Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Note 7. Property and Equipment, Net

Property and equipment consisted of the following:


	December 31,
(in thousands)	2023			2022
Land and land interests(1)	$	31,184		$	30,902
Buildings and leasehold improvements		445,074			409,852
Equipment and other		455,070			413,485
Gross property and equipment		931,328			854,239
Accumulated depreciation		(395,557	)		(362,195	)
Property and equipment, net (excluding finance leases)		535,771			492,044
Finance lease ROU assets, net		57,120			57,534
Property and equipment, net	$	592,891		$	549,578

(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 $8.1 million as of December 31, 2023 and $7.8 million as of December 31, 2022. These land interests are not subject to amortization.

Depreciation expense was $42.2 million during 2023, $43.0 million during 2022, and $43.7 million during 2021.

Accounts payable and accrued liabilities related to the addition of property and equipment was $5.9 million as of December 31, 2023 and $3.1 million as of December 31, 2022. Capitalized interest was $2.1 million during 2023 and $3.0 million during 2022, which was primarily related to the development of Pursuit’s FlyOver attractions.