Property and Equipment, Net

12 Months Ended

Dec. 31, 2014

4. Property and Equipment, Net

Property and equipment, net, was comprised of the following at December 31, 2014 and 2013:


*In thousands*	2014			2013
Leasehold improvements	$	22,315		$	25,714
Construction in progress		196,027			99,908
Equipment and furniture		23,511			23,466

		241,853			149,088
Less accumulated depreciation and amortization		(38,826	)		(40,311	)

	$	203,027		$	108,777

As of December 31, 2014 and 2013, the Company has recorded construction in progress and a facility lease obligation of $196.0 million and $99.4 million, respectively, related to a lease for a new facility under construction in Cambridge, Massachusetts. See Note 9 for further information.

Depreciation and amortization expense for the years ended December 31, 2014, 2013 and 2012 was $4.7 million, $4.1 million and $2.8 million, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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