Property and equipment at December 31 consists of the following (in thousands):

 

 

2025

 

 

2024

 

Transportation equipment

 

$

606,135

 

 

$

627,018

 

Land, buildings and related assets

 

 

348,837

 

 

 

272,010

 

Other operating assets

 

 

189,252

 

 

 

150,246

 

Information technology equipment

 

 

28,491

 

 

 

29,680

 

Construction in process

 

 

114,268

 

 

 

92,413

 

Total property and equipment

 

 

1,286,983

 

 

 

1,171,367

 

Less accumulated depreciation

 

 

(467,488

)

 

 

(429,001

)

Total property and equipment, net

 

$

819,495

 

 

$

742,366

 

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Historical Timeline

Fiscal YearFiled
2025Mar 16, 2026Showing above
2024Mar 17, 2025
2023Mar 15, 2024
2022Mar 16, 2023
2021Mar 16, 2022
2020Mar 16, 2021
2019Mar 16, 2020
2018Mar 18, 2019
2017Mar 16, 2018
2016Mar 15, 2017
2015Mar 15, 2016

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.