Annual report pursuant to Section 13 and 15(d)

Property and Equipment

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Property and Equipment
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consists of the following: 
  December 31, 2019 December 31, 2018
  (In thousands)
Land $ 373,301    $ 381,527   
Building and improvements (1) 969,609    989,872   
Furniture, fixtures and equipment 346,260    330,149   
Construction in progress 50,928    59,523   
    Total, at cost 1,740,098    1,761,071   
Less accumulated depreciation (616,611)   (575,720)  
Subtotal 1,123,487    1,185,351   
Less assets held for sale (2) (26,240)   (6,862)  
Property and equipment, net $ 1,097,247    $ 1,178,489   
(1) As discussed in Note 1, “Description of Business and Summary of Significant Accounting Policies,” due to the adoption of ASC 842, “Leases,” effective January 1, 2019, previously existing capital lease assets have been reclassified from property and equipment, net to financing - right-of- use assets in the accompanying consolidated balance sheet as of December 31, 2019.
(2) Classified in other current assets in the accompanying consolidated balance sheets.
Interest capitalized in conjunction with construction projects and software development was approximately $1.6 million, $1.5 million and $2.2 million for 2019, 2018 and 2017, respectively. As of December 31, 2019, commitments for facility construction projects totaled approximately $18.0 million.
During 2019, 2018 and 2017, 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)
2019 $ 1,101    $ 19,667    $ 20,768   
2018 $ 25,832    $ 1,582    $ 27,414   
2017 $ 3,890    $ 1,004    $ 4,894   
Impairment charges 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.