Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net and depreciation expense

Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:

	Years
Land improvements	15
Buildings and improvements	5 to 31
Vessels	10 to 35
Furniture, fixtures and equipment	3 to 31

Property and equipment, net, consisted of the following:

	December 31,
(in millions)	2019			2018
Property and equipment - Not Subject to Master Leases
Land and improvements	$	353.2		$	344.0
Building, vessels and improvements	420.4			343.0
Furniture, fixtures and equipment	1,598.3			1,565.8
Leasehold improvements	183.6			152.9
Construction in progress	59.3			25.5
	2,614.8			2,431.2
Less: Accumulated depreciation	(1,548.3		)	(1,400.2		)
	1,066.5			1,031.0
Property and equipment - Subject to Master Leases
Land and improvements (1)	1,525.9			2,971.0
Building, vessels and improvements (1)	3,664.6			3,845.0
	5,190.5			6,816.0
Less: Accumulated depreciation	(1,136.8		)	(978.2		)
	4,053.7			5,837.8
Property and equipment, net	$	5,120.2		$	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 year ended December 31,
(in millions)	2019		2018		2017
Depreciation expense (1)	$	381.6	$	251.9	$	248.2

(1)

Of such amounts, $158.9 million, $112.1 million, and $92.4 million, respectively, pertained to real estate assets subject to either of our Master Leases.