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Property and Equipment and Software and Content Development Costs | 12 Months Ended
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Dec. 31, 2024
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) | 2024 | 2023
Land | — |  | $ | 9,548 |  | $ | 9,548 |
Building | 39 | 61,284 |  | 61,284 |
Building improvements | 4 - 20 | 12,112 |  | 11,720 |
Equipment | 1 - 5 | 2,448 |  | 2,646 |
Computer hardware | 1 - 5 | 36,632 |  | 50,064 |
Computer software | 1 - 5 | 20,455 |  | 21,982 |
Construction in progress | — |  | — |  | 1,611 |
Furniture and fixtures | 1 - 7 | 4,849 |  | 3,187 |
Leasehold improvements | Lesser of lease term or estimated useful life | 10,206 |  | 10,345 |
Total property and equipment |  | 157,534 |  | 172,387 |
Less: accumulated depreciation |  | (65,608) |  | (73,698) |
Property and equipment, net |  | $ | 91,926 |  | $ | 98,689 |
Depreciation expense was $12.8 million, $13.0 million and $14.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. During the years ended December 31, 2024 and 2022, we recorded insignificant noncash impairment charges against certain property and equipment assets. During the year ended December 31, 2023, we recorded noncash impairment charges of $1.1 million against certain property and equipment assets. Each of th ese impairment charges resulted from our entry into subleases for different portions of our Washington, DC office location, which we closed in February 2023 to align with our remote-first workforce strategy. These charges are included in general and administrative expense on our consolidated statements of comprehensive loss. 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) | 2024 | 2023
Software development costs | 3 - 7 | $ | 268,510 |  | $ | 287,519 |
Content development costs | 5 | — |  | 6,945 |
Less: accumulated amortization |  | (120,191) |  | (134,270) |
Software and content development costs, net |  | $ | 148,319 |  | $ | 160,194 |
During the year ended December 31, 2024, we recorded noncash impairment charges of $22.6 million against certain previously capitalized software and content development costs. The impairment charges are includ ed in EVERFI impairment charges within EVERFI disposition on our consolidated statements of comprehensive loss. For additional information, see the discussion of the EVERFI impairment charges in Note 4 to these consolidated financial statements. 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 on the statements of comprehensive loss. 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 $48.3 million, $42.8 million and $36.8 million for the years ended December 31, 2024, 2023 and 2022, 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/1943274/2147477798/958-360-50-6 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/1943274/2147477798/958-360-50-1 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/1943274/2147477798/958-360-50-7 + Details
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