Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

Property and equipment consisted of the following at March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024		December 31, 2023
Equipment	$	8,646,493	$	8,506,727
Oil and natural gas properties	241,258		238,337
Buildings	253,330		248,693
Rental equipment	123,832		119,653
Land	38,682		38,811
Total property and equipment	9,303,595		9,152,221
Less accumulated depreciation, depletion, amortization and impairment	(5,984,250)		(5,811,809)
Property and equipment, net	$	3,319,345	$	3,340,412

Depreciation and depletion expense on property and equipment of approximately $244 million and $125 million was recorded in the three months ended March 31, 2024 and 2023, respectively.

We review our long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amounts of certain assets may not be recovered over their estimated remaining useful lives (“triggering events”). In connection with this review, assets are grouped at the lowest level at which identifiable cash flows are largely independent of other asset groupings. We estimate future cash flows over the life of the respective assets or asset groupings in our assessment of impairment. These estimates of cash flows are based on historical cyclical trends in the industry as well as our expectations regarding the continuation of these trends in the future. Provisions for asset impairment are charged against income when estimated future cash flows, on an undiscounted basis, are less than the asset’s net book value. Any provision for impairment is measured at fair value.