Fair value of assets held for sale

[T](#ic6799676e16f4a73b9fbe61f891b870d_7)[able of Contents](#ic6799676e16f4a73b9fbe61f891b870d_7)We recognized the following depreciation expense (in thousands): 

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
| 2021 |  | $ | 39,790  |  |
| 2020 |  | 42,890  |  |
| 2019 |  | 45,016  |  |

A summary of our property and equipment as of December 31, is as follows (in thousands): 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2021 |  | 2020 |
| Furniture, fixtures, and equipment |  |  | $ | 292,224  |  |  | $ | 286,277  |  |
| Buildings (1) |  |  | 60,059  |  |  | 93,538  |  |
| Corporate aircraft (1) |  |  | —  |  |  | 11,461  |  |
| Leasehold improvements |  |  | 70,630  |  |  | 67,037  |  |
| Land |  |  | 11,014  |  |  | 19,816  |  |
| Construction in progress |  |  | 8,185  |  |  | 853  |  |
| Less: accumulated depreciation and amortization |  |  | (302,281) |  |  | (300,033) |  |
| Net property and equipment |  |  | $ | 139,831  |  |  | $ | 178,949  |  |

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (1) Our corporate aircraft and an office building in Kansas City, Missouri, have been reclassified as held-for-sale assets as of December 31, 2021. Held-for-sale assets of $35.0 million are expected to sell in the first half of 2022 and are included within Prepaid expenses and other current assets in our Consolidated Balance Sheet as of December 31, 2021. The estimated fair value of the assets that are held for sale is $64.0 million.GOODWILL. Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible assets and identifiable intangible assets purchased and liabilities assumed. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis (November 30 for us) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. See Note 2, Goodwill and Other Intangible Assets.OTHER INTANGIBLE ASSETS. Other intangible assets include definite-lived customer lists, trademarks, non-competition agreements, and indefinite-lived trademarks. The definite-lived intangible assets are being amortized using the straight-line method over their estimated lives. Definite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The indefinite-lived trademarks are not amortized. Indefinite-lived intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, or annually, at a minimum. See Note 2, Goodwill and Other Intangible Assets.OTHER ASSETS. Other assets consist primarily of purchased and internally developed software. We amortize software using the straight-line method over three years. We recognized the following amortization expense of purchased and internally developed software (in thousands): 

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
| 2021 |  | $ | 25,975  |  |
| 2020 |  | 22,612  |  |
| 2019 |  | 17,023  |  |

A summary of our purchased and internally developed software as of December 31, is as follows (in thousands): 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  | 2020 |
| Purchased software | $ | 30,312  |  |  | $ | 29,029  |  |
| Internally developed software | 153,983  |  |  | 127,476  |  |
| Less accumulated amortization | (114,183) |  |  | (96,891) |  |
| Net software | $ | 70,112  |  |  | $ | 59,614  |  |

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