ASSURANT INC
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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Property and Equipment
- Property and Equipment
Property and equipment consisted of the following as of the dates indicated:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Land | $6.5 | $10.0 |
| Buildings and improvements | 141.6 | 229.4 |
| Furniture, fixtures and equipment | 91.6 | 119.7 |
| Software | 838.7 | 693.4 |
| Total | 1,078.4 | 1,052.5 |
| Less accumulated depreciation | (392.6) | (407.4) |
| Total | $685.8 | $645.1 |
Depreciation expense for the years ended December 31, 2023, 2022 and 2021 amounted to $109.3 million, $86.3 million and $73.8 million, respectively. Depreciation expense is included in underwriting, selling, general and administrative expenses in the consolidated statements of operations.
The assets of the Miami, Florida office met held-for-sale criteria in second quarter 2023 and was reclassified from property and equipment, net, to other assets in the consolidated balance sheet as of December 31, 2023. The Company has ceased depreciation of these assets which are recorded at carrying value of $46.0 million as of December 31, 2023, which is less than the estimated fair value less estimated costs to sell. During third quarter 2023, the Company submitted an agreement to a potential acquiror, which is subject to review, approval, execution and other conditions. There can be no assurance that a definitive agreement will be executed or that any transaction will be approved or consummated.
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