Property and Equipment, Net

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following:


	As of
	September 30, 2020		December 31, 2019

Datacenter and other computer equipment	$	737.1	$	749.3
Furniture and fixtures	39.3		35.5
Leasehold improvements	243.6		211.4
Construction in progress	52.0		36.3
Total property and equipment	1,072.0		1,032.5
Accumulated depreciation and amortization	(583.6)		(587.2)
Property and equipment, net	$	488.4	$	445.3

During the third quarter of 2020 the Company retired $110.2 million of fully depreciated datacenter assets that are no longer in use.

The Company leases certain infrastructure from various third parties, through equipment finance leases. Infrastructure assets as of September 30, 2020 and December 31, 2019, respectively included a total of $371.2 million and $321.8 million acquired under finance lease agreements. These leases are capitalized in property and equipment, and the related amortization of assets under finance leases is included in depreciation and amortization expense. The accumulated depreciation of the infrastructure under finance leases totaled $142.4 million and $124.6 million as of September 30, 2020 and December 31, 2019, respectively.

Construction in progress includes costs primarily related to construction of leasehold improvements for office buildings and datacenters.

Depreciation expense related to property and equipment was $37.4 million and $109.9 million for the three and nine months ended September 30, 2020, respectively, and $37.1 and $122.5 million for the three and nine months ended September 30, 2019, respectively.