Property and Equipment

12 Months Ended

Dec. 31, 2016

Property and Equipment

Property and Equipment

6. Property and Equipment

Property and equipment consisted of the following:

	December 31,
	2016		2015
Buildings and leasehold improvements	$	1,438.4	$	1,357.1
Furniture, fixtures and equipment		894.3		662.6
Total	$	2,332.7	$	2,019.7
Less: Accumulated depreciation		(526.2)		(499.6)
Property and equipment, net	$	1,806.5	$	1,520.1

Approximately $27.1 million of capitalized interest is included in buildings and leasehold improvements as of December 31, 2016 and 2015, respectively, and is being depreciated over the useful life of the related assets.

In the fourth quarter of 2016, we recorded $229.9 million within property and equipment to appropriately reflect deferred sales transactions in which we retained substantial risk of ownership and have accounted for such transactions as operating leases instead of revenues. We recorded $60.1 million within “Accrued expenses” and $182.4 million within “Other long-term liabilities” to reflect the deferred revenue and guaranteed residual value associated with these operating leases.