PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2022

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

5.   PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of September 30, 2022 and December 31, 2021 (in millions):

	September 30,		December 31,
	2022		2021
Construction in progress	$	4.2	$	17.3
Building		68.8		68.8
Furniture and equipment		281.3		256.5
Total property and equipment		354.3		342.6
Less accumulated depreciation		(248.5)		(237.4)
Total property and equipment, net	$	105.8	$	105.2

Depreciation expense using the straight-line method was $8.6 million and $9.2 million for the three months ended September 30, 2022 and 2021, respectively, and $25.8 million and $24.8 million for the nine months ended September 30, 2022 and 2021, 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 former headquarters location. The Company classified the associated land, building, and certain furniture and equipment of the former headquarters location as held for sale, performed an impairment assessment, and ceased depreciation effective May 1, 2019, as the Company anticipated selling the property held for sale in less than twelve months. However, due to the time elapsed since active marketing for sale of the building commenced, the Company reclassified the property to held and used, effective May 1, 2021, and the building was once again subject to depreciation. On April 28, 2022, the Company signed a non-binding letter of intent with an entity interested in purchasing the property, though in the current period negotiations with this entity were terminated. The Company has continued discussions with other potential buyers. At this time the Company has no indications that the property’s classification or carrying value needs to be updated as of September 30, 2022. The total value of the property classified as property held and used was $10.3 million, which includes $2.3 million of land and $8.0 million of property and equipment, net on the condensed consolidated balance sheet as of September 30, 2022.