Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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


	December 31, 2024			December 31, 2023
Property and equipment
Software and capitalized software development costs	$	497.2		$	371.7
Buildings		275.6			179.9
Computer equipment		203.2			164.9
Rental clocks		48.0			42.4
Furniture, fixtures and equipment		41.9			32.4
Other		20.7			18.4
		1,086.6			809.7
Less: accumulated depreciation and amortization		(576.4	)		(437.3	)
		510.2			372.4
Construction in progress		14.7			92.0
Land		36.5			33.8
Property and equipment, net	$	561.4		$	498.2

We capitalize software development costs related to software developed or obtained for internal use in accordance with ASC 350-40, “Other Assets and Deferred Costs”. For the years ended December 31, 2024 and 2023, we capitalized $125.7 million and $96.7 million, respectively, of software development costs related to software developed or obtained for internal use.

Rental clocks included in property and equipment, net in the consolidated balance sheets, 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, 2024, 2023 and 2022, we incurred interest costs of $3.4 million, $5.3 million and $3.4 million, respectively. For the year ended December 31, 2024, no interest costs were capitalized. For the years ended December 31, 2023 and 2022, interest costs of $3.4 million and $0.9 million, respectively, were capitalized. See Note 6 “Long-Term Debt” for discussion of repayment of our indebtedness.

Depreciation and amortization expense for property and equipment, net was $142.0 million, $110.0 million and $88.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.