Property and Equipment

12 Months Ended

Dec. 31, 2014

NOTE 4 — Property and Equipment

Property and equipment consists of the following as of December 31:

	2014			2013
Land	$	15,916,000		$	41,916,000
Facilities	80,721,000			85,349,000
Furniture, fixtures and equipment	7,137,000			6,955,000
Construction in progress	3,545,000			—
	107,319,000			134,220,000
Less accumulated depreciation	(49,083,000		)	(48,629,000		)
	$	58,236,000		$	85,591,000

Depreciation expense was $3,262,000, $3,291,000 and $3,314,000 for the years ended December 31, 2014, 2013 and 2012, respectively.

In 2014, we removed certain grandstand seating at our Dover International Speedway facility and have written off the remaining net book value of the assets of $2,045,000 which is reported in our consolidated statements of earnings as loss on disposal of long-lived assets. The cost to remove the grandstand seating of $358,000 is also included in loss on disposal of long-lived assets in our consolidated statements of earnings.

- 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.

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