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Property and equipment, net | 9 Months Ended
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Sep. 30, 2018
Property and equipment, net |
Property and equipment, net | 7. Property and equipment, net Property and equipment, net consists of the following:
|  | September 30, |  | December 31, |  |
|  | 2018 |  | 2017 |  |
|  | (in thousands) |  |
Office equipment |  | $ | 16,478 |  | $ | 14,674 |  |
Laboratory equipment |  |  | 60,117 |  |  | 48,807 |  |
Computer equipment |  |  | 56,857 |  |  | 51,351 |  |
Land |  |  | 10,112 |  |  | 5,350 |  |
Building and leasehold improvements |  |  | 253,099 |  |  | 214,245 |  |
|  |  | 396,663 |  |  | 334,427 |  |
Less accumulated depreciation and amortization |  |  | (95,896) |  |  | (74,664) |  |
Property and equipment, net |  | $ | 300,767 |  | $ | 259,763 |  |
In February 2018, we signed an agreement to rent a building in Morges, Switzerland for an initial term of 15 years, with multiple options to extend for an additional 20 years. The building will undergo extensive renovations prior to our occupation and, when completed, will serve as our new European headquarters. The new building will consist of approximately 100,000 square feet of office space. This building will allow for consolidation of our European operations that are currently located in Geneva and Lausanne, Switzerland. Building permits were granted by the local government authorities in September 2018, and construction activity began immediately thereafter. We are responsible for a portion of the renovation and construction costs, and are deemed, for accounting purposes, to be the owner of the building. As a result, we recorded the fair value of the building as a capital asset of approximately $15.8 million and a corresponding financing liability in accrued and other current liabilities on our condensed consolidated balance sheet at September 30, 2018. We also recorded approximately $0.7 million in construction costs as a capital asset and corresponding financing liability on our condensed consolidated balance sheet at September 30, 2018. In July 2018, we signed an agreement to purchase land located within Y-PARC, Switzerland’s largest technology park in Yverdon. The land was purchased, in cash, for $4.8 million. Upon this parcel, we plan on constructing a large molecule production facility. Construction activity commenced in July 2018, and we have recorded approximately $20.2 million as of September 30, 2018 in costs for architectural and engineering studies and initial ground preparation. We currently anticipate the facility to be completed in the second half of 2020.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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