Property and Equipment, Net

6 Months Ended

Jun. 30, 2014

Property, Plant and Equipment [Abstract]

Property and equipment, net as of June 30, 2014 and December 31, 2013 consists of the following:



(in thousands)	2014			2013
Land	$	4,000		$	4,000
Buildings	11,010			10,780
Furniture and equipment	100,707			88,794
Capitalized software	668,737			481,662
Leasehold improvements	51,079			50,001
	835,533			635,237
Less accumulated depreciation	(462,687		)	(439,592		)
Property and equipment, net	$	372,846		$	195,645

Depreciation expense for property and equipment was approximately $17.1 million and $18.0 million for the three months ended June 30, 2014 and 2013, respectively, and $30.9 million and $36.3 million for the six months ended June 30, 2014 and 2013. 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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