Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment consist of the following:

		December 31,
	Useful Lives (Years)	2023		2022
Computer and data processing equipment	3 - 5	$	204.7	$	192.1
Building and leasehold improvements	5 - 25	125.3		149.5
Machinery and equipment	5 - 10	46.8		46.2
Computer software	3 - 5	35.7		34.6
Furniture and fixtures	5 - 10	23.5		30.5
Land	-*	28.1		27.7
Revenue generating assets	1 - 5	1.4		1.2
Construction in progress	-*	38.7		16.9
Property and equipment, gross		504.2		498.7
Less: Accumulated depreciation		(308.7)		(309.9)
Property and equipment, net		$	195.5	$	188.8

*Asset is not depreciated.

During 2023, 2022 and 2021, the Company recorded disposals of $56 million, $7 million and $20 million, respectively, to derecognize Property and equipment that were no longer in use.

Depreciation expense for the years ended December 31, 2023, 2022, and 2021 was $52 million, $58 million and $42 million, respectively.