Fixed Assets, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Fixed Assets, NetFixed assets, net consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Computer and communications equipment	$	96,472	$	92,577
Software, including software development costs	280,540		265,082
Leasehold improvements and other fixed assets	105,362		121,024
	482,374		478,683
Less: accumulated depreciation and amortization	(292,262)		(262,659)
Fixed assets, net	$	190,112	$	216,024

Depreciation expense was $23.7 million, $24.1 million and $21.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Depreciation is included as part of “Occupancy and equipment” in the Company’s consolidated statements of operations.

The Company has approximately $6.2 million and $5.9 million of asset retirement obligations related to certain of its leasehold improvements as of December 31, 2021 and 2020, respectively. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. The liability is discounted and accretion expense is recognized using the credit adjusted risk-free interest rate in effect when the liability was initially recognized.

For the year ended December 31, 2021, 2020 and 2019 software development costs totaling $43.2 million, $54.3 million, $50.8 million, respectively, were capitalized. Amortization of software development costs totaled $34.9 million, $33.1 million and $31.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization of software development costs is included as part of “Occupancy and equipment” in the Company’s consolidated statements of operations.

Impairment charges of $11.1 million, $9.0 million and $4.5 million were recorded for the years ended December 31, 2021, 2020 and 2019, respectively, related to the evaluation of capitalized software projects for future benefit and for fixed assets no longer in service. Impairment charges related to capitalized software and fixed assets are reflected in “Occupancy and equipment” in the Company’s consolidated statements of operations.