Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.22.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consists of the following:
  December 31, 2021 December 31, 2020
  (In millions)
Land $ 447.4  $ 375.3 
Buildings and improvements 1,240.5  1,028.0 
Furniture, fixtures and equipment 451.2  365.2 
Construction in progress 68.1  34.8 
    Total, at cost 2,207.2  1,803.3 
Less accumulated depreciation (746.2) (673.1)
Subtotal 1,461.0  1,130.2 
Less assets held for sale (1) (2.2) (9.7)
Property and equipment, net $ 1,458.8  $ 1,120.5 
(1)Classified in other current assets in the accompanying consolidated balance sheets.
Interest capitalized in conjunction with construction projects and software development was approximately $1.8 million, $0.8 million and $1.6 million for 2021, 2020 and 2019, respectively. As of December 31, 2021, commitments for facility construction projects totaled approximately $19.0 million.
Impairment charges were not material for 2021 and 2020. In 2019, impairment charges were approximately $20.8 million, including approximately $1.1 million related to our Franchised Dealerships Segment and approximately $19.7 million related to our EchoPark Segment. Impairment charges in 2019 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.