Note 5 - Property and Equipment

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 is as follows:

(in thousands)	Estimated Useful Lives (Years)		2022		2021
Revenue equipment		3 - 10	$	468,527	$	400,282
Communications equipment		5 - 10		4,470	$	4,257
Land and improvements		0 - 15		11,719	$	16,341
Buildings and leasehold improvements		7 - 40		96,550	$	72,180
Construction in-progress		-		16,077	$	866
Other		2 - 10		22,343	$	24,480
			$	619,686	$	518,406

Depreciation expense was $53.2 million and $49.8 million in 2022 and 2021, respectively. This depreciation expense excludes net gains on the sale of property and equipment totaling $40.3 million and $3.8 million in 2022 and 2021, respectively.

We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. At December 31, 2022 and 2021, property and equipment included finance and operating leases. Our finance leases had capitalized costs of $12.7 million and $45.5 million and accumulated amortization of $7.4 million and $22.3 million at December 31, 2022 and 2021, respectively. Amortization of these leased assets is included in depreciation and amortization expense in the consolidated statement of operations and totaled $2.3 million and $3.6 million during 2022 and 2021, respectively. See Note 9. Leases for additional information about our finance and operating leases.