Property and Equipment

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Note 7. Property and Equipment

Property and equipment consisted of the following:

	December 31,
(in thousands)	2018			2017
Land and land interests⁽¹⁾	$	32,887		$	32,544
Buildings and leasehold improvements		238,995			222,118
Equipment and other		383,284			351,676
Gross property and equipment		655,166			606,338
Accumulated depreciation		(321,319	)		(300,767	)
Property and equipment, net	$	333,847		$	305,571

⁽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, 2018 and $8.4 million as of December 31, 2017. The decrease was due to an unfavorable foreign exchange impact. These land interests are not subject to amortization.

Depreciation expense was $45.8 million for 2018, $42.7 million for 2017, and $33.6 million for 2016.

Property and equipment acquired under capital leases increased $4.0 million during 2018, $2.5 million during 2017, and $1.2 million during 2016. Property and equipment purchased through accounts payable and accrued liabilities increased $1.9 million during 2018, $2.3 million during 2017, and $0.9 million during 2016.

On December 29, 2016, the Mount Royal Hotel in Banff, Canada was damaged by a fire and closed. As a result of the fire, we recorded an impairment loss of $2.2 million against the net book value of the hotel assets. During 2017, we resolved our property and business interruption insurance claims related to the fire for a total of $36.3 million of which $29.3 million was recorded as an impairment recovery (partially offset by impairment charges of $0.2 million) related to construction costs to re-open the hotel.

During 2016, we recorded impairment charges of $0.2 million related to the write-down of certain software and buses in Pursuit.