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.



	August 31,		August 31,
	2022		2021
Land	$	224,278	$	216,703
Building and improvements		592,749		533,802
Fixtures and equipment		343,859		315,391
Construction in progress		42,602		68,835
Total property and equipment, historical cost		1,203,488		1,134,731
Less: accumulated depreciation		(446,247)		(404,527)
Property and equipment, net	$	757,241	$	730,204



	Years Ended August 31,
	2022		2021		2020
Depreciation expense, Property and equipment	$	66,255	$	62,579	$	58,815
Amortization expense, Intangible assets		1,613		2,404		2,410
Total depreciation and amortization expense	$	67,868	$	64,983	$	61,225

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.



	Years Ended August 31,
	2022		2021		2020
Interest capitalized	$	1,263	$	2,282	$	2,190

A summary of asset disposal activity for fiscal years 2022, 2021 and 2020 is as follows (in thousands):



	Historical ‎Cost		Accumulated ‎Depreciation		Proceeds from disposal		Loss recognized
Fiscal Year 2022	$	12,785	$	11,327	$	193	$	(1,265)
Fiscal Year 2021	$	10,946	$	9,534	$	385	$	(1,027)
Fiscal Year 2020	$	5,115	$	4,640	$	32	$	(443)

The Company also recorded within accounts payable and other accrued expenses approximately $2.2 million and $0.9 million, respectively, as of August 31, 2022 and $1.2 million and $2.3 million, respectively, as of August 31, 2021 of liabilities related to the acquisition and/or construction of property and equipment.

Balance as of

August 31,

August 31,

Total interest capitalized