2019		2018
Land	$	15,682	$	14,601
Buildings and improvements	30,902		30,108
Well service units and equipment	130,318		122,236
Disposal facilities	87,763		63,229
Fluid services equipment	79,024		78,501
Rental equipment	60,886		48,319
Pumping equipment	47,083		49,265
Light vehicles	26,630		23,063
Fracturing/test tanks	6,153		6,001
Brine and fresh water stations	4,340		3,295
Other	3,948		3,984
Software	896		857



Sub-total	493,625		443,459
Less accumulated depreciation and amortization	(196,512)		(134,289)
Property and equipment, net	$	297,113	$	309,170

Basic is obligated under various capital leases for certain vehicles and equipment that expire at various dates during the next five years. The table below summarizes the gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above (in thousands):



	December 31,
Property and Equipment:	2019		2018
Fluid services equipment	$	34,499	$	35,034
Light vehicles	19,563		15,631
Pumping equipment	16,576		16,920


Rental equipment	1,130		—


Sub-total	71,768		67,585
Less accumulated amortization	(27,727)		(16,634)
Property and equipment, net	$	44,041	$	50,951

During the period ended December 31, 2019, based on the Company's evaluation of the demand for pressure pumping and contract drilling services, the Company's management decided to divest all of Basic's contract drilling rigs, a majority of pressure pumping equipment and related ancillary equipment, with a net book value of $91.8 million. The Company determined that the carrying value of these assets may not be fully recoverable upon liquidation. The fair value of assets was determined after considering offers to purchase assets in an orderly transaction, third-party estimates, and management's estimates based on comparable sales. As a result of the Company's evaluation of the fair value of assets, an impairment of $35.8 million was recognized within discontinued operations on the consolidated statement of operations during the year ended December 31, 2019, with the remaining net book value transferred to assets held for sale. Basic's estimate of expected cash flows which may result from the sale of equipment may differ from actual cash received due to excess capacity in the industry.