XML 33 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
Note 5 - Property and Equipment
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023 is as follows:

 

(in thousands)

 

Estimated Useful Lives (Years)

  

2024

  

2023

 

Revenue equipment

  2 - 20  $575,726  $538,617 

Communications equipment

  5 - 10   6,721   5,847 

Land and improvements

  0 - 15   12,407   11,747 

Buildings and leasehold improvements

  7 - 40   97,636   104,358 

Construction in-progress

  -   6,404   2,968 

Other

  2 - 10   30,510   28,995 
      $729,404  $692,532 

 

Depreciation expense was $77.0 million, $62.4 million, and $53.2 million in 2024, 2023, and 2022, respectively. This depreciation expense excludes net losses on the sale of property and equipment totaling $1.6 million in 2024 and net gains on the sale of property and equipment totaling $12.6 million and $40.3 million in 2023 and 2022, respectively.

 

We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. At December 31, 2024 and 2023, property and equipment included finance and operating leases. Our finance leases had capitalized costs of $6.0 million and $7.6 million and accumulated amortization of $1.4 million and $1.2 million at December 31, 2024 and 2023, respectively. Amortization of these leased assets is included in depreciation and amortization expense in the consolidated statement of operations and totaled $0.5 million, $0.7 million, and $2.3 million during 2024, 2023, and 2022, respectively. See Note 11, "Leases" for additional information about our finance and operating leases.