| PROPERTY AND EQUIPMENT |
NOTE 6—PROPERTY AND EQUIPMENT Property and equipment are stated at cost less accumulated depreciation. Depreciation (and amortization of finance lease assets) is calculated on a straight-line basis over the estimated useful life of each asset. Property and equipment consists of the following as of March 31, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | | (in thousands) | Machinery and equipment | | $ | 585,511 | | $ | 581,566 | Gathering and disposal infrastructure | | | 320,886 | | | 309,854 | Pipelines | | | 138,398 | | | 103,425 | Recycling facilities | | | 126,873 | | | 115,227 | Buildings and leasehold improvements | | | 104,443 | | | 109,520 | Land | | | 39,930 | | | 39,960 | Vehicles and equipment | | | 12,780 | | | 13,870 | Computer equipment and software | | | 7,864 | | | 7,864 | Machinery and equipment - finance lease | | | 2,285 | | | 533 | Computer equipment and software - finance lease | | | 895 | | | 904 | Office furniture and equipment | | | 453 | | | 453 | Construction in progress | | | 131,473 | | | 122,310 | | | | 1,471,791 | | | 1,405,486 | Less accumulated depreciation(1) | | | (704,300) | | | (679,832) | Total property and equipment, net | | $ | 767,491 | | $ | 725,654 |
| (1) | Includes $1.1 million and $0.9 million of accumulated depreciation related to finance leases as of March 31, 2025 and December 31, 2024, respectively. |
During the Current Quarter, the Company recognized $1.1 million in impairments and abandonments, consisting of $0.6 million in the Water Services segment related to the relocation of operations from a leased facility and $0.5 million in the Water Infrastructure segment associated with the termination of a disposal lease. Total depreciation, amortization and accretion expense related to property and equipment and finance leases presented in the table above, as well as amortization of intangible assets presented in “Note 7— Other Intangible Assets” is as follows: | | | | | | | | | | Three months ended March 31, | | | | 2025 | | 2024 | | | | | (in thousands) | | Category | | | | | | | | Depreciation expense from property and equipment | | $ | 34,044 | | $ | 33,764 | | Amortization expense from finance leases | | | 169 | | | 62 | | Amortization expense from intangible assets | | | 4,378 | | | 4,070 | | Accretion expense from asset retirement obligations | | | 1,009 | | | 254 | | Total depreciation, amortization and accretion | | $ | 39,600 | | $ | 38,150 | |
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