Property and Equipment, Net

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property and equipment, net as of June 30, 2020 and December 31, 2019 consists of the following:


(in thousands)	2020		2019
Land	$	7,476	$	7,476
Buildings	6,487		6,487
Furniture and equipment	74,799		74,978
Capitalized software	928,035		916,820
Leasehold improvements	50,206		48,811
Construction in progress	371		3,064
	1,067,374		1,057,636
Less accumulated depreciation	(627,359)		(606,615)
Property and equipment, net	$	440,015	$	451,021

Depreciation expense for property and equipment, net, was approximately $23.1 million and $22.5 million for the three months ended June 30, 2020 and 2019, respectively, and $46.3 million and $45.9 million for the six months ended June 30, 2020 and 2019, respectively.

Impairment losses for property and equipment of $1.2 million and $12.2 million were recorded for both the three and six months ended June 30, 2020 and 2019, respectively. See Note 6 - Fair Value for further discussion.