Property and equipment, net at December 31, 2025 and 2024 consisted of the following (in thousands):
20252024
Buildings and leasehold improvements$82,579 $81,753 
Furniture and fixtures44,938 44,192 
Capitalized software32,536 32,906 
Equipment51,475 45,365 
Total property and equipment211,528 204,216 
Accumulated depreciation(130,286)(116,053)
Property and equipment, net$81,242 $88,163 
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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.