Property and Equipment, net

12 Months Ended

Sep. 30, 2022

Property, Plant and Equipment, Net [Abstract]

Property and equipment is 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 relevant asset’s estimated useful life. The estimated useful lives of property and equipment range from 3 to 10 years. During the years ended September 30, 2022, 2021, and 2020, depreciation expense was $30.0 million, $21.3 million, and $13.3 million respectively.

The Company capitalized $24.8 million and $22.3 million of software development costs during the years ended September 30, 2022 and September 30, 2021.

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.

A summary of property and equipment, at cost less accumulated depreciation and amortization as of September 30, 2022 and 2021 is as follows:


	September 30,
(in millions)	2022		2021
Property and equipment:
Furniture and fixtures	$	16.0	$	15.0
Software	34.4		30.0
Equipment	45.3		44.1
Leasehold improvements	43.3		43.9
Capitalized software development	47.1		22.3
Total property and equipment	186.1		155.3
Less: accumulated depreciation and amortization	(73.2)		(62.0)
Property and equipment, net	$	112.9	$	93.3