Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Note 7. Property and Equipment, Net

Property and equipment consisted of the following:


	December 31,
(in thousands)	2021			2020
Land and land interests(1)	$	30,532		$	32,849
Buildings and leasehold improvements		407,930			386,751
Equipment and other		413,684			401,288
Gross property and equipment		852,146			820,888
Accumulated depreciation		(364,060	)		(352,100	)
Property and equipment, net (excluding finance leases)		488,086			468,788
Finance lease ROU assets, net(2)		61,022			23,366
Property and equipment, net	$	549,108		$	492,154

(1)

Land and land interests include certain leasehold interests in land within Pursuit for which we are considered to have perpetual use rights. The carrying amount of these leasehold interests was $8.4 million as of December 31, 2021 and $8.3 million as of December 31, 2020. These land interests are not subject to amortization.

(2)

The increase in finance lease ROU assets, net is primarily due to the commencement of Pursuit’s Sky Lagoon attraction in Iceland during 2021.

Depreciation expense was $43.7 million during 2021, $46.5 million during 2020, and $45.6 million during 2019.

Property and equipment purchased through accounts payable and accrued liabilities increased $2.3 million during 2021, decreased $6.9 million during 2020, and increased $4.2 million during 2019.

We recorded fixed asset impairment charges of $1.6 million during 2020 primarily related to capitalized software and $3.8 million to equipment during 2019 primarily related to our audio-visual production business in the United Kingdom.