PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2020

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

6.   PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of June 30, 2020 and December 31, 2019 (in millions):

	June 30,		December 31,
	2020		2019
Construction in progress	$	33.0	$	1.2
Furniture and equipment		166.7		164.4
Total property and equipment		199.7		165.6
Less accumulated depreciation		(124.1)		(118.6)
Property and equipment, net	$	75.6	$	47.0

Depreciation expense using the straight-line method was $6.2 million and $6.1 million for the three months ended June 30, 2020 and 2019, respectively, and $12.4 million and $12.3 million for the six months ended June 30, 2020 and 2019, 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 anticipates selling the property held for sale. As of June 30, 2020, the total value of the property classified as property held for sale on the condensed consolidated balance sheet was $13.0 million. As a result of an evaluation of the headquarters location’s classification as held for sale during the second quarter of 2020, an impairment assessment was performed and an additional impairment charge of $8.1 was recorded in acquisition-related costs within the Options segment in the accompanying condensed consolidated statements of income. The impact of ceasing depreciation of the property held for sale did not result in a material impact to the condensed consolidated financial statements.