The following table sets forth the components of property, buildings and equipment:
 As of December 31,
 20252024
 (In millions)
Buildings and leasehold improvements$270.8 $246.9 
Furniture, fixtures and equipment429.8 404.4 
Software costs360.5 316.5 
 1,061.1 967.8 
Accumulated depreciation and amortization(626.1)(554.1)
 435.0 413.7 
Land29.7 25.3 
Construction in progress2.1 3.9 
Property, buildings and equipment, net
$466.8 $442.9 

Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 14, 2025
2023Feb 20, 2024
2022Feb 21, 2023
2021Feb 25, 2022
2020Mar 1, 2021
2019Feb 24, 2020
2018Feb 27, 2019
2017Feb 22, 2018
2016Feb 22, 2017
2015Feb 22, 2016

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.