Property and Equipment

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Note 7. Property and Equipment

Property and equipment consisted of the following:


	September 30,			December 31,
(in thousands)	2021			2020
Land and land interests	$	30,504		$	32,849
Buildings and leasehold improvements		387,955			386,751
Equipment and other		433,412			401,288
Gross property and equipment		851,871			820,888
Accumulated depreciation		(367,854	)		(352,100	)
Property and equipment, net (excluding finance leases)		484,017			468,788
Finance lease ROU assets, net (1)		61,263			23,366
Property and equipment, net	$	545,280		$	492,154

(1)

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

Depreciation expense was $10.8 million for the three months ended September 30, 2021 and $32.3 million for the nine months ended September 30, 2021. Depreciation expense was $11.5 million for the three months ended September 30, 2020 and $35.1 million for the nine months ended September 30, 2020.

Property and equipment purchased through accounts payable and accrued liabilities decreased $0.3 million during the nine months ended September 30, 2021 and decreased $6.3 million during the nine months ended September 30, 2020.