Property and Equipment, Net

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

Property and equipment, net as of June 30, 2019 and December 31, 2018 consists of the following:

(in thousands)	2019			2018
Land	$	7,476		$	7,476
Buildings	6,487			6,487
Furniture and equipment	72,951			68,851
Capitalized software	899,840			902,482
Leasehold improvements	43,230			43,476
Construction in progress	2,582			669
	1,032,566			1,029,441
Less accumulated depreciation	(583,949		)	(572,944		)
Property and equipment, net	$	448,617		$	456,497

Depreciation expense for property and equipment was approximately $22.5 million and $22.4 million, for the three months ended June 30, 2019 and 2018, respectively, and $45.9 million and $44.2 million for the six months ended June 30, 2019 and 2018, respectively.

Impairment losses of $12.2 million were recorded for both the three and six months ended June 30, 2019. For the three and six months ended June 30, 2018, impairment losses were less than $0.1 million. See Note 7 - Fair Value of Financial Instruments for further discussion.