Fixed Assets, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

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


	December 31, 2023		December 31, 2022
Computer and communications equipment	$	103,621	$	95,730
Software, including software development costs	360,047		320,275
Leasehold improvements and other fixed assets	99,034		94,875
	562,702		510,880
Less: accumulated depreciation and amortization	(384,402)		(327,402)
Fixed assets, net	$	178,300	$	183,478

Depreciation expense was $21.0 million, $22.3 million and $23.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Depreciation is included as part of “Occupancy and equipment” in the Company’s Consolidated Statements of Operations.

The Company has approximately $5.9 million and $5.8 million of asset retirement obligations related to certain of its leasehold improvements as of December 31, 2023 and 2022, 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 years ended December 31, 2023, 2022 and 2021 software development costs totaling $45.0 million, $48.2 million, and $43.2 million, respectively, were capitalized. Amortization of software development costs totaled $43.3 million, $37.1 million and $34.9 million for the years ended December 31, 2023, 2022 and 2021, 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 $3.1 million, $6.1 million and $11.1 million were recorded for the years ended December 31, 2023, 2022 and 2021, 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.