Property and Equipment, Net

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

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



(in thousands)	2014			2013
Land	$	4,000		$	4,000
Buildings	230			10,780
Furniture and equipment	99,734			90,420
Capitalized software	687,815			498,522
Leasehold improvements	50,853			50,369
	842,632			654,091
Less accumulated depreciation	(476,882		)	(456,549		)
Property and equipment, net	$	365,750		$	197,542

For the three and nine months ended September 30, 2014, we recorded a gain of $13.8 million from the sale of real estate related assets. Depreciation expense for property and equipment was approximately $17.5 million and $12.8 million for the three months ended September 30, 2014 and 2013, respectively, and $48.5 million and $47.9 million for the nine months ended September 30, 2014 and 2013, 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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