PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

NOTE 7 – PROPERTY AND EQUIPMENT

In accordance with ASC 360, “Impairment or Disposal of Long-Lived Assets,” the Company reviews its definite lived long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the carrying amount of an asset or group of assets exceeds its net realizable value, the asset will be written down to its fair value and the amount recognized for impairment is equal to the difference between the carrying value and the asset’s fair value.

During the third quarter of 2019, the Company recorded an impairment charge of $97.6 million to adjust property and equipment to fair value, resulting in the Specialized Solutions segment recognizing $58.6 million and the Flatbed Solutions segment recognizing $39.0 million in impairment. The impairment charge is included in impairment in the consolidated statements of operations and comprehensive income (loss).

The components of property and equipment are as follows at December 31 (in millions):


	2019		2018
Revenue equipment	$	597.0	$	734.0
Buildings and improvements		64.3		61.9
Assets leased and available for lease to owner-operators		59.9		—
Furniture and fixtures, office and computer equipment and vehicles		40.2		36.5
		761.4		832.4
Accumulated depreciation		(322.4)		(259.7)
Total	$	439.0	$	572.7

Depreciation expense was $132.2 million, $114.4 million and $70.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. Depreciation expense and accumulated depreciation on assets leased and available for lease to owner-operators was $20.5 million for the year ended December 31, 2019. Included in depreciation expense is the net impact of the step-up in basis of fixed assets resulting from acquisitions of $18.2 million, $24.1 million and $8.4 for the years ended December, 2019, 2018 and 2017, respectively.