
		September 30,		December 31,
	Estimated Useful Life	2022		2021

		(in thousands)
Cost:
Computer equipment and software	3 years	$	74,596	$	72,289
Leasehold improvements	Shorter of the lease term or useful life of the asset	35,772		43,544
Leased data servers	3 years	15,946		590
Office furniture and fixtures	3-7 years	11,106		12,214
Office equipment and other	3-5 years	9,393		7,973
Building and building improvements	7-39 years	2,729		2,729
Land	Not applicable	940		940
		150,482		140,279
Less: accumulated depreciation and amortization		(90,421)		(90,064)
Total property and equipment, net		$	60,061	$	50,215

During the nine months ended September 30, 2022, the Company entered into an arrangement with a third party cloud service provider for the use of dedicated servers to migrate its infrastructure to the cloud. As the terms of the arrangement convey a finance lease under FASB Topic 842 - Leases (“ASC 842”), the Company accounts for those dedicated servers as leased assets when the lease term commences. The Company accounts for each lease and any non-lease components associated with that lease as a single lease component for all asset classes. The leased dedicated servers are presented as a component of property and equipment, net in the condensed consolidated balance sheets as of September 30, 2022. To take advantage of the favorable savings programs offered by the cloud service provider, the Company prepaid the lease payments and therefore does not have a lease liability recorded for the leased assets. Gross property and equipment under finance leases as of September 30, 2022 was $15.9 million with accumulated depreciation of $3.6 million. Finance lease activity as of and for the year ended December 31, 2021 was not material.

In April 2022, in response to changing needs and an increase in employees working remotely, the Company closed three offices in the United States. The Company is currently exploring alternative uses for these properties, including sublease options.

During the three and nine months ended September 30, 2022, including the office closures, the Company retired property and equipment that was no longer in service for the Envestnet Wealth Solutions segment with an historical cost of $0.1

million and $16.6 million, respectively. Including the office closures, in the three and nine months ended September 30, 2022, gains and losses on asset retirements were zero and $3.7 million, respectively, for the Envestnet Wealth Solutions segment. In the three and nine months ended September 30, 2022, the Company also recognized $1.1 million and $14.1 million, respectively, of lease restructuring costs which are included in general and administration expense in the condensed consolidated statements of operations.

During the three and nine months ended September 30, 2022, the Company retired property and equipment that was no longer in service for the Envestnet Data & Analytics segment with an historical cost of $1.7 million and $2.9 million, respectively. Gains and losses on asset retirements during the three and nine months ended September 30, 2022 were not material for the Envestnet Data & Analytics segment.

During the three and nine months ended September 30, 2021, the Company retired property and equipment that was no longer in service for the Envestnet Wealth Solutions segment with an historical cost of $1.8 million and $9.6 million, respectively. During the three and nine months ended September 30, 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 and $1.0 million, respectively. Gains and losses on asset retirements during the three and nine months ended September 30, 2021 were not material.