Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and equipment, net, as of December 31, 2020 and 2019 consists of the following:


(in thousands)	2020		2019
Land	$	7,476	$	7,476
Buildings	6,487		6,487
Furniture and equipment	60,433		74,043
Capitalized software	862,984		819,828
Leasehold improvements	50,477		48,811
Construction in progress	1,275		3,064
	989,132		959,709
Less: accumulated depreciation	(583,018)		(535,039)
Property and equipment, net	$	406,114	$	424,670

Depreciation expense for property and equipment was $85.6 million, $84.0 million and $87.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Impairment losses for property and equipment of $1.2 million, $12.2 million and $7.7 million were recorded for the years ended December 31, 2020, 2019 and 2018 respectively. See Note 10 - Fair Value for further discussion.