Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment
4. Property and Equipment
Property and equipment, net consists of the following:
September 30, 2024 December 31, 2023
(In millions)
Land $ 470.3  $ 493.0 
Buildings and improvements 1,494.7  1,425.8 
Furniture, fixtures and equipment 562.2  563.3 
Construction in progress 54.3  61.4 
Total, at cost 2,581.5  2,543.5 
Less accumulated depreciation (969.2) (927.8)
Subtotal 1,612.3  1,615.7 
Less assets held for sale (1) (9.4) (14.7)
Property and equipment, net $ 1,602.9  $ 1,601.0 
(1)Classified in other current assets in the accompanying unaudited condensed consolidated balance sheets.
In the three and nine months ended September 30, 2024, capital expenditures were approximately $53.3 million and $145.9 million, respectively, and, in the three and nine months ended September 30, 2023, capital expenditures were approximately $78.1 million and $153.6 million, respectively. Capital expenditures in all periods were primarily related to construction of new franchised dealerships and powersports stores, and building improvements and equipment purchased for use in our franchised dealerships and EchoPark and powersports stores. Certain capital expenditures are recognized in the Franchised Dealerships Segment (as defined below) to better monitor project development costs prior to transferring the capitalized asset balance to the appropriate entity or operating segment upon project completion. Assets held for sale as of September 30, 2024 and December 31, 2023 consisted of real property not currently used in operations that we expect to dispose of in the next 12 months.
Fixed asset impairment charges for the nine months ended September 30, 2024 were approximately $2.4 million, which was related to the sale of real estate and capitalized IT project write-off costs and property associated with our decision to close the remaining Northwest Motorsport stores in January 2024. Fixed asset impairment charges for the nine months ended September 30, 2023 were approximately $32.5 million, the majority of which related to our decision to indefinitely suspend operations at certain locations with our EchoPark Segment and to close certain Northwest Motorsport stores.