v3.3.1.900

PROPERTY | 12 Months Ended
--- | ---
Dec. 31, 2015
PROPERTY |
PROPERTY | NOTE 3—PROPERTY A summary of property is as follows:
(In thousands) |  | December 31, 2015 |  | December 31, 2014 |
Property owned: |  |  |  |  |  |  |
Land |  | $ | 47,899 |  | $ | 45,448 |
Buildings and improvements |  |  | 217,885 |  |  | 211,947 |
Leasehold improvements |  |  | 775,322 |  |  | 627,259 |
Furniture, fixtures and equipment |  |  | 929,543 |  |  | 745,280 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 1,970,649 |  |  | 1,629,934 |
Less: accumulated depreciation and amortization |  |  | 578,687 |  |  | 394,008 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 1,391,962 |  |  | 1,235,926 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property leased under capital leases: |  |  |  |  |  |  |
Building and improvements |  |  | 14,381 |  |  | 14,381 |
Less: accumulated depreciation and amortization |  |  | 4,415 |  |  | 3,077 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 9,966 |  |  | 11,304 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 1,401,928 |  | $ | 1,247,230 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property is recorded at cost or fair value, in the case of property resulting from acquisitions. The Company uses the straight-line method in computing depreciation and amortization for financial reporting purposes. The estimated useful lives for leasehold improvements reflect the shorter of the expected useful lives of the assets or the base terms of the corresponding lease agreements plus renewal options expected to be exercised for these leases for assets placed in service subsequent to the lease inception. The estimated useful lives are as follows:
Buildings and improvements |  | 5 to 40 years
Leasehold improvements |  | 1 to 20 years
Furniture, fixtures and equipment |  | 1 to 10 years
Expenditures for additions (including interest during construction) and betterments are capitalized, and expenditures for maintenance and repairs are charged to expense as incurred. The cost of assets retired or otherwise disposed of and the related accumulated depreciation and amortization are eliminated from the accounts in the year of disposal. Gains or losses resulting from property disposals are included in operating expense in the accompanying Consolidated Statements of Operations. Depreciation expense was $210,326,000, $194,930,000, and $176,998,000 for the twelve months ended December 31, 2015, December 31, 2014, and December 31, 2013, respectively.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -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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