Property, Plant and Equipment Disclosure
Asset Age Ratios (Summary)
Average Age
Estimated Total Useful Life
Estimated Age, Time Elapsed Since Purchase
Estimated Remaining Life

Old Dominion Freight Line Inc., balance sheet: property, plant and equipment

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Revenue equipment	2,501,995)	2,146,205)	1,885,649)	1,898,999)	1,811,233)
Land and structures	2,750,100)	2,463,949)	2,218,290)	2,039,937)	1,796,868)
Other fixed assets	550,442)	512,340)	475,264)	482,425)	454,432)
Leasehold improvements	13,516)	13,131)	12,226)	11,709)	10,619)
Gross property and equipment	5,816,053)	5,135,625)	4,591,429)	4,433,070)	4,073,152)
Accumulated depreciation	(2,128,985)	(1,919,939)	(1,677,398)	(1,464,235)	(1,318,209)
Net property and equipment	3,687,068)	3,215,686)	2,914,031)	2,968,835)	2,754,943)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Gross property and equipment	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Old Dominion Freight Line Inc. gross property and equipment increased from 2020 to 2021 and from 2021 to 2022.
Net property and equipment	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Old Dominion Freight Line Inc. net property and equipment increased from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc., asset age ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Average age ratio	36.61%	37.38%	36.53%	33.03%	32.36%
Estimated total useful life (years)	21	20	18	17	18
Estimated age, time elapsed since purchase (years)	8	7	6	6	6
Estimated remaining life (years)	13	12	11	12	12

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Old Dominion Freight Line Inc. average age ratio of depreciable property, plant and equipment deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Old Dominion Freight Line Inc. estimated total useful life of depreciable property, plant and equipment increased from 2020 to 2021 and from 2021 to 2022.
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Old Dominion Freight Line Inc. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2020 to 2021 and from 2021 to 2022.
Estimated remaining life		Old Dominion Freight Line Inc. estimated remaining life of depreciable property, plant and equipment increased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Accumulated depreciation	2,128,985)	1,919,939)	1,677,398)	1,464,235)	1,318,209)
Gross property and equipment	5,816,053)	5,135,625)	4,591,429)	4,433,070)	4,073,152)
Asset Age Ratio
Average age¹	36.61%	37.38%	36.53%	33.03%	32.36%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ Gross property and equipment
= 100 × 2,128,985 ÷ 5,816,053 = 36.61%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Old Dominion Freight Line Inc. average age ratio of depreciable property, plant and equipment deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Gross property and equipment	5,816,053)	5,135,625)	4,591,429)	4,433,070)	4,073,152)
Depreciation expense	275,600)	259,500)	261,300)	253,700)	230,400)
Asset Age Ratio (Years)
Estimated total useful life¹	21	20	18	17	18

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Estimated total useful life = Gross property and equipment ÷ Depreciation expense
= 5,816,053 ÷ 275,600 = 21

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Asset age ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Old Dominion Freight Line Inc. estimated total useful life of depreciable property, plant and equipment increased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Accumulated depreciation	2,128,985)	1,919,939)	1,677,398)	1,464,235)	1,318,209)
Depreciation expense	275,600)	259,500)	261,300)	253,700)	230,400)
Asset Age Ratio (Years)
Time elapsed since purchase¹	8	7	6	6	6

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Time elapsed since purchase = Accumulated depreciation ÷ Depreciation expense
= 2,128,985 ÷ 275,600 = 8

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Asset age ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Old Dominion Freight Line Inc. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net property and equipment	3,687,068)	3,215,686)	2,914,031)	2,968,835)	2,754,943)
Depreciation expense	275,600)	259,500)	261,300)	253,700)	230,400)
Asset Age Ratio (Years)
Estimated remaining life¹	13	12	11	12	12

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Estimated remaining life = Net property and equipment ÷ Depreciation expense
= 3,687,068 ÷ 275,600 = 13

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Asset age ratio	Description	The company
Estimated remaining life		Old Dominion Freight Line Inc. estimated remaining life of depreciable property, plant and equipment increased from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Analysis of Property, Plant and Equipment

Property, Plant and Equipment Disclosure

Asset Age Ratios (Summary)

Average Age

Estimated Total Useful Life

Estimated Age, Time Elapsed since Purchase

Estimated Remaining Life