Property and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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


	March 31, 2025			December 31, 2024
Property and equipment
Software and capitalized software development costs	$	530.5		$	497.2
Buildings		275.8			275.6
Computer equipment		208.5			203.2
Rental clocks		49.2			48.0
Furniture, fixtures and equipment		42.1			41.9
Other		20.7			20.7
		1,126.8			1,086.6
Less: accumulated depreciation and amortization		(615.1	)		(576.4	)
		511.7			510.2
Construction in progress		18.9			14.7
Land		36.5			36.5
Property and equipment, net	$	567.1		$	561.4

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 three months ended March 31, 2025 and 2024, we capitalized $33.7 million and $29.8 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 three months ended March 31, 2025 and 2024, we incurred interest costs of $0.8 million, none of which was capitalized.

Depreciation and amortization expense for property and equipment was $39.0 million and $31.5 million for the three months ended March 31, 2025 and 2024, respectively.