Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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,
	2024		2023

Land	$	9.7	$	9.2
Buildings and improvements	258.7		225.3
Furniture and equipment	32.7		29.5
Computer and software	120.0		108.5
Medical equipment	348.3		310.1
Right-of-use finance lease assets	818.1		716.3
Construction in progress	54.7		24.2
Property and equipment, at cost	1,642.2		1,423.1
Less: Accumulated depreciation	(553.9)		(454.4)
Property and equipment, net	$	1,088.3	$	968.7

Depreciation expense was $144.8 million, $112.8 million and $112.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.