Property and Equipment, Net

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and equipment, net as of September 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	68,362		74,043
Capitalized software	843,638		819,828
Leasehold improvements	50,334		48,811
Construction in progress	276		3,064
	976,573		959,709
Less accumulated depreciation	(569,345)		(535,039)
Property and equipment, net	$	407,228	$	424,670

Depreciation expense for property and equipment, net, was approximately $21.2 million and $20.4 million for the three months ended September 30, 2020 and 2019, respectively, and $64.2 million and $63.6 million for the nine months ended September 30, 2020 and 2019, respectively.

Impairment losses for property and equipment of $1.2 million and $12.3 million were recorded for the nine months ended September 30, 2020 and 2019, respectively. See Note 6 - Fair Value for further discussion.