Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
 
Property and equipment, net consisted of the following:
 
    December 31,
  Depreciable Life 2023 2022
(in thousands)
Computer equipment and software 3 years $ 61,852  $ 67,230 
Leasehold improvements Lesser of estimated useful life or life of lease 38,296  36,158 
Office furniture and fixtures
3-7 years
 11,333  10,796 
Office equipment and other
3-5 years
 15,114  11,563 
Building and building improvements
7-39 years
 2,729  2,729 
Land Not applicable 940  940 
Total property and equipment   130,264  129,416 
Less: accumulated depreciation (82,041) (80,935)
Total property and equipment, net $ 48,223  $ 48,481 

During the year ended December 31, 2023, the Company retired property and equipment that was no longer in service with a historical cost of $12.9 million within the Envestnet Wealth Solutions segment and $1.2 million within the Envestnet Data & Analytics segment. During the year ended December 31, 2022, the Company retired property and equipment that was no longer in service with a historical cost of $20.0 million within the Envestnet Wealth Solutions segment and $10.4 million within the Envestnet Data & Analytics segment.
The following table presents the cost amounts and related accumulated depreciation written off by category:
  Year Ended December 31, 2023 Year Ended December 31, 2022
    Accumulated   Accumulated
  Cost Depreciation Cost Depreciation
(in thousands)
Computer equipment and software $ 12,269  $ (12,267) $ 15,887  $ (14,947)
Leasehold improvements 934  (860) 2,442  (1,209)
Office furniture and fixtures 721  (551) 660  (418)
Office equipment and other 149  (57) 11,467  (8,785)
Total property and equipment retirements $ 14,073  $ (13,735) $ 30,456  $ (25,359)