Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.10.0.1
Property and Equipment
 6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and Equipment
Property and equipment, net consists of the following:
 
June 30, 2018
 
December 31, 2017
 
(In thousands)
Land
$
382,310

 
$
370,828

Building and improvements
943,442

 
893,768

Software and computer equipment
127,094

 
147,812

Parts and service equipment
110,027

 
105,123

Office equipment and fixtures
96,358

 
96,066

Company vehicles
9,564

 
9,723

Construction in progress
47,049

 
54,429

Total, at cost
1,715,844

 
1,677,749

Less accumulated depreciation
(549,183
)
 
(527,379
)
Subtotal
1,166,661

 
1,150,370

Less assets held for sale (1)
(3,875
)
 
(3,489
)
Property and equipment, net
$
1,162,786

 
$
1,146,881

(1)
Classified in other current assets in the accompanying condensed consolidated balance sheets.
In the three and six months ended June 30, 2018, capital expenditures were approximately $33.9 million and $99.6 million, respectively, and in the three and six months ended June 30, 2017, capital expenditures were approximately $45.5 million and $121.2 million, respectively. Capital expenditures in all periods were primarily related to real estate acquisitions, construction of new franchised dealerships and pre-owned stores, building improvements and equipment purchased for use in our franchised dealerships and pre-owned stores. Assets held for sale as of June 30, 2018 consists of vacant land that we expect to dispose of in the next 12 months.
Impairment charges for the three and six months ended June 30, 2018 were approximately $10.3 million and $14.0 million, respectively, which include the write-off of certain costs associated with internally developed software as well as the write-off of capitalized costs associated with the abandonment of certain construction projects. Impairment charges for the three and six months ended June 30, 2017 were approximately $2.6 million and $3.1 million, respectively, which include the write-off of goodwill and property and equipment as part of the closure of two pre-owned stores that were purchased in 2016, and the write-off of capitalized costs associated with the abandonment of certain construction projects.