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Property and Equipment and Software and Content Development Costs | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property and Equipment and Software Development Costs |
7. Property and Equipment and Software and Content Development Costs
Property and equipment Property and equipment consisted of the following as of:
| Estimated useful life (years) | December 31,
(dollars in thousands) | 2023 | 2022
Land | — |  | $ | 9,548 |  | $ | 9,548 |
Building | 39 | 61,284 |  | 61,284 |
Building improvements | 7 - 20 | 11,720 |  | 10,874 |
Equipment | 1 - 5 | 2,646 |  | 2,312 |
Computer hardware | 1 - 5 | 50,064 |  | 47,886 |
Computer software | 1 - 5 | 21,982 |  | 20,299 |
Construction in progress | — |  | 1,611 |  | 3,500 |
Furniture and fixtures | 2 - 7 | 3,187 |  | 3,264 |
Leasehold improvements | Lesser of lease term or estimated useful life | 10,345 |  | 11,822 |
Total property and equipment |  | 172,387 |  | 170,789 |
Less: accumulated depreciation |  | (73,698) |  | (63,363) |
Property and equipment, net |  | $ | 98,689 |  | $ | 107,426 |
Depreciation expense was $13.0 million, $14.1 million and $14.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2023, we recorded noncash impairment charges of $1.1 million against certain property and equipment assets. These impairment charges resulted primarily from our entry into a sublease in July 2023 for a portion of our Washington, DC office location, which we previously closed in February 2023 to align with our remote-first workforce strategy and are reflected in general and administrative expense on the statements of comprehensive income. During the year ended December 31, 2022, we recorded insignificant noncash impairment charges against certain property and equipment assets. These impairment charges resulted primarily from our decision to cease using a portion of our leased office space and are reflected in general and administrative expense on the statements of comprehensive income. During the year ended December 31, 2021, we recorded noncash impairment charges of $1.7 million against certain property and equipment assets. These impairment charges resulted primarily from our decision to close our Austin office and are reflected in general and administrative expense on the statements of comprehensive income. Software and content development costs Software and content development costs consisted of the following as of:
| Estimated useful life (years) | December 31,
(dollars in thousands) | 2023 | 2022
Software development costs | 3 - 7 | $ | 287,519 |  | $ | 250,551 |
Content development costs | 5 | 6,945 |  | 3,409 |
Less: accumulated amortization |  | (134,270) |  | (112,937) |
Software and content development costs, net |  | $ | 160,194 |  | $ | 141,023 |
During the year ended December 31, 2022, we recorded noncash impairment charges of $2.3 million against certain previously capitalized software development costs that reduced the carrying value of those assets to zero. The impairment charges were reflected in general and administrative expense and cost of recurring revenue, respectively, on the statements of comprehensive income. These impairment charges resulted primarily from our decision to accelerate the end of customer support for certain solutions. Other changes to the gross carrying amount of software and content development costs were primarily related to qualifying costs associated with development activities that are required to be capitalized under the internal-use software accounting guidance such as those for our cloud solutions and online education curriculum, write-offs of fully amortized assets, and the effect of foreign currency translation. Amortization expense related to software and content development costs was $42.8 million, $36.8 million and $31.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included primarily in cost of recurring.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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