Property and Equipment

12 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and equipment


(in thousands)	September 30, 2022		September 30, 2021
Land	$	44,848	$	44,848
Land improvements	103,134		102,820
Buildings and improvements	1,869,455		1,860,005
Furniture and equipment	764,356		752,087
Construction in process (1)	424,867		255,909

Property and equipment	3,206,660		3,015,669
Accumulated depreciation	(1,562,870)		(1,484,050)
Property and equipment, net	$	1,643,790	$	1,531,619

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(1)As of September 30, 2022 and 2021, Inspire Korea related construction in process totaled $385.7 million and $233.5 million, respectively.

As of September 30, 2022 and 2021, finance lease assets totaled $97.8 million and $105.2 million, respectively.

Depreciation expense totaled $101.1 million, $103.8 million and $107.6 million for the fiscal years ended September 30, 2022, 2021 and 2020, respectively.

Capitalized interest related to Inspire Korea totaled $22.3 million and $7.6 million for the fiscal years ended September 30, 2022 and 2020, respectively. We did not record any capitalized interest during the fiscal year ended September 30, 2021.

Design and construction work related to Inspire Korea was temporarily paused in September 2020 while we were in the process of securing the necessary financing for the project, which was completed in November 2021 (refer to Note 6). During this temporary pause in construction, we obtained approval to modify our development plan and adjust the timing of a future sub-phase of the initial phase of the project and, in December 2021, we elected to terminate a licensing arrangement for a previously-planned sub-phase and discontinue related design work. As a result, during fiscal 2022, we recognized a tangible asset impairment of $23.6 million on the related construction in progress.

As of September 30, 2022, we assessed our property and equipment for any further impairment and determined that no impairment existed.