Property and Equipment, Net

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

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



(in thousands)	2013			2012
Land	$	4,000		$	4,000
Buildings	10,780			10,780
Furniture and equipment	88,794			86,717
Capitalized software	481,662			429,834
Leasehold improvements	50,001			46,730
	635,237			578,061
Less: accumulated depreciation	(439,592		)	(396,864		)
Property and equipment, net	$	195,645		$	181,197

Depreciation expense for property and equipment was approximately $61.8 million, $67.4 million and $59.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. We have reclassified $3.6 million and $5.4 million of property and equipment, net, to assets of discontinued operations as of December 31, 2013 and 2012, respectively. Further, we recognized a $1.0 million loss and a $8.1 million gain on sale of property and equipment for the years ended 2012 and 2011, respectively. See Note 13 - 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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