Property and Equipment—Net

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Property and equipment—net consisted of (in millions):


	June 30, 2025		December 31, 2024
Land	$	560.5	$	500.6
Buildings and improvements	934.0		801.4
Computer equipment and software	307.5		279.1
Leasehold improvements	63.4		64.3
Evaluation units	34.8		31.8
Furniture and fixtures	37.2		36.4
Construction-in-progress	62.2		52.0
Total property and equipment	1,999.6		1,765.6
Less: accumulated depreciation	(454.8)		(416.1)
Property and equipment—net	$	1,544.8	$	1,349.5

During the three months ended March 31, 2025, we purchased certain real estate property in Germany totaling $54.5 million, to be used predominantly for data center operations and as office space. The purchase was accounted for under the asset acquisition method, with $16.8 million allocated to land and $37.7 million allocated to buildings and improvements, based on their relative fair values.

During the three months ended June 30, 2025, we purchased certain real estate properties in Canada, the United States and the Netherlands for an aggregate purchase price of $130.5 million, to be used predominantly for data center operations, office space and warehouse operations. The purchases were accounted for under the asset acquisition method, with $43.0 million allocated to land and $87.5 million allocated to buildings and improvements, based on their relative fair values.

Depreciation expense was $25.1 million and $25.9 million during the three months ended June 30, 2025 and 2024, respectively. Depreciation expense was $49.1 million and $51.5 million during the six months ended June 30, 2025 and 2024, respectively.