PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

12 Months Ended

Aug. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Property, equipment and leasehold improvements consist of the following:

(in thousands)	August 31,
	2023		2022
Leasehold improvements	$	97,000	$	184,425
Computers and related equipment	70,641		104,514
Furniture and fixtures	32,601		58,143
Subtotal	$	200,242	$	347,082
Less accumulated depreciation and amortization	(114,135)		(266,239)
Property, equipment and leasehold improvements, net	$	86,107	$	80,843

Depreciation expense was $18.1 million, $24.3 million and $30.4 million for fiscal 2023, 2022 and 2021, respectively.

During fiscal 2023 and 2022, we incurred impairment charges of $3.6 million and $30.7 million, respectively, for PPE related to vacating certain leased office space. The impairment charges are included within Asset impairments in the Consolidated Statements of Income. Refer to Note 4, Fair Value Measures, for more information on the PPE impairment methodology.

During fiscal 2023, we disposed of fully depreciated assets that were no longer in use and derecognized these assets and related accumulated depreciation from the Consolidated Balance Sheets.