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PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2023

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

5.   PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of June 30, 2023 and December 31, 2022 (in millions):

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​		2023			2022
Construction in progress	​	$	2.1	​	$	7.7
Building	​	​	68.8	​	​	68.8
Furniture and equipment	​		314.8	​		291.3
Total property and equipment	​		385.7	​		367.8
Less accumulated depreciation	​		(269.9)	​		(259.6)
Property and equipment, net	​	$	115.8	​	$	108.2

​

Depreciation expense using the straight-line method was $8.4 million and $8.6 million for the three months ended June 30, 2023 and 2022, respectively, and $16.9 million and $17.2 million for the six months ended June 30, 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. As of June 30, 2023, the Company had no indicators that the property's classification or carrying value needs to be updated. The property is subject to depreciation as of June 30, 2023. The total value of the property classified as property held and used was $8.9 million, which includes $2.3 million of land and $6.6 million of property and equipment, net on the condensed consolidated balance sheet as of June 30, 2023.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//360/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-7

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