Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment and accumulated depreciation and amortization were as follows:


	December 31, 2023			December 31, 2022
Property and equipment
Software and capitalized software development costs	$	371,665		$	270,645
Buildings		179,874			177,765
Computer equipment		164,856			133,715
Rental clocks		42,364			35,846
Furniture, fixtures and equipment		32,413			28,414
Other		18,500			17,321
		809,672			663,706
Less: accumulated depreciation and amortization		(437,291	)		(331,340	)
		372,381			332,366
Construction in progress		92,020			36,286
Land		33,796			33,796
Property and equipment, net	$	498,197		$	402,448

We capitalize computer software development costs related to software developed for internal use in accordance with ASC 350-40. For the years ended December 31, 2023 and 2022, we capitalized $96.7 million and $66.4 million, respectively, of computer software development costs related to software developed for internal use.

Rental clocks included in property and equipment, net represent time clocks issued to clients under month-to-month operating leases. As such, these items are transferred from inventory to property and equipment and depreciated over their estimated useful lives.

Prior to the repayment of our debt on November 21, 2023, we capitalized interest costs incurred for indebtedness related to construction in progress. For the years ended December 31, 2023, 2022 and 2021, we incurred interest costs of $5.3 million, $3.4 million and $1.4 million, respectively. For the years ended December 31, 2023, 2022 and 2021, interest costs of $3.4 million, $0.9 million and $1.4 million, respectively, were capitalized. Included in the construction in progress balance at December 31, 2023 and 2022 was $4.2 million and $2.0 million in retainage, respectively. See Note 6 for discussion of repayment of our indebtedness.

Depreciation and amortization expense for property and equipment, net was $110.0 million, $88.7 million and $64.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.