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Property and Equipment | 9 Months Ended
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Sep. 30, 2019
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment, net consists of the following:
| September 30, 2019 |  | December 31, 2018
| (In thousands) |  |
Land | $ | 377,818 |  |  | $ | 381,527 |
Building and improvements (1) | 996,832 |  |  | 989,872 |
Software and computer equipment | 121,436 |  |  | 116,348 |
Parts and service equipment | 108,333 |  |  | 108,040 |
Office equipment and fixtures | 98,181 |  |  | 96,622 |
Company vehicles | 9,457 |  |  | 9,139 |
Construction in progress | 43,920 |  |  | 59,523 |
Total, at cost | 1,755,977 |  |  | 1,761,071 |
Less accumulated depreciation | (610,914) |  |  | (575,720) |
Subtotal | 1,145,063 |  |  | 1,185,351 |
Less assets held for sale (2) | (8,850) |  |  | (6,862) |
Property and equipment, net | $ | 1,136,213 |  |  | $ | 1,178,489 |
(1) As discussed in Note 1, “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 right-of-use assets in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2019. (2) Classified in other current assets in the accompanying unaudited condensed consolidated balance sheets. In the three and nine months ended September 30, 2019, capital expenditures were approximately $23.3 million and $74.5 million, respectively, and in the three and nine months ended September 30, 2018, capital expenditures were approximately $34.3 million and $133.9 million, respectively. Capital expenditures in all periods were primarily related to real estate acquisitions, construction of new franchised dealerships and EchoPark stores, building improvements and equipment purchased for use in our franchised dealerships and EchoPark stores. Assets held for sale as of September 30, 2019 and December 31, 2018 consists of real property not currently used in operations that we expect to dispose of in the next 12 months. Impairment charges for the three and nine months ended September 30, 2019 were approximately $1.1 million and $3.1 million, respectively, which include fair value adjustments of long-lived assets held for sale related to real estate at former EchoPark locations. There were no impairment charges for the three months ended September 30, 2018. Impairment charges for the nine months ended September 30, 2018 were approximately $14.0 million which include the write-off of certain costs associated with internally developed software as well as the write-off of capitalized costs associated with the abandonment of certain construction projects.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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