Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant And Equipment [Abstract]

(7) Property, Plant and Equipment, Net

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


	Successor			Predecessor
	December 31, 2021			December 31, 2020
Machinery and equipment	$	360,353		$	1,727,454
Buildings, improvements and leasehold improvements		75,374			171,635
Automobiles, trucks, tractors and trailers		6,450			11,742
Furniture and fixtures		19,668			31,407
Construction-in-progress		6,700			4,793
Land		28,671			33,394
Oil and gas producing assets		44,700			15,117
Total		541,916			1,995,542
Accumulated depreciation and depletion		(185,642	)		(1,587,435	)
Property, plant and equipment, net	$	356,274		$	408,107

We had $7.2 million and $28.9 million of leasehold improvements at December 31, 2021 and 2020, respectively. These leasehold improvements are depreciated over the shorter of the life of the asset or the term of the lease using the straight line method. Oil and gas producing assets includes $24.2 million and $4.6 million as of December 31, 2021 and 2020, respectively, for asset retirement costs associated with our oil and gas property.

Depreciation expense (excluding depletion, amortization and accretion) for the Successor Period, the Predecessor Period and the years ended December 31, 2020 and 2019 was $238.8 million, $9.5 million, $103.5 million and $131.5 million, respectively. See Note 14 - Discontinued Operations for a discussion of depreciation expense related to our discontinued operations.

As discussed above, depreciation expense in the Successor Period was impacted by the valuation process under fresh start accounting. Certain fully depreciated assets were assigned an estimated fair value of approximately $197.5 million and a remaining useful life of less than 36 months which significantly increased the amount of depreciation expense recorded in the Successor Period. Depreciation expense for these previously fully depreciated assets was $167.5 million for the Successor Period. See Note 3 – Fresh Start Accounting for additional information.