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Property and Equipment | 6 Months Ended
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Jun. 30, 2011
Property and Equipment [Abstract] |
Property and Equipment | 4. Property and Equipment Property and equipment consists of the following:
|  |  | June 30, |  |  | December 31, |
|  | 2011 |  | 2010
|  | (In thousands) |
Land |  | $ | 117,637 |  |  | $ | 76,357 |
Building and improvements |  |  | 400,970 |  |  |  | 353,088 |
Office equipment and fixtures |  |  | 82,788 |  |  |  | 77,654 |
Parts and service equipment |  |  | 58,354 |  |  |  | 56,651 |
Company vehicles |  |  | 8,447 |  |  |  | 8,137 |
Construction in progress |  |  | 63,176 |  |  |  | 48,230 |
Total, at cost |  |  | 731,372 |  |  |  | 620,117 |
Less: accumulated depreciation |  |  | (199,785 | ) |  |  | (181,837 | )
Subtotal |  |  | 531,587 |  |  |  | 438,280 |
Less: real estate held for sale (1) |  |  | (2,020 | ) |  |  | (2,020 | )
Property and equipment, net |  | $ | 529,567 |  |  | $ | 436,260 |
(1) |  | Included in other current assets in the accompanying Unaudited Condensed Consolidated Balance Sheets.
In the second quarter and six-month periods ended June 30, 2011, capital expenditures were approximately $22.1 million and $112.7 million ($58.7 million, net of mortgage funding of $54.0 million), respectively. In January 2011, Sonic purchased five dealership properties for $75.2 million which it previously leased through long-term operating leases, utilizing cash on hand and borrowings under the 2010 Credit Facilities (see Note 6 for discussion on the 2010 Credit Facilities). Subsequent to the purchase date, Sonic obtained mortgage funding of $54.0 million related these properties.

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- Definition The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 + Details
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