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Property And Equipment | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property And Equipment | PROPERTY AND EQUIPMENT Property and equipment consists of the following:
(In millions) | As of December 31,
| 2023 |  | 2022
Land and land improvements | $ | 2.9 |  |  | $ | 2.9 |
Building and improvements | 58.8 |  |  | 58.8 |
Data processing equipment and software | 50.0 |  |  | 47.2 |
Office furniture and equipment | 2.6 |  |  | 3.0 |
Total property and equipment | 114.3 |  |  | 111.9 |
Less: Accumulated depreciation on property and equipment | (67.8) |  |  | (60.5) |
Total property and equipment, net | $ | 46.5 |  |  | $ | 51.4 |
As the vast majority of our team members now work remotely, we have significant excess space in the two office buildings that we own. We are actively exploring options to reduce our office space, which could result in the sale or lease of one or both of our buildings. As there is currently a significant amount of unoccupied office space, we believe the market value of our buildings and improvements, land and land improvements, and office furniture and equipment is significantly less than their combined carrying value of $34.4 million. If we were to reclassify one or both of these buildings as held for sale, we would be required to record an impairment charge to reduce their carrying value to their estimated market value less costs to sell. Depreciation expense on property and equipment was $8.9 million, $9.0 million, and $9.7 million for the years ended December 31, 2023, 2022, and 2021, respectively.

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