Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.20.4
Property and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consists of the following: 
  December 31, 2020 December 31, 2019
  (In thousands)
Land $ 375,297  $ 373,301 
Buildings and improvements 1,028,016  969,609 
Furniture, fixtures and equipment 365,222  346,260 
Construction in progress 34,767  50,928 
    Total, at cost 1,803,302  1,740,098 
Less accumulated depreciation (673,082) (616,611)
Subtotal 1,130,220  1,123,487 
Less assets held for sale (1) (9,694) (26,240)
Property and equipment, net $ 1,120,526  $ 1,097,247 
(1)Classified in other current assets in the accompanying consolidated balance sheets.
Interest capitalized in conjunction with construction projects and software development was approximately $0.8 million, $1.6 million and $1.5 million for 2020, 2019 and 2018, respectively. As of December 31, 2020, commitments for facility construction projects totaled approximately $56.9 million.
During 2020, 2019 and 2018, property and equipment impairment charges were recorded as noted in the following table:
Franchised Dealerships Segment EchoPark Segment Consolidated
Year Ended December 31, (In thousands)
2020 $ 2,017  $ —  $ 2,017 
2019 $ 1,101  $ 19,667  $ 20,768 
2018 $ 25,832  $ 1,582  $ 27,414 
Impairment charges in 2020 were due to the abandonment of certain construction projects. Impairment charges in 2019 and 2018 were due to the fair value adjustments of long-lived assets held for sale related to real estate at former EchoPark locations, the abandonment of certain internally-developed software applications, the abandonment and disposal of dealership equipment or our estimate that based on historical and projected operating losses for certain dealerships, these dealerships would not be able to recover recorded property and equipment asset balances.