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PROPERTY AND EQUIPMENT, NET | 3 Months Ended
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Mar. 31, 2023
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, 2023 and December 31, 2022 (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Construction in progress | ​ | $ | 11.4 | ​ | $ | 7.7
Building | ​ | ​ | 68.8 | ​ | ​ | 68.8
Furniture and equipment | ​ |  | 299.8 | ​ |  | 291.3
Total property and equipment | ​ |  | 380.0 | ​ |  | 367.8
Less accumulated depreciation | ​ |  | (267.9) | ​ |  | (259.6)
Property and equipment, net | ​ | $ | 112.1 | ​ | $ | 108.2
​ Depreciation expense using the straight-line method was $8.5 million and $8.6 million for the three months ended March 31, 2023 and 2022, 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 former headquarters location. The Company classified the associated land, building, and certain furniture and equipment of the former 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. However, due to the time elapsed since active marketing for sale of the building commenced, the Company reclassified the property to held and used, effective May 1, 2021, and the building was once again subject to depreciation. On April 28, 2022, the Company signed a non-binding letter of intent with an entity interested in purchasing the property, though in the quarter ended September 30, 2022, negotiations with this entity were terminated. The Company has continued discussions with other potential buyers. At this time the Company has no indications that the property’s classification or carrying value needs to be updated as of March 31, 2023. The property is subject to depreciation as of March 31, 2023. The total value of the property classified as property held and used was $9.3 million, which includes $2.3 million of land and $7.0 million of property and equipment, net on the condensed consolidated balance sheet as of March 31, 2023. ​

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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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://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 https://asc.fasb.org/extlink&oid=126982197&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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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