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Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
“Property and equipment, net” consisted of the following:
As of December 31,
20242023
(in millions)
Buildings and improvements$461.2 $928.6 
Laboratory equipment, other equipment and furniture684.5 579.1 
Leasehold improvements737.6 474.6 
Computers and software376.2 332.8 
Land33.1 33.1 
Total property and equipment, gross2,292.6 2,348.2 
Less: accumulated depreciation
(1,064.8)(1,188.9)
Total property and equipment, net
$1,227.8 $1,159.3 
During 2024, we amended the leases associated with our corporate headquarters, resulting in a change to our accounting classification for the leases from finance leases to operating leases. The decrease in “Buildings and Improvements” in the table above is primarily attributable to these amendments. Please refer to Note L, “Leases,” for further information.
We recorded depreciation expense of $160.4 million, $167.8 million and $148.3 million in 2024, 2023 and 2022, respectively, which includes our finance lease amortization.