The Company’s estimated useful lives are as follows:
Furniture and equipment
1 to 10 years
Leasehold improvements
Shorter of lease term or asset useful life, 1 to 15 years
Equipment under finance lease
Shorter of lease term or asset useful life, 1 to 10 years
Software
3 to 7 years
Property and equipment consists of the following (in millions):
As of December 31,
20252024
Software$206.6 $208.1 
Leasehold improvements249.9 264.1 
Plant and equipment137.9 124.9 
Equipment under finance lease173.8 150.6 
Software under development3.8 2.5 
Construction in progress24.1 10.0 
796.1 760.2 
Less: Accumulated depreciation(663.2)(624.2)
Total Property and equipment, net
$132.9 $136.0 
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Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 21, 2025
2023Feb 21, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2020Feb 26, 2021
2019Feb 28, 2020
2018Feb 28, 2019

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.