Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment consist of the following at fiscal year-end:


	Useful Life		2023			2022
	(Years)		(In thousands)
Land		—	$	119,969		$	120,970
Buildings and improvements	2 to 50			2,314,018			2,291,710
Leasehold improvements	1 to 29			276,596			273,233
Equipment	3 to 10			239,825			239,188
Furniture, fixtures and computer software	1 to 7			75,370			72,154
Facility construction in progress		—		23,938			26,606
Total			$	3,049,716		$	3,023,861
Less accumulated depreciation and amortization				(1,105,438	)		(1,021,840	)
Property and equipment, net			$	1,944,278		$	2,002,021

The Company amortizes its leasehold improvements over the shorter of their estimated useful lives or the terms of the leases including renewal periods that are reasonably assured. The Company’s construction in progress primarily consists of new construction and renovations to facilities that are owned by the Company. There was no Interest capitalized in property and equipment for the years ended December 31, 2023 and 2022.

Depreciation expense was $111.0 million, $111.6 million and $109.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

At December 31, 2023 and 2022, the Company had $20.5 million of assets recorded under finance leases related to land, buildings and improvements. Finance leases are recorded net of accumulated amortization of $19.3 million and $18.7 million, at December 31, 2023 and 2022, respectively. Depreciation expense related to assets recorded under finance leases for each of the years ended December 31, 2023, 2022 and 2021 was $0.7 million, $1.5 million and $1.7 million, respectively and are included in Depreciation and Amortization in the accompanying consolidated statements of operations.