PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

12. PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

	December 31,
	2019		2018
	(in millions)
Computer software and development	$	327.1	$	331.9
Furniture and equipment		164.3		166.4
Land, buildings and leasehold improvements		126.0		128.1
Construction in progress		46.2		22.7
Total		663.6		649.1
Accumulated depreciation and amortization		(381.3)		(360.9)
Property and equipment, net	$	282.3	$	288.2

Depreciation expense totaled $40.6 million, $41.2 million and $40.8 million for the years ended December 31, 2019, 2018 and 2017, respectively, and includes purchased software. Amortization expense on capitalized software totaled $39.3 million, $39.5 million and $32.9 million for the years ended December 31, 2019, 2018 and 2017, respectively.

As of December 31, 2019 and 2018, the net amount of unamortized capitalized software costs included in the consolidated balance sheets was $74.0 million and $87.5 million, respectively.

Sale of Real Estate

In October 2019, the Company sold a building and land for cash proceeds of $15.1 million and simultaneously entered into a new 15 year lease agreement for the building, with four consecutive tenant options to extend the lease for five-year terms. Under the criteria of ASC 842, the transaction met the definition of a sale and the Company recognized a $6.1 million gain on the transaction, which was included in cost of operations in the Company’s consolidated statement of income for the year ended December 31, 2019.