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FORM 10-K
The table below identifies the estimated fair value of the Company's senior notes, using the market approach. The fair values as of
December 31, 2015 and 2014, were determined by reference to quoted market prices of the same or similar instruments (Level 2) (in
thousands):
December 31, 2015 December 31, 2014
Carrying Amount
Estimated Fair
Value Carrying Amount (1) Estimated Fair
Value
$500 million, 4.875% Senior Notes due 2021 $ 495,951 $ 542,078 $ 495,144 $ 566,700
$300 million, 4.625% Senior Notes due 2021 298,396 319,620 298,113 337,222
$300 million, 3.800% Senior Notes due 2022 297,535 303,595 297,215 310,749
$300 million, 3.850% Senior Notes due 2023 $ 298,136 $ 302,468 $ 297,925 $ 311,656
(1) Prior period amounts have been reclassified to conform to current period presentation, due to the Company's adoption of new accounting standards
during the fourth quarter ended December 31, 2015, see Note 1 for further information.
The accompanying Consolidated Balance Sheets include other financial instruments, including cash and cash equivalents, accounts
receivable, amounts receivable from suppliers and accounts payable. Due to the short-term nature of these financial instruments, the
Company believes that the carrying values of these instruments approximate their fair values.
NOTE 3 – PROPERTY AND EQUIPMENT
The following table identifies the types of property and equipment included in the accompanying Consolidated Balance Sheets as of
December 31, 2015 and 2014 (in thousands, except useful lives):
Original Useful Lives December 31, 2015 December 31, 2014
Land $ 590,244 $ 527,471
Buildings and building improvements 15 – 39 years 1,603,389 1,418,479
Leasehold improvements 3 – 25 years 554,198 523,550
Furniture, fixtures and equipment 3 – 20 years 1,108,127 1,052,846
Vehicles 5 – 10 years 313,401 279,874
Construction in progress 202,891 191,289
Total property and equipment 4,372,250 3,993,509
Less: accumulated depreciation and amortization 1,510,694 1,334,949
Net property and equipment $ 2,861,556 $ 2,658,560
The Company recorded depreciation and amortization expense related to property and equipment in the amounts of $203.4 million, $193.4
million and $183.2 million for the years ended December 31, 2015, 2014 and 2013, respectively.
NOTE 4 – GOODWILL AND OTHER INTANGIBLES
Goodwill:
Goodwill is reviewed for impairment annually during the fourth quarter, or more frequently if events or changes in business conditions
indicate that impairment may exist. Goodwill is not amortizable for financial statement purposes. During the year ended December 31,
2015 and 2014, the Company recorded an increase in goodwill of $0.8 million and $0.2 million, respectively, resulting from small
acquisitions. The Company did not record any goodwill impairment during the years ended December 31, 2015 or 2014.
The following table identifies the changes in goodwill for the years ended December 31, 2015 and 2014 (in thousands):
2015 2014
Goodwill, balance at January 1, $ 756,384 $ 756,225
Change in goodwill 758 159
Goodwill, balance at December 31, $ 757,142 $ 756,384
As of December 31, 2015 and 2014, other than goodwill, the Company did not have any other indefinite-lived intangible assets.