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Property, Equipment, and Capitalized Software, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Equipment, and Capitalized Software, Net Property, Equipment, and Capitalized Software, Net
Property and equipment are stated at historical cost. Replacements and major improvements are capitalized, and repairs and maintenance are charged to expense as incurred. Software developed for internal use is capitalized. Property and equipment are generally depreciated using the straight-line method over estimated useful lives ranging from three to seven years. Software is generally amortized over its estimated useful life of three years. Leasehold improvements are amortized over the term of the lease, or over their useful lives from five to 10 years, whichever is shorter. Buildings are depreciated over their estimated useful lives of 31.5 to 40 years.
The Company recognized an impairment on property and equipment of $16 million associated with our reduction in leased space used in our business operations in the year ended December 31, 2022.
A summary of property, equipment, and capitalized software is as follows:
 December 31,
 20242023
 (In millions)
Capitalized software$788 $687 
Property and equipment205 199 
Building and improvements35 41 
Land1 5 
Total cost1,029 932 
Less: accumulated amortization - capitalized software(612)(537)
Less: accumulated depreciation and amortization - property, equipment, building, and improvements
(194)(192)
Total accumulated depreciation and amortization(806)(729)
ROU assets - finance leases65 67 
Property, equipment, and capitalized software, net$288 $270 
The following table presents all depreciation and amortization recognized in our consolidated statements of income:
Year Ended December 31,
202420232022
(In millions)
Amortization of intangible assets$82 $85 $77 
Amortization of capitalized software69 58 54 
Amortization of finance leases19 18 28 
Depreciation and amortization of property, equipment, building, and improvements16 10 17 
Total depreciation and amortization$186 $171 $176