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


	May 31,
in millions	2026		2025
Land and improvements	$	10.9	$	13.0
Buildings and improvements		151.5		152.3
Data processing equipment		252.9		242.8
Software (1)		1,322.5		1,129.7
Furniture, fixtures, and equipment		72.9		69.8
Leasehold improvements		59.6		51.6
Construction in progress (1)		45.5		67.5
Total property and equipment, gross		1,915.8		1,726.7
Less: Accumulated depreciation		1,326.9		1,215.2
Property and equipment, net of accumulated depreciation	$	588.9	$	511.5

(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 $143.1 million, $118.8 million, and $127.5 million for fiscal 2026, 2025, and 2024, respectively.

During the fourth quarter of fiscal 2024, the Company reprioritized certain technology investments and disposed of certain leasehold improvements, furniture, and fixtures associated with abandoned leased properties and recorded losses on disposal of $17.1 million and $4.1 million, respectively. The losses are included in selling, general and administrative expenses on the Consolidated Statements of Income and Comprehensive Income.