Property and Equipment

12 Months Ended

Sep. 30, 2014

Property and Equipment

Property and Equipment

9. Property and Equipment

Property and equipment, net consists of the following (in thousands):

	September 30,
	2014			2013
Land	$	11,248		$	11,277
Buildings and building improvements		59,701			60,100
Leasehold improvements		222,521			211,736
Furniture, fixtures and equipment		357,849			321,659
Total property and equipment, gross		651,319			604,772
Less accumulated depreciation and amortization		(413,208	)		(375,232	)
Total property and equipment, net	$	238,111		$	229,540

Depreciation expense for the fiscal years 2014, 2013 and 2012 was $65.1 million, $59.4 million and $51.0 million, respectively.

Depreciation of property and equipment is calculated using the straight-line method based on the estimated useful lives of the respective classes of assets and is reflected in depreciation and amortization expense in our consolidated statements of earnings. Buildings and building improvements are depreciated over periods ranging from five to 40 years. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the term of the related lease, including renewals determined to be reasonably assured. Furniture, fixtures and equipment are depreciated over periods ranging from two to ten years. Expenditures for maintenance and repairs are expensed when incurred, while expenditures for major renewals and improvements are capitalized.