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Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment are stated at cost or, if obtained through acquisition, at fair value determined on the date of acquisition. Depreciation is recognized using the straight-line method over the estimated useful lives of the assets, generally 20 to 40 years for buildings and building improvements, three to five years for computers and software and five to seven years for furniture and equipment. Leasehold improvements are depreciated on a straight-line basis over the shorter of the lease term or the estimated useful life of the assets. Routine maintenance and repairs are expensed as incurred, while expenditures that increase capacities or extend useful lives are capitalized.
The Company also leases certain facilities and equipment under finance leases. Assets held under finance leases are stated at the present value of lease payments at the inception of the related lease. Such assets are amortized on a straight-line basis over the lesser of the lease term or the remaining useful life of the leased asset.
A summary of property and equipment follows (in millions):
December 31,
20232022
Land$9.2 $11.1 
Buildings and improvements225.3 164.0 
Furniture and equipment29.5 26.7 
Computer and software108.5 96.6 
Medical equipment310.1 263.1 
Right-of-use finance lease assets716.3 631.3 
Construction in progress24.2 58.1 
Property and equipment, at cost1,423.1 1,250.9 
Less: Accumulated depreciation(454.4)(374.3)
Property and equipment, net$968.7 $876.6 
The increase in right-of-use finance lease assets includes the impact of the modification of certain existing facility real estate leases that were previously classified as operating leases. See Note 6. "Leases" for further discussion.
Depreciation expense was $112.8 million, $112.1 million and $94.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.