Note 4 - Property and Equipment

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4. PROPERTY AND EQUIPMENT

A summary of property and equipment, at cost, as of

December 31, 2019

 and

2018

is as follows:

(in thousands)	Estimated Useful Lives (Years)		2019		2018
Revenue equipment		3-10	$	588,828	$	504,192
Communications equipment		5-10		6,189		3,850
Land and improvements		0-15		23,398		25,240
Buildings and leasehold improvements		7-40		75,471		75,134
Construction in-progress		-		400		3,121
Other		2-10		31,097		27,233
			$	725,383	$	638,770

Depreciation expense was

$77.6

million

,

$74.4

million

, and

$71.4

million

, in

2019,

2018,

and

2017

, respectively. This depreciation expense excludes net gains on the sale of property and equipment totaling

$1.7

million

 in

2019

and net losses of 

$0.3

million

, and 

$4.0

million

in

2018

and

2017,

respectively, which are presented net of gains on sale in depreciation and amortization expense in the consolidated statements of operations.

We lease certain revenue equipment under finance and operating leases with terms of approximately

48

to

84

months. At

December 31, 2019

 and

2018

, property and equipment included finance and operating leases. Our finance leases had capitalized costs of 

$55.0

million

and 

$55.4

million

and accumulated amortization of 

$21.0

million

and

$15.6

million

 at

December 31, 2019

 and

2018

, respectively. Amortization of these leased assets is included in depreciation and amortization expense in the consolidated statement of operations and totaled

$5.5

million

,

$5.4

million

, and 

$2.6

million

during

2019,

2018,

and

2017

, respectively.  See Note

7.

 

Leases

 for additional information about our finance and operating leases.