Property and Equipment, Net

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

Property and equipment, net as of September 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	71,993			68,851
Capitalized software	897,990			902,482
Leasehold improvements	44,424			43,476
Construction in progress	3,297			669
	1,031,667			1,029,441
Less accumulated depreciation	(585,610		)	(572,944		)
Property and equipment, net	$	446,057		$	456,497

Depreciation expense for property and equipment, net was approximately $22.1 million and $22.6 million for the three months ended September 30, 2019 and 2018, respectively, and $68.0 million and $66.8 million for the nine months ended September 30, 2019 and 2018, respectively.

Impairment losses for property and equipment, net of $0.1 million and $12.3 million were recorded for the three and nine months ended September 30, 2019, respectively. For the three and nine months ended September 30, 2018, impairment losses were less than $0.1 million. See Note 7 - Fair Value for further discussion.