The estimated useful lives for property and equipment are:
Buildings
5 years to 20 years
Leasehold improvements
Shorter of lease term or estimated useful life, not to exceed 20 years
Furniture, fixtures, and equipment
3 years to 20 years
Computer equipment
2 years to 5 years
Property and equipment, net consisted of the following as of December 28, 2025 and December 29, 2024 (in thousands):
December 28, 2025December 29, 2024
Land$6,542 $9,760 
Buildings12,645 13,496 
Leasehold improvements579,623 574,256 
Furniture, fixtures, and equipment368,545 360,611 
Construction in progress1,310 13,307 
Property and equipment, gross$968,665 $971,430 
Accumulated depreciation and amortization$(810,560)$(790,206)
Property and equipment, net$158,105 $181,224 

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 26, 2025
2023Feb 28, 2024
2022Feb 28, 2023

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.