PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property and Equipment

Property and equipment

NOTE 6 – 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, 2024 and 2023, and includes the estimated useful lives for its types of property and equipment (in thousands, except original useful lives):

	Original Useful
	Lives	December 31, 2024		December 31, 2023
Land		$	1,070,098	$	989,575
Buildings and building improvements	15 – 39 years		3,407,685		3,121,562
Leasehold improvements	3 – 25 years		1,277,447		1,113,374
Furniture, fixtures and equipment	3 – 20 years		2,250,540		2,029,668
Vehicles	5 – 10 years		748,315		709,220
Construction in progress			438,169		348,968
Total property and equipment			9,192,254		8,312,367
Less: accumulated depreciation and amortization			3,587,098		3,275,387
Net property and equipment		$	5,605,156	$	5,036,980

The Company recorded depreciation and amortization expense related to property and equipment in the amounts of $457.0 million, $404.9 million and $343.6 million for the year ended December 31, 2024, 2023, and 2022, respectively, which were included in “Selling, general and administrative expenses” and “Cost of goods sold, including warehouse and distribution expenses” on the accompanying Consolidated Statements of Income.

The Company recorded charges of $0.5 million related to property and equipment for the year ended December 31, 2024, primarily due to the write-down of equipment that exceeded market value, $2.2 million related to property and equipment for the year ended December 31, 2023, primarily due to the write-down of equipment that exceeded market value and certain hardware and software projects that were disposed or were no longer expected to provide a long-term benefit, and $7.6 million related to property and equipment for the year ended December 31, 2022, primarily due to the write-down on surplus land and buildings that exceeded market value and certain hardware and software projects that were disposed or 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.