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Property and Equipment, net
 12 Months Ended
Sep. 30, 2021
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 and amortization on the Consolidated Balance Sheets. Depreciation on property and equipment is generally 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 years ended September 30, 2021, 2020, and 2019, depreciation expense was $21.3 million, $13.3 million, and $11.2 million respectively.
The Company capitalized $22.3 million of software development costs during the year ended September 30, 2021.
A summary of property and equipment, at cost less accumulated depreciation and amortization as of September 30, 2021 and 2020 is as follows:
September 30,
(in millions)20212020
Property and equipment:
Furniture and fixtures$15.0 $10.2 
Software30.0 28.6 
Equipment44.1 30.8 
Leasehold improvements43.9 38.3 
Capitalized software development22.3 — 
Total property and equipment155.3 107.9 
Less: accumulated depreciation and amortization(62.0)(45.8)
Property and equipment, net$93.3 $62.1 
In connection with integrating 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.