Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.24.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consists of the following:
  December 31, 2023 December 31, 2022
  (In millions)
Land $ 493.0  $ 478.2 
Buildings and improvements 1,425.8  1,365.3 
Furniture, fixtures and equipment 563.3  504.1 
Construction in progress 61.4  57.0 
    Total, at cost 2,543.5  2,404.6 
Less accumulated depreciation (927.8) (842.9)
Subtotal 1,615.7  1,561.7 
Less assets held for sale (1) (14.7) — 
Property and equipment, net $ 1,601.0  $ 1,561.7 
(1)Classified in other current assets in the accompanying consolidated balance sheets.
Interest capitalized in conjunction with construction projects and software development was approximately $2.2 million, $1.6 million and $1.8 million for 2023, 2022 and 2021, respectively. As of December 31, 2023, commitments for facility construction projects totaled approximately $27.9 million.
During 2023 and 2022, property and equipment impairment charges were recorded as noted in the following table:
Franchised Dealerships Segment EchoPark Segment Consolidated
Year Ended December 31, (In millions)
2023 $ 1.0  $ 41.7  $ 42.7 
2022 $ 1.1  $ —  $ 1.1 
Property and equipment impairment charges were related to our EchoPark closures, Northwest Motorsports stores that were closed after the end of the fourth quarter in January 2024, and the abandonment of certain construction projects in our Franchised Dealerships Segment. In 2022, property and equipment impairment charges were related to the abandonment of certain construction projects in our Franchised Dealerships Segment.