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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
Property and Equipment, Net

Property and equipment, net as of December 31, 2016 and 2015 consists of the following:

(in thousands)
2016
 
2015
Land
$
7,476

 
$
4,000

Buildings
6,293

 
111

Furniture and equipment
82,195

 
62,140

Capitalized software
866,398

 
759,925

Leasehold improvements
29,420

 
29,038

 
991,782

 
855,214

Less: accumulated depreciation
(542,583
)
 
(479,560
)
Property and equipment, net
$
449,199

 
$
375,654



Depreciation expense for property and equipment was approximately $82.2 million, $73.7 million and $68.3 million for the years ended December 31, 2016, 2015 and 2014, respectively. We recognized a gain of $13.9 million on sale of property and equipment for the year ended December 31, 2014. See Note 12 - Fair Value of Financial Instruments for further discussion on property and equipment, net measured at fair value on a nonrecurring basis.