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Property and Equipment
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 6 — PROPERTY AND EQUIPMENT

Property and equipment, net, consisted of the following (amounts in millions):

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Land

 

$

2.1

 

 

$

2.1

 

Rental fleet

 

 

474.1

 

 

 

461.4

 

Equipment and leasehold improvements:

 

 

 

 

 

 

Machinery and equipment

 

 

8.4

 

 

 

7.2

 

Autos and trucks

 

 

6.9

 

 

 

6.6

 

Leasehold improvements

 

 

12.2

 

 

 

10.6

 

Finance lease right-of-use assets

 

 

18.7

 

 

 

15.1

 

Office equipment

 

 

3.7

 

 

 

3.5

 

Computer equipment

 

 

11.8

 

 

 

11.1

 

Total cost

 

$

537.9

 

 

$

517.6

 

 

 

 

 

 

 

 

Less: accumulated depreciation and amortization

 

 

 

 

 

 

Rental fleet

 

$

(164.7

)

 

$

(149.8

)

Equipment, autos and trucks, leasehold improvements, finance leases and office and computer equipment

 

 

(26.5

)

 

 

(23.3

)

Total accumulated depreciation and amortization

 

$

(191.2

)

 

$

(173.1

)

Property and equipment, net

 

$

346.7

 

 

$

344.5

 

 

Total depreciation and amortization on property and equipment was $24.0 million and $21.8 million for the three months ended June 30, 2022 and 2021, respectively, and $45.4 million and $40.3 million for the six months ended June 30, 2022 and 2021, respectively. The Company had assets related to finance leases with gross carrying values totaling $18.7 million and $15.1 million, and accumulated amortization balances totaling $4.1 million and $3.8 million, as of June 30, 2022 and December 31, 2021, respectively. Of the $474.1 million and $461.4 million of gross cost of rental fleet, $9.9 million and $9.7 million were represented by guaranteed purchase obligation assets as of June 30, 2022 and December 31, 2021, respectively.

The Company evaluates long-lived assets, such as property and equipment and intangible assets subject to amortization, for impairment if events or changes in circumstances indicate that the carrying value of any asset group may not be recoverable. After evaluating and weighing all relevant events and circumstances, the Company did not identify indicators requiring the performance of an interim impairment test for the long-lived assets as of and for the period ended June 30, 2022.