Annual report pursuant to Section 13 and 15(d)

Property, Plant and Equipment (Tables)

v3.22.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2021
Property Plant And Equipment [Abstract]  
Summary of Property, Plant and Equipment

Property, plant and equipment is summarized as follows:

 

 

 

As of December 31,

 

(in thousands)

 

2021

 

 

2020

 

Land

 

$

111,212

 

 

$

95,712

 

Buildings and improvements

 

 

658,910

 

 

 

531,059

 

Furniture, fixtures and equipment

 

 

584,059

 

 

 

485,349

 

Leasehold improvements

 

 

497,646

 

 

 

506,459

 

Total property, plant and equipment

 

 

1,851,827

 

 

 

1,618,579

 

Less: Accumulated depreciation and amortization

 

 

722,918

 

 

 

683,138

 

Property, plant and equipment, net

 

$

1,128,909

 

 

$

935,441

 
Summary of Estimated Useful Lives of Property, Plant and Equipment

Depreciation expense was $122.2 million, $115.5 million and $101.1 million for the years ended December 31, 2021, 2020 and 2019 as calculated using the straight-line method, which is based on the following estimated useful lives:

 

Buildings

 

20 to 40 years

Building improvements

 

10 years

Furniture, fixtures and equipment

 

5 to 20 years

Leasehold improvements

 

Shorter of useful life or remaining lease term