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PROPERTY AND EQUIPMENT | 12 Months Ended
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Aug. 31, 2021
PROPERTY AND EQUIPMENT [Abstract] |
PROPERTY AND EQUIPMENT | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment are stated at historical cost. The historical cost of acquiring an asset includes the costs incurred to bring it to the condition and location necessary for its intended use. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets. The useful life of fixtures and equipment ranges from 3 to 15 years and that of certain components of building improvements and buildings from 10 to 40 years. Leasehold improvements are amortized over the shorter of the life of the improvement or the expected term of the lease. In some locations, leasehold improvements are amortized over a period longer than the initial lease term where management believes it is reasonably certain that the renewal option in the underlying lease will be exercised because an economic penalty may be incurred if the option is not exercised. The sale or purchase of property and equipment is recognized upon legal transfer of property. Property and equipment consist of the following (in thousands):
|  | August 31, |  | August 31,
|  | 2021 |  | 2020
Land |  | $ | 216,703 |  | $ | 215,433
Building and improvements |  |  | 533,802 |  |  | 498,964
Fixtures and equipment |  |  | 315,391 |  |  | 287,073
Construction in progress |  |  | 68,835 |  |  | 44,362
Total property and equipment, historical cost |  |  | 1,134,731 |  |  | 1,045,832
Less: accumulated depreciation |  |  | (404,527) |  |  | (353,553)
Property and equipment, net |  | $ | 730,204 |  | $ | 692,279
Depreciation and amortization expense (in thousands):
|  | Years Ended August 31,
|  | 2021 |  | 2020 |  | 2019
Depreciation expense, Property and equipment |  | $ | 62,579 |  | $ | 58,815 |  | $ | 52,554
Amortization expense, Intangible assets |  |  | 2,404 |  |  | 2,410 |  |  | 2,404
Total depreciation and amortization expense |  | $ | 64,983 |  | $ | 61,225 |  | $ | 54,958
The Company capitalizes interest on expenditures for qualifying assets over a period that covers the duration of the activities required to get the asset ready for its intended use, provided that expenditures for the asset have been made and interest cost is being incurred. Interest capitalization continues as long as those activities and the incurrence of interest cost continue. The amount capitalized in an accounting period is determined by applying the Company’s consolidated capitalization rate (average interest rate) to the average amount of accumulated expenditures for the qualifying asset, for each country, during the period. The capitalization rates are based on the interest rates applicable to borrowings outstanding during the period. Total interest capitalized (in thousands):
|  | Balance as of
|  | August 31, |  | August 31,
|  | 2021 |  | 2020
Total interest capitalized |  | $ | 13,175 |  | $ | 11,994
Total interest capitalized (in thousands):
|  | Years Ended August 31,
|  | 2021 |  | 2020 |  | 2019
Interest capitalized |  | $ | 2,282 |  | $ | 2,190 |  | $ | 2,116
A summary of asset disposal activity for fiscal years 2021, 2020 and 2019 is as follows (in thousands):
|  | Historical ‎Cost |  | Accumulated ‎Depreciation |  | Receivables and Proceeds from Disposal |  | Loss recognized
Fiscal Year 2021 |  | $ | 10,946 |  | $ | 9,534 |  | $ | 385 |  | $ | (1,027)
Fiscal Year 2020 |  | $ | 5,115 |  | $ | 4,640 |  | $ | 32 |  | $ | (443)
Fiscal Year 2019 |  | $ | 10,740 |  | $ | 9,587 |  | $ | 74 |  | $ | (1,079)
The Company also recorded within accounts payable, other accrued expenses, and other long-term liabilities approximately $1.2 million, $2.3 million and $0, respectively, as of August 31, 2021 and $2.2 million, $7.3 million and $1.0 million, respectively, as of August 31, 2020 of liabilities related to the acquisition and/or construction of property and equipment.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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