Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.4.0.3
Property and Equipment
 3 Months Ended
Mar. 31, 2016
Property Plant And Equipment [Abstract]  
Property and Equipment

4. Property and Equipment

 

Property and equipment, net consists of the following:

 

 

March 31, 2016

 

 

December 31, 2015

 

 

 

(In thousands)

 

Land

 

$

264,904

 

 

$

260,275

 

Building and improvements

 

 

692,545

 

 

 

679,712

 

Software and computer equipment

 

 

111,763

 

 

 

107,086

 

Parts and service equipment

 

 

81,108

 

 

 

79,219

 

Office equipment and fixtures

 

 

80,020

 

 

 

76,810

 

Company vehicles

 

 

8,916

 

 

 

8,478

 

Construction in progress

 

 

66,601

 

 

 

55,010

 

       Total, at cost

 

 

1,305,857

 

 

 

1,266,590

 

Less accumulated depreciation

 

 

(397,681

)

 

 

(379,688

)

       Property and equipment, net

 

$

908,176

 

 

$

886,902

 

In the three months ended March 31, 2016 and 2015, capital expenditures were approximately $41.4 million and $46.8 million, respectively. Capital expenditures for the three months ended March 31, 2016 and 2015 were primarily related to real estate acquisitions, construction of new dealerships and EchoPark® stores, building improvements and equipment purchased for use in Sonic’s dealerships and EchoPark® stores.