NOTE 8 — PROPERTY AND EQUIPMENT

The components of property and equipment were as follows:

(In millions)


June 30,	2017			2016

Land	$	1,107		$	824
Buildings and improvements		16,284			12,393
Leasehold improvements		5,064			3,659
Computer equipment and software		21,414			17,391
Furniture and equipment		4,044			3,889


Total, at cost		47,913			38,156
Accumulated depreciation		(24,179	)		(19,800	)


Total, net	$	23,734		$	18,356

As of June 30, 2017 and 2016, assets recorded under capital leases were $2.7 billion and $865 million, respectively, and accumulated depreciation associated with capital leases was $161 million and $57 million, respectively. During fiscal years 2017 and 2016, property and equipment acquired under capital leases was $1.8 billion and $413 million, respectively.

During fiscal years 2017, 2016, and 2015, depreciation expense was $6.1 billion, $4.9 billion, and $4.1 billion, respectively.