PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET

The following table shows the component of property, plant and equipment, net (in thousands):


	Estimated Useful Lives (in Years)	March 31, 2024			December 31, 2023
Rental tools and equipment	5-10		195,460			188,949
Buildings and improvements	5-40		6,686			6,672
Office furniture, fixtures and equipment	3-5		2,269			2,389
Transportation and equipment	3-5		783			793
Total property, plant and equipment			205,198			198,803
Less: accumulated deprecation			(134,602	)		(133,003	)
Property, plant and equipment, net (excluding construction in progress)			70,596			65,800
Construction in progress			-			-
Property, plant and equipment, net		$	70,596		$	65,800

Total depreciation expense for the three months ended March 31, 2024 and 2023 was approximately $5.3 million and $5.0 million, respectively. The Company has not acquired any property, plant and equipment under financing leases.

Property, plant and equipment, net, is concentrated within the United States. As of March 31, 2024 and December 31, 2023, property, plant and equipment, net held within the United States was $65.9 million and $63.0 million, respectively, or 93% and 96% of total property, plant and equipment, net. As of March 31, 2024 and December 31, 2023, property, plant and equipment, net held outside of

the United States, in Canada and Internationally, was $4.7 million and $2.8 million, respectively, or 7% and 4% of total property, plant and equipment, net.