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Property and Equipment (Tables) | 12 Months Ended
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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.

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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