Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment, net consisted of the following:

	As of December 31,
	2020		2019
	(in thousands)
Buildings and improvements	$	876,091	$	713,412
Furniture and equipment	346,698		317,567
Leasehold improvements	234,585		175,769
Computers and software	258,612		230,872
Land	33,128		—
Total property and equipment, gross	1,749,114		1,437,620
Less: accumulated depreciation	(790,580)		(692,540)
Total property and equipment, net	$	958,534	$	745,080

The Company recorded depreciation expense of $109.5 million, $106.9 million and $72.4 million in 2020, 2019 and 2018, respectively. The Company’s finance lease amortization is included in depreciation expense.

In the third quarter of 2020, the Company purchased its continuous manufacturing facility located near its corporate headquarters in Boston, Massachusetts from its former landlord for $155.3 million in cash. The Company’s December 31, 2020 consolidated balance sheet reflects the following: (i) classification of the building within “Property and equipment, net” with a 40 year useful life, (ii) derecognition of the previously recorded insignificant right-of-use asset and operating lease liability for the facility and (iii) a finance lease for the land on which the facility is constructed.