Company: PAYC
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-024136
Chunk: 202

Company: Paycom Software, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 202
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 of adopting this ASU on its consolidated financial statements and disclosures.

67

Paycom Software, Inc.Notes to the Consolidated Financial Statements(tabular dollars and shares in millions, except per share and per unit amounts) 

3.PROPERTY AND EQUIPMENTProperty and equipment and accumulated depreciation and amortization were as follows:

        December 31, 2024

        December 31, 2023

        Property and equipment

        Software and capitalized software development costs
         
        $
        497.2

        $
        371.7

        Buildings

        275.6

        179.9

        Computer equipment

        203.2

        164.9

        Rental clocks

        48.0

        42.4

        Furniture, fixtures and equipment

        41.9

        32.4

        Other

        20.7

        18.4

        1,086.6

        809.7

        Less: accumulated depreciation and amortization

        (576.4
        )

        (437.3
        )

        510.2

        372.4

        Construction in progress

        14.7

        92.0

        Land

        36.5

        33.8

        Property and equipment, net
         
        $
        561.4

        $
        498.2

      We capitalize software development costs related to software developed or obtained for internal use in accordance with ASC 350-40, “Other Assets and Deferred Costs”. For the years ended December 31, 2024 and 2023, we capitalized $125.7 million and $96.7 million, respectively, of software development costs related to software developed or obtained for internal use.Rental clocks included in property and equipment, net in the consolidated balance sheets, represent time clocks issued to clients under month-to-month operating leases. As such, these items are transferred from inventory to property and equipment and depreciated over their estimated useful lives.Prior to the repayment of our debt on November 21, 2023, we capitalized interest costs incurred for indebtedness related to construction in progress. For the years ended December 31, 2024, 2023 and 2022, we incurred interest costs of $3.4 million, $5.3 million and $3.4 million, respectively. For the year ended December 31