Paychex, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net of Accumulated Depreciation

Property and Equipment, Net of Accumulated Depreciation

9 Months Ended

Feb. 29, 2020

Property and Equipment, Net of Accumulated Depreciation [Abstract]

Property and Equipment, Net of Accumulated Depreciation

Note I: Property and Equipment, Net of Accumulated Depreciation

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



	February 29,		May 31,
In millions	2020		2019
Land and improvements	$	10.8	$	10.8
Buildings and improvements		166.3		162.9
Data processing equipment		225.3		221.6
Software ⁽¹⁾		678.4		626.6
Furniture, fixtures, and equipment		113.8		117.2
Leasehold improvements		106.3		105.4
Construction in progress ⁽¹⁾		37.7		30.3
Total property and equipment, gross		1,338.6		1,274.8
Less: Accumulated depreciation		934.8		866.1
Property and equipment, net of accumulated depreciation	$	403.8	$	408.7

⁽¹⁾ Software includes both purchased software and costs capitalized related to internally developed software placed in service. Capitalized costs related to internally developed software that has not yet been placed in service is included in construction in progress.

Depreciation expense was $30.7 million and $95.6 million for the three and nine months ended February 29, 2020, respectively, compared to $32.1 million and $91.7 million for the three and nine months ended February 28, 2019, respectively.