Property, Plant and Equipment
|6 Months Ended|
Jun. 30, 2022
|Property, Plant and Equipment [Abstract]|
|Property, Plant and Equipment||Property, Plant and Equipment
Property, plant and equipment include the following (in thousands):
a. Included in Buildings at each of June 30, 2022 and December 31, 2021 are costs of $7.6 million related to assets under operating leases.
b. Included in Other property and equipment at each of June 30, 2022 and December 31, 2021 are costs of $6.0 million related to assets under operating leases.
c. Deposits on equipment and equipment in process of assembly represents deposits placed with vendors for equipment that is in the process of assembly and purchased equipment that is being outfitted for its intended use. The equipment is not yet placed in service.
d. Includes accumulated depreciation of $7.3 million and $6.6 million at June 30, 2022 and December 31, 2021, respectively, related to assets under operating leases.
Proceeds from customers for horizontal and directional drilling services equipment damaged or lost down-hole are reflected in revenue with the carrying value of the related equipment charged to cost of service revenues and are reported as cash inflows from investing activities in the unaudited condensed consolidated statement of cash flows. For the three and six months ended June 30, 2022, proceeds and gains from the sale of equipment damaged or lost down-hole were $0.1 million and $0.5 million, respectively. The Company did not have any proceeds or gains from the sale of equipment damaged or lost down-hole during the three and six months ended June 30, 2021.
Proceeds from assets sold or disposed of as well as the carrying value of the related equipment are reflected in “other income, net” on the unaudited condensed consolidated statement of comprehensive income (loss). For the three and six months ended June 30, 2022 and 2021, proceeds from the sale of equipment were $6.7 million, $7.2 million, $1.6 million and $2.2 million, respectively, and gains from the sale or disposal of equipment were $2.9 million, $3.1 million, $1.0 million and $1.6 million, respectively.
Depreciation, depletion, amortization and accretion
A summary of depreciation, depletion, amortization and accretion expense is below (in thousands):
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef