Property, Plant and Equipment

3 Months Ended

Mar. 31, 2020

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

(9) Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives. Our depreciation expense related to property, plant and equipment for the three months ended March 31, 2020 and 2019 was $8.2 million and $8.0 million, respectively. Normal repairs and maintenance to property, plant and equipment are expensed as incurred. When property or equipment is retired or sold, the net book value of the asset, reduced by any proceeds, is charged to gain or loss on the disposal of property, plant and equipment and is included in rental, selling and general expenses in the Condensed Consolidated Statements of Income.

Property, plant and equipment at March 31, 2020 and December 31, 2019 consisted of the following:

	Residual Value as Percentage of Original Cost	Estimated Useful Life in Years	March 31, 2020			December 31, 2019
			(In thousands)
Land			$	1,626		$	1,653
Vehicles and machinery	0 - 55%	5 - 30		176,148			174,191
Buildings and improvements (1)	0 - 25	3 - 30		32,721			33,137
Computer equipment and software	0	3 - 10		78,675			76,587
Furniture and office equipment	0	3 - 10		4,975			5,354
Property, plant and equipment				294,145			290,922
Accumulated depreciation				(140,321	)		(133,739	)
Property, plant and equipment, net			$	153,824		$	157,183

(1) Improvements made to leased properties are depreciated over the lesser of the estimated remaining life or the remaining term of the respective lease.