Property and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment is comprised of the following:

	As of December 31,
(in millions)	2017			2016
Grandstands and buildings	$	439.8		$	410.5
Equipment	286.7			258.3
Tracks and other improvements	177.9			157.3
Land	131.7			117.5
Furniture and fixtures	60.3			54.4
Construction in progress	23.5			26.7
Artwork	2.2			2.1
	1,122.1			1,026.8
Accumulated depreciation	(514.1		)	(466.2		)
Total	$	608.0		$	560.6

Depreciation expense was $49.1 million in 2017, $49.1 million in 2016 and $47.6 million in 2015 and is classified in operating expense in the accompanying Consolidated Statements of Comprehensive Income.

During the fourth quarter of 2017, the Company recorded a $13.7 million non-cash impairment charge related to certain i-Gaming assets included in our TwinSpires segment. The impairment was due to a change in the Company's planned usage of these assets.

On November 8, 2016, we completed the sale of 61 acres of excess, undeveloped land at Calder for which we received total proceeds of $25.6 million. We recognized a gain of $23.7 million on the sale of the Calder land, which is included in operating expenses in the accompanying Consolidated Statements of Comprehensive Income.

The Company received proceeds from the Calder land sale of $25.6 million, of which $14.0 million was placed in a qualified intermediary trust for the purchase of previously identified real property. We utilized the entire escrow amount during 2017, resulting in a zero balance at December 31, 2017, compared to our $13.6 million receivable from the qualified intermediary trust at December 31, 2016 included in our accompanying Consolidated Balance Sheets.