Property and Equipment, Net

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

Property and equipment, net as of September 30, 2013 and December 31, 2012 consists of the following:



(in thousands)	2013			2012
Land	$	4,000		$	4,000
Buildings	10,780			10,780
Furniture and equipment	94,666			89,870
Capitalized software	511,763			470,469
Leasehold improvements	48,421			47,879
	669,630			622,998
Less accumulated depreciation	(475,655		)	(436,381		)
Property and equipment, net	$	193,975		$	186,617

Depreciation expense for property and equipment was approximately $13.0 million and $19.0 million for the three months ended September 30, 2013 and 2012, respectively, and $50.5 million and $52.5 million for the nine months ended September 30, 2013 and 2012, respectively. See Note 10 - Fair Value of Financial Instruments for further discussion on property and equipment, net measured at fair value on a nonrecurring basis.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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