Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.21.1
Property and Equipment, Net
 3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
 
Property and equipment, net consisted of the following:
    March 31, December 31,
  Estimated Useful Life 2021 2020
(in thousands)
Cost:      
Computer equipment and software 3 years $ 73,176  $ 72,443 
Leasehold improvements Shorter of the lease term or useful life of the asset 41,925  37,671 
Office furniture and fixtures
3-7 years
 12,180  11,249 
Office equipment and other
3-5 years
 6,858  7,151 
Building and building improvements
7-39 years
 2,669  2,669 
Land Not applicable 940  940 
    137,748  132,123 
Less: accumulated depreciation and amortization (86,671) (84,154)
Total property and equipment, net $ 51,077  $ 47,969 
 
During the three months ended March 31, 2021, the Company retired property and equipment that was no longer in service for the Envestnet Wealth Solutions segment with an historical cost of $2.7 million. During the three months ended March 31, 2021, the Company retired property and equipment that was no longer in service for the Envestnet Data & Analytics segment with an historical cost of $0.4 million.

During the three months ended March 31, 2020, the Company retired an immaterial amount of property and equipment that was no longer in service.

Gains and losses on asset retirements during the three months ended March 31, 2021 and 2020 were not material.
 
Depreciation and amortization expense was as follows:
  Three Months Ended
  March 31,
  2021 2020
(in thousands)
Depreciation and amortization expense $ 5,643  $ 5,317