Fixed Assets

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

The following table summarizes our fixed assets by category as of December 31:


(in thousands)	2023		2022
Software	$	304,452	$	312,126
Land, buildings, and building improvements	216,578		213,263
Equipment	46,588		43,430
Furniture and fixtures	21,800		21,794
Leasehold improvements	1,378		1,393
Construction in progress (1)	22,683		7,266
Projects in progress (1)	64,585		56,051
Total fixed assets, gross	678,064		655,323
Less: Accumulated depreciation and amortization	(235,454)		(241,449)
Fixed assets, net	$	442,610	$	413,874

(1) 2022 amounts have been reclassified to conform to the current period presentation.

Construction in progress includes ongoing renovations to an office building that is part of our principal headquarters and not yet subject to depreciation. The building renovation is expected to be completed in phases, starting in 2025, with full completion expected in 2027.

Projects in progress include certain computer software and software development costs for internal use that are not yet subject to amortization.

Depreciation and amortization expense totaled $47.4 million, $45.9 million and $37.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in cost of operations - policy issuance and renewal services. Accumulated depreciation and amortization decreased due to disposals of fully depreciated assets, primarily software, partially offset by current year depreciation and amortization expense.