Property and Equipment

12 Months Ended

Dec. 31, 2020

Property and Equipment

Property and Equipment

6.           Property and Equipment

A summary of property and equipment at December 31, 2020 and 2019 is as follows:

				Estimated
	2020		2019	useful lives
	(in thousands)
Leasehold improvements	$	21,988	20,414	1 - 15	years
Furniture and fixtures		18,653	23,872	4 - 10	years
Equipment		5,211	12,561	2 - 10	years
Computer software		88,135	92,033	1 - 10	years
Data processing equipment		17,482	16,726	1 - 5	years
Buildings		7,312	7,490	1 - 30	years
Land		1,864	1,864
Property and equipment, at cost		160,645	174,960
Accumulated depreciation		(138,742)	(140,234)
Property and equipment, net	$	21,903	34,726

Depreciation expense was $12.8 million, $19.8 million and $25.6 million during the years ended December 31, 2020, 2019 and 2018, respectively.

The year ended December 31, 2020, included merger-related asset impairments of $2.1 million related to capitalized software development costs for projects that were impacted by the proposed merger. The years ended December 31, 2020 and 2019 included asset impairment charges of $0.9 million and $12.8 million, respectively, in connection with certain assets held for sale, including real property related to our corporate headquarters move planned

for 2022 and aviation equipment.  These impairment charges are recorded in general and administrative expense in our consolidated statements of income. During the third quarter of 2020, the aviation equipment was sold. As of December 31, 2020, $3.8 million of buildings and $1.9 million of land were held for sale.  Assets held for sale as of December 31, 2019 consist of $3.1 million of equipment, $3.8 million of buildings and $1.9 million of land.  The Company intends to actively pursue sale of the remaining assets at market prices as soon as reasonably possible.