Property and Equipment

12 Months Ended

Sep. 30, 2016

Property and Equipment

Property and Equipment

9. Property and Equipment

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

	September 30,
	2016			2015
Land	$	11,113		$	11,074
Buildings and building improvements		62,087			59,407
Leasehold improvements		238,173			245,309
Furniture, fixtures and equipment		476,050			383,558
Total property and equipment, gross		787,423			699,348
Less accumulated depreciation and amortization		(467,865	)		(428,501	)
Total property and equipment, net	$	319,558		$	270,847

Depreciation expense for the fiscal years 2016, 2015 and 2014 was $86.3 million, $75.1 million and $65.1 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.