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Property and Equipment
 9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net, consisted of the following:
(in millions)
September 30,
2019
 
December 31,
2018
Property and equipment - non-Master Leases
 
 
 
Land and improvements
$
353.3

 
$
344.0

Building, vessels and improvements
410.7

 
343.0

Furniture, fixtures and equipment
1,585.2

 
1,565.8

Leasehold improvements
178.4

 
152.9

Construction in progress
58.3

 
25.5

 
2,585.9

 
2,431.2

Less: Accumulated depreciation
(1,524.8
)
 
(1,400.2
)
 
1,061.1

 
1,031.0

Property and equipment - Master Leases
 
 
 
Land and improvements (1)
1,525.9

 
2,971.0

Building, vessels and improvements (1)
3,659.1

 
3,845.0

 
5,185.0

 
6,816.0

Less: Accumulated depreciation
(1,090.9
)
 
(978.2
)
 
4,094.1

 
5,837.8

Property and equipment, net
$
5,155.2

 
$
6,868.8

(1)
Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the present value of future lease payments and $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.”
Depreciation expense was as follows:
 
For the three months ended September 30,
 
For the nine months ended September 30,
(in millions)
2019
 
2018
 
2019
 
2018
Depreciation expense (1)
$
97.9

 
$
53.6

 
$
291.8

 
$
163.9

(1)
Of such amounts, $26.5 million, $22.7 million, $119.4 million, and $68.9 million, respectively, pertain to real estate assets subject to either of our Master Leases.