Fixed Assets

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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


(in thousands)	2024		2023
Software	$	351,814	$	304,452
Land, buildings, and building improvements	233,647		216,578
Equipment	52,122		46,588
Furniture and fixtures	22,944		21,800
Leasehold improvements	1,378		1,378
Construction in progress	46,302		22,683
Projects in progress	81,616		64,585
Total fixed assets, gross	789,823		678,064
Less: Accumulated depreciation and amortization	(276,329)		(235,454)
Fixed assets, net	$	513,494	$	442,610

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 $56.5 million, $47.4 million and $45.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in total operating expenses. The Exchange and its insurance subsidiaries reimbursed us for approximately 28%, 27% and 20% in 2024, 2023 and 2022, respectively, for annual depreciation and amortization expense on assets supporting administrative services.