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Note 5 - Property and Equipment | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 is as follows:
(in thousands) |  | Estimated Useful Lives (Years) |  |  | 2023 |  |  | 2022 |
Revenue equipment |  |  | 2 - 20 |  |  | $ | 538,617 |  |  | $ | 468,527 |
Communications equipment |  |  | 5 - 10 |  |  |  | 5,847 |  |  |  | 4,470 |
Land and improvements |  |  | 0 - 15 |  |  |  | 11,747 |  |  |  | 11,719 |
Buildings and leasehold improvements |  |  | 7 - 40 |  |  |  | 104,358 |  |  |  | 96,550 |
Construction in-progress |  |  | - |  |  |  | 2,968 |  |  |  | 16,077 |
Other |  |  | 2 - 10 |  |  |  | 28,995 |  |  |  | 22,343 |
|  |  |  |  |  | $ | 692,532 |  |  | $ | 619,686 |
Depreciation expense was $62.4 million, $53.2 million, and $49.8 million in 2023, 2022, and 2021, respectively. This depreciation expense excludes net gains on the sale of property and equipment totaling $12.6 million, $40.3 million, and $3.8 million in 2023, 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, 2023 and 2022, property and equipment included finance and operating leases. Our finance leases had capitalized costs of $7.6 million and $12.7 million and accumulated amortization of $1.2 million and $7.4 million at December 31, 2023 and 2022, respectively. Amortization of these leased assets is included in depreciation and amortization expense in the consolidated statement of operations and totaled $0.7 million, $2.3 million, and $3.6 million during 2023, 2022, and 2021, respectively. See Note 11, "Leases" for additional information about our finance and operating leases.

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