Property, Software and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, software and equipment consist of the following ($ in millions):


	December 31, 2024		December 31, 2023
Computer software	$	3,051	$	2,631
Computer hardware	535		542
Buildings	523		534
Furniture and office equipment	332		304
Leasehold improvements	273		252
Land	156		156
Property, software and equipment, at cost	4,870		4,419
Less: accumulated depreciation	(2,803)		(2,400)
Property, software and equipment, net	$	2,067	$	2,019

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $549 million, $575 million and $614 million, respectively.

During the second quarter of 2022, in connection with the adoption of a more modern, flexible work environment, the Company undertook a real estate optimization initiative to evaluate future real estate needs and downsize its real estate footprint for owned and leased properties. As a result of this evaluation, the Company substantially changed the use or abandoned various properties and assessed for impairment. The Company engaged a third-party real estate specialist to determine the fair value of its owned properties. The valuation primarily considered comparable properties in each market as well as future cash flows.

As a result of the optimization, the Company recognized impairment charges related to owned real estate and fixed assets related to leased real estate of $57 million and $1,050 million for the years ended December 31, 2023 and 2022, respectively. The remainder of the $97 million and $1,627 million impairment charges for the years ended December 31, 2023 and 2022, respectively, relate to right-of-use (ROU) asset impairments, which is included within other long-term assets in the Consolidated Balance Sheets, refer to Note 11. Leases. Additionally, during 2024, the Company sold an owned property for a pre-tax gain of $24 million.