Note 5 - Property and Equipment

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

5. PROPERTY AND EQUIPMENT

A summary of property and equipment, at cost, as of December 31, 2021 and 2020 is as follows:

(in thousands)	Estimated Useful Lives (Years)		2021		2020
Revenue equipment		3 - 10	$	400,282	$	435,865
Communications equipment		5 - 10		4,257		5,492
Land and improvements		0 - 15		16,341		16,602
Buildings and leasehold improvements		7 - 40		72,180		57,308
Construction in-progress		-		866		695
Other		2 - 10		24,480		25,314
			$	518,406	$	541,276

Depreciation expense was $49.8 million and $60.4 million in 2021 and 2020, respectively. This depreciation expense excludes net gains on the sale of property and equipment totaling $3.8 million and $7.7 million in 2021 and 2020, respectively.

We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. At December 31, 2021 and 2020, property and equipment included finance and operating leases. Our finance leases had capitalized costs of $45.5 million and $50.2 million and accumulated amortization of $22.3 million and $20.8 million at December 31, 2021 and 2020, respectively. Amortization of these leased assets is included in depreciation and amortization expense in the consolidated statement of operations and totaled $3.6 million and $4.1 million during 2021 and 2020, respectively. See Note 9. Leases for additional information about our finance and operating leases.