PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2021

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

5.   PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of September 30, 2021 and December 31, 2020 (in millions):

	September 30,		December 31,
	2021		2020
Construction in progress	$	11.8	$	2.0
Building		68.8		—
Furniture and equipment		252.4		227.1
Total property and equipment		333.0		229.1
Less accumulated depreciation		(230.6)		(146.5)
Property and equipment, net	$	102.4	$	82.6

Depreciation expense using the straight-line method was $9.2 million and $6.9 million for the three months ended September 30, 2021 and 2020, respectively, and $24.8 million and $19.3 million for the nine months ended September 30, 2021 and 2020, respectively.

As a result of the Merger, there was a reduction in employee workspace needed in Chicago, which led to the decision to market for sale the headquarters location. The Company classified the associated land, building, and certain furniture and equipment of the headquarters location as held for sale, performed an impairment assessment, and ceased depreciation effective May 1, 2019, as the Company anticipated selling the property held for sale in less than twelve months. As of September 30, 2021, the headquarters location remains on the market for sale and management’s intent to sell the property is unchanged. However, due to the time elapsed since active marketing for sale of the building commenced, the Company has reclassified the property to held and used, effective May 1, 2021, and the building was once again subject to depreciation. The total value of the property classified as property held and used was $12.2 million, which includes $2.3 million of land and $9.9 million of property and equipment, net on the condensed consolidated balance sheet as of September 30, 2021. As a result of the headquarters classification as held for sale during the second quarter of 2020, an impairment assessment was performed and an additional impairment charge of $8.1 million was recorded in acquisition related costs within the Options segment in the accompanying condensed consolidated statements of income.