Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

8. PROPERTY AND EQUIPMENT

The cost basis and estimated useful lives of property and equipment as of December 31, 2023 and 2022 are as follows (dollars in thousands):


	December 31,
	2023 (1)			2022 (1)			Life
Computer hardware and software	$	41,844		$	35,698		3 years
Leasehold improvements		16,454			19,824		Shorter of Life of Lease or Useful Life
Furniture, fixtures and equipment		10,865			11,417		5-10 years
Building and improvements		9,163			9,163		15-35 years
Other		22			22		5-10 years
Construction in progress		1,808			4,152
		80,156			80,276
Less-accumulated depreciation		(58,785	)		(54,238	)
Total property and equipment, net	$	21,371		$	26,038

___________________

(1)

Property and equipment which were fully depreciated and no longer in use by the Company were retired during the years ended December 31, 2023 and 2022; therefore, both the cost of the asset and the related accumulated depreciation balances were reduced to zero for these assets.

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $9.3 million, $12.4 million and $12.3 million, respectively.

During the year ended December 31, 2023, we recorded $2.1 million of asset impairments related to software assets not expected to be utilized and leasehold improvements located at lease facilities which the Company made the decision to no longer utilize. During the year ended December 31, 2022, we recorded $0.8 million of asset impairment primarily related to leasehold improvements located at lease facilities which the Company made the decision to no longer utilize.