Property, Plant and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

(7) Property, Plant and Equipment

Property, plant and equipment are stated at cost, except for assets for which reduction in value is recorded during the period and assets acquired using purchase accounting and through fresh start accounting, which are recorded at fair value as of the date of acquisition. Depreciation on acquired assets is computed using the straight-line method over the estimated useful lives of the related assets as follows:

A summary of property, plant and equipment is as follows (in thousands):



		Successor		Predecessor
	March 31, 2021		December 31, 2020
Machinery and equipment	$	459,973	$	2,228,539
Buildings, improvements and leasehold improvements		106,790		227,828
Automobiles, trucks, tractors and trailers		8,523		12,395
Furniture and fixtures		20,644		34,246
Construction-in-progress		5,375		4,793
Land		43,734		53,952
Oil and gas producing assets		19,067		15,117
Total		664,106		2,576,870
Accumulated depreciation and depletion		(51,509)		(2,034,780)
Property, plant and equipment, net	$	612,597	$	542,090

Depreciation expense (excluding depletion, amortization and accretion) for the Successor Period, Current Predecessor Period and Prior Predecessor Quarter was $50.9 million, $9.5 million and $28.6 million, respectively.

As discussed above, in connection with the valuation process under fresh start accounting, certain fully depreciated assets were assigned an estimated fair value of approximately $282.1 million and remaining useful life of less than 36 months. Depreciation

expense for the remainder of 2021 is expected to be approximately $203.8 million and approximately $86.9 million and $50.0 million for the years ended December 31, 2022 and 2023, respectively. See Note 3 – “Fresh Start Accounting” for additional information.

Machinery and equipment

Buildings, improvements and leasehold improvements

Automobiles, trucks, tractors and trailers

Furniture and fixtures