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Fixed Assets | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Fixed Assets | Fixed Assets The following table summarizes our fixed assets by category as of December 31:
(in thousands) |  | 2024 |  | 2023
Software |  | $ | 351,814 |  |  | $ | 304,452 |
Land, buildings, and building improvements |  | 233,647 |  |  | 216,578 |
Equipment |  | 52,122 |  |  | 46,588 |
Furniture and fixtures |  | 22,944 |  |  | 21,800 |
Leasehold improvements |  | 1,378 |  |  | 1,378 |
Construction in progress |  | 46,302 |  |  | 22,683 |
Projects in progress |  | 81,616 |  |  | 64,585 |
Total fixed assets, gross |  | 789,823 |  |  | 678,064 |
Less: Accumulated depreciation and amortization |  | (276,329) |  |  | (235,454) |
Fixed assets, net |  | $ | 513,494 |  |  | $ | 442,610 |
Construction in progress includes ongoing renovations to an office building that is part of our principal headquarters and not yet subject to depreciation. The building renovation is expected to be completed in phases, starting in 2025, with full completion expected in 2027. Projects in progress include certain computer software and software development costs for internal use that are not yet subject to amortization. Depreciation and amortization expense totaled $56.5 million, $47.4 million and $45.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in total operating expenses. The Exchange and its insurance subsidiaries reimbursed us for approximately 28%, 27% and 20% in 2024, 2023 and 2022, respectively, for annual depreciation and amortization expense on assets supporting administrative services.

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- Definition The entire disclosure for intangible assets and 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/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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