Property and Equipment, net

12 Months Ended

Sep. 30, 2020

Property, Plant and Equipment, Net [Abstract]

Property and Equipment, net

Property and Equipment, net Property and equipment are stated at cost, and reported net of accumulated depreciation on the consolidated balance sheets. Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from 3 to 10 years. During the fiscal years ended September 30, 2020, 2019, and 2018, depreciation expense was $13.3 million, $11.2 million, and $9.4 million, respectively.

A summary of property and equipment, at cost less accumulated depreciation as of September 30, 2020 and 2019 is as follows:

(in millions)	September 30, 2020		September 30, 2019
Property and equipment:
Furniture and fixtures	$	10.2	$	10.6
Software	28.6		33.9
Equipment	30.8		28.1
Leasehold improvements	38.3		20.3
Total property and equipment	107.9		92.9
Less accumulated depreciation	(45.8)		(49.0)
Property and equipment, net	$	62.1	$	43.9

In connection with the integration of Gain, the Company re-evaluated all trading systems utilized across the organization in order to identify duplicative systems. In connection with this process, the Company determined that certain legacy capitalized developed software costs within the Company’s OTC foreign exchange business would no longer be placed into service and utilized as expected prior to the merger with Gain. As a result, the Company recorded impairment charges of $5.7 million, which are reflected in ‘Bad debts, net of recoveries and impairment’ on the consolidated income statement for the year ended September 30, 2020.