Paychex, Inc. Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net of Accumulated Depreciation

12 Months Ended

May 31, 2016

Note H — Property and Equipment, Net of Accumulated Depreciation

The components of property and equipment, at cost, consisted of the following:



	May 31,
In millions	2016		2015
Land and improvements	$	8.3	$	8.3
Buildings and improvements		103.0		102.1
Data processing equipment		196.1		190.9
Software		447.5		391.8
Furniture, fixtures, and equipment		125.0		145.6
Leasehold improvements		108.2		106.2
Construction in progress		24.1		28.5
Total property and equipment, gross		1,012.2		973.4
Less: Accumulated depreciation		659.2		619.5
Property and equipment, net of accumulated depreciation	$	353.0	$	353.9

Depreciation expense was $99.2 million, $92.1 million, and $89.1 million for fiscal years 2016, 2015, and 2014, respectively.