XML 24 R13.htm IDEA: XBRL DOCUMENT v3.19.1
Property and Equipment
 3 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net, consisted of the following:
(in thousands)
March 31,
2019
 
December 31,
2018
Property and equipment - non-Master Leases
 
 
 
Land and improvements
$
343,987

 
$
343,987

Building, vessels and improvements
347,479

 
342,944

Furniture, fixtures and equipment
1,599,050

 
1,565,830

Leasehold improvements
153,872

 
152,943

Construction in progress
35,467

 
25,473

 
2,479,855

 
2,431,177

Less: Accumulated depreciation
(1,442,955
)
 
(1,400,198
)
 
1,036,900

 
1,030,979

Property and equipment - Master Leases
 
 
 
Land and improvements (1)
1,525,934

 
2,970,969

Building, vessels and improvements (2)
3,664,611

 
3,845,062

 
5,190,545

 
6,816,031

Less: Accumulated depreciation
(999,523
)
 
(978,242
)
 
4,191,022

 
5,837,789

Property and equipment, net
$
5,227,922

 
$
6,868,768

(1)
Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the net present value of future lease payments. See Note 3, “New Accounting Pronouncements.”
(2)
Upon adoption of ASC 842, $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the net present value of future lease payments. See Note 3, “New Accounting Pronouncements.”
Depreciation expense for all of our property and equipment was $98.3 million and $55.9 million for the three months ended March 31, 2019 and 2018, respectively, of which, $48.6 million and $23.3 million, pertained to real estate assets subject to either of our Master Leases, respectively. No interest was capitalized in connection with major construction projects for the three months ended March 31, 2019 and 2018.