Property and Equipment

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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


	June 30, 2025			December 31, 2024
Property and equipment
Software and capitalized software development costs	$	567.5		$	497.2
Buildings		279.1			275.6
Computer equipment		241.1			203.2
Rental clocks		50.4			48.0
Furniture, fixtures and equipment		42.4			41.9
Other		20.6			20.7
		1,201.1			1,086.6
Less: accumulated depreciation and amortization		(656.1	)		(576.4	)
		545.0			510.2
Construction in progress		20.6			14.7
Land		36.5			36.5
Property and equipment, net	$	602.1		$	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 and six months ended June 30, 2025, we capitalized $36.9 million and $70.7 million, respectively, of software development costs related to software developed or obtained for internal use. For the three and six months ended June 30, 2024, we capitalized $31.2 million and $61.0 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 and six months ended June 30, 2025, we incurred interest costs of $0.8 million and $1.6 million, respectively, none of which was capitalized. For the three and six months ended June 30, 2024, we incurred interest costs of $0.8 million and $1.6 million, respectively, none of which was capitalized.

Depreciation and amortization expense for property and equipment was $41.0 million and $80.0 million for the three and six months ended June 30, 2025, respectively. Depreciation and amortization expense for property and equipment was $34.6 million and $66.1 million for the three and six months ended June 30, 2024, respectively.