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PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2021

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

5.   PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of March 31, 2021 and December 31, 2020 (in millions):

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2021			2020
Construction in progress	​	$	2.1	​	$	2.0
Furniture and equipment	​		233.6	​		227.1
Total property and equipment	​		235.7	​		229.1
Less accumulated depreciation	​		(152.3)	​		(146.5)
Property and equipment, net	​	$	83.4	​	$	82.6

​

Depreciation expense using the straight-line method was $7.4 million and $6.2 million for the three months ended March 31, 2021 and 2020, respectively.

As a result of the Merger, there was a reduction in employee workspace needed in Chicago, which led to the decision to market for sale the headquarters location. The Company classified the associated land, building, and certain furniture

and equipment of the headquarters location as held for sale, performed an impairment assessment, and ceased depreciation effective May 1, 2019, as the Company anticipated selling the property held for sale in less than twelve months. As of March 31, 2021, the headquarters location remains on the market for sale and management’s intent to sell the property is unchanged, and the total value of the property classified as property held for sale on the condensed consolidated balance sheet was $13.0 million. As a result of an evaluation of the headquarters location’s classification as held for sale during the second quarter of 2020, an impairment assessment was performed and an additional impairment charge of $8.1 million was recorded in acquisition-related costs within the Options segment in the accompanying condensed consolidated statements of income. The impact of ceasing depreciation of the property held for sale did not result in a material impact to the condensed consolidated financial statements.

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916

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