Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net Property and Equipment, Net

v3.25.0.1
Property and Equipment, Net Property and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net
6. PROPERTY AND EQUIPMENT, NET
In the fourth quarter of 2024, the Company purchased its corporate headquarters which was previously accounted for as a finance lease. The Company paid $48 million, of which $33 million was recorded to finance lease liability within long-term debt on the Consolidated Balance Sheet and the remaining $15 million was recorded to land and building within property and equipment, net on its Consolidated Balance Sheet. Additionally, the Company recorded an $18 million non-cash reclass representing the net book value of the finance lease asset, to land and building which is reported within property and equipment, net on its Consolidated Balance Sheet. In connection with this transaction, the Company reported $33 million within financing activities as principal payments on finance lease obligations and $15 million within investing activities as property and equipment on its Consolidated Statement of Cash Flows.
Property and equipment, net consisted of:
As of December 31,
2024 2023
Land 7  — 
Building 26  — 
Building improvements 2  — 
Leasehold improvements 1  29 
Capitalized software 166  258 
Furniture, fixtures and equipment 16  24 
Finance leases —  64 
Construction in progress 7  13 
225  388 
Less: Accumulated depreciation 131  300 
$ 94  $ 88 
The Company recorded depreciation expense of $44 million, $49 million, and $46 million during 2024, 2023 and 2022, respectively, related to property and equipment.