Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v2.4.0.8
Property and Equipment
 6 Months Ended
Jun. 30, 2014
Property Plant And Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

Property and equipment, net consists of the following:

 

     June 30, 2014     December 31, 2013  
     (In thousands)  

Land

    $ 205,032      $ 194,639   

Building and improvements

      574,605        569,619   

Office equipment and fixtures

      138,068        135,221   

Parts and service equipment

      73,576        70,950   

Company vehicles

      8,249        8,002   

Construction in progress

      46,309        27,716   
  

 

 

    

 

 

  

Total, at cost

      1,045,839        1,006,147   

Less accumulated depreciation

      (324,686 )      (300,035 ) 
  

 

 

    

 

 

  

Subtotal

      721,153        706,112   

Less assets held for sale

      (8,499 )      (4,101 ) 
  

 

 

    

 

 

  

Property and equipment, net

    $ 712,654      $ 702,011   
  

 

 

    

 

 

  

In the second quarter and six-month periods ended June 30, 2014, capital expenditures were approximately $27.0 million and $48.6 million, respectively, and in the second quarter and six-month periods ended June 30, 2013, capital expenditures were approximately $29.8 million and $89.1 million, respectively. Capital expenditures in both periods were primarily related to real estate acquisitions, construction of new dealerships, building improvements and equipment purchased for use in Sonic’s dealerships.