Property and Equipment

12 Months Ended

Dec. 31, 2020

Property and Equipment

Property and equipment

NOTE 5 – PROPERTY AND EQUIPMENT

The following table identifies the types and balances of property and equipment included in “Property and equipment, at cost” on the accompanying Consolidated Balance Sheets as of December 31, 2020 and 2019, and includes the estimated useful lives for its types of property and equipment (in thousands, except original useful lives):

	Original Useful
	Lives	December 31, 2020		December 31, 2019
Land		$	860,797	$	805,556
Buildings and building improvements	15 – 39 years		2,574,969		2,378,074
Leasehold improvements	3 – 25 years		799,013		751,155
Furniture, fixtures and equipment	3 – 20 years		1,562,664		1,450,444
Vehicles	5 – 10 years		456,957		447,939
Construction in progress			305,511		358,259
Total property and equipment			6,559,911		6,191,427
Less: accumulated depreciation and amortization			2,464,993		2,243,224
Net property and equipment		$	4,094,918	$	3,948,203

The Company recorded depreciation and amortization expense related to property and equipment in the amounts of $303.0 million, $267.3 million and $246.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, which were primarily included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income.

The Company recorded a charge of $3.4 million related to property and equipment for the year ended December 31, 2020, primarily due to the write-down on surplus land and buildings that exceeded market value, and $1.9 million and $11.4 million related to property and equipment for the years ended December 31, 2019 and 2018, respectively, primarily due to the disposal of certain software projects that were no longer expected to provide a long-term benefit, which were included in “Selling, general and administrative expenses” on the accompanying Consolidated Statements of Income.