Property, Plant And Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant And Equipment [Abstract]

(5) Property, Plant and Equipment

A summary of property, plant and equipment as of December 31, 2012 and 2011 (in thousands) is as follows:



	2012	2011

Buildings, improvements and leasehold improvements	$ 230,457	$ 139,432
Marine vessels and equipment	199,819	417,413
Machinery and equipment	3,500,112	1,596,580
Automobiles, trucks, tractors and trailers	60,805	38,770
Furniture and fixtures	59,124	40,575
Construction-in-progress	410,425	171,108
Land	59,824	29,518
Oil and gas producing assets	77,285	44,109

	4,597,851	2,477,505
Accumulated depreciation and depletion	(1,342,631)	(970,137)

Property, plant and equipment, net	$ 3,255,220	$ 1,507,368

In connection with the review for impairment of long-lived assets in accordance with authoritative guidance, the Company recorded approximately $35.8 million as a reduction in the value of the 18 liftboats that comprised the former Marine segment during the year ended December 31, 2011 as the indicated valuation from potential buyers for such assets was less than their carrying values. During 2010, the Company recorded a reduction in the value of assets totaling $32.0 million in connection with liftboat components primarily related to partially completed liftboats.

The Company had approximately $63.5 million and $23.2 million of leasehold improvements as of December 31, 2012 and 2011, 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. Depreciation expense (excluding depletion, amortization and accretion) was approximately $480.0 million, $224.6 million, and $207.7 million for the years ended December 31, 2012, 2011 and 2010, respectively, which includes amounts recorded within loss from discontinued operations on the consolidated statements of income.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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