v3.26.3
Property and Equipment
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment

NOTE 6. PROPERTY AND EQUIPMENT

A summary of property and equipment as of September 30, 2026 and December 31, 2025 is as follows:

(in thousands)

 

September 30,
2026

 

 

December 31,
2025

 

Land

 

$

13,549

 

 

$

13,409

 

Buildings, building improvements and leasehold improvements

 

 

47,324

 

 

 

50,168

 

Manufacturing machinery and equipment

 

 

72,856

 

 

 

70,579

 

Rental tools

 

 

98,270

 

 

 

73,032

 

Office equipment and computer software

 

 

3,030

 

 

 

3,122

 

Vehicles

 

 

14,356

 

 

 

14,595

 

Right-of-use leases – finance

 

 

37,501

 

 

 

36,341

 

Total Property and equipment

 

 

286,886

 

 

 

261,246

 

Less: Accumulated depreciation and amortization

 

 

(118,692

)

 

 

(102,372

)

Net Property and equipment

 

$

168,194

 

 

$

158,874

 

The amortization expense for the right-of-use finance lease assets was $2.2 million and $1.9 million for the three months ended September 30, 2026 and 2025, respectively, and $6.6 million and $5.4 million for the nine months ended September 30, 2026 and 2025, respectively.

Depreciation expense related to property and equipment was $9.6 million and $9.2 million for the three months ended September 30, 2026 and 2025, respectively, and $28.9 million and $28.2 million for the nine months ended September 30, 2026 and 2025, respectively.