Property, plant and equipment, net consisted of the following:
As of December 31,Useful
Life
20252024
(In thousands)(In years)
Furniture and fixtures$15,845 $15,925 
5
Computer and office equipment14,789 13,967 
2 to 5
Telecommunications equipment92,829 82,608 
5 to 7
Leasehold improvements77,704 76,054 
5 to 15
Software22,302 24,916 
1 to 5
Internal-use software development44,198 35,499 
4
Automobile452 447 
3
Land27,636 27,636 Indefinite
Land Improvements1,065 1,065 
20
Total cost296,820 278,117 
Less—accumulated depreciation(122,569)(101,294)
Total property, plant and equipment, net$174,251 $176,823 
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About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.