Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7. Property and Equipment, Net

Property and equipment consisted of the following:

	December 31,
(in thousands)	2022			2021
Land and land interests(1)	$	30,902		$	30,532
Buildings and leasehold improvements		409,852			407,930
Equipment and other		413,485			413,684
Gross property and equipment		854,239			852,146
Accumulated depreciation		(362,195	)		(364,060	)
Property and equipment, net (excluding finance leases)		492,044			488,086
Finance lease ROU assets, net		57,534			61,022
Property and equipment, net	$	549,578		$	549,108

(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 $7.8 million as of December 31, 2022 and $8.4 million as of December 31, 2021. These land interests are not subject to amortization.

Depreciation expense was $43.0 million during 2022, $43.7 million during 2021, and $46.5 million during 2020.

Property and equipment purchased through accounts payable and accrued liabilities increased $0.8 million during 2022, increased $2.3 million during 2021, and decreased $6.9 million during 2020. During 2022, we capitalized interest of $3.0 million, which was primarily related to the development of Pursuit’s FlyOver attractions.

We recorded fixed asset impairment charges of $1.6 million during 2020 primarily related to capitalized software.