Property and Equipment

12 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property, equipment and leasehold improvements in the accompanying consolidated balance sheets consist of the following:

	Year Ended June 30,
	2020			2019
	(Dollars in Thousands)
Property, equipment and leasehold improvements, at cost:
Computer equipment	$	6,958		$	6,642
Purchased software	22,534			22,793
Furniture & fixtures	6,971			6,794
Leasehold improvements	12,424			12,232
Property, equipment and leasehold improvements, at cost	48,887			48,461
Accumulated depreciation	(42,924		)	(41,227		)
Property, equipment and leasehold improvements, net	$	5,963		$	7,234

Property and equipment are stated at cost. We record depreciation using the straight-line method over their estimated useful lives, as follows:

Asset Classification	Estimated Useful Life
Computer equipment	3 years
Purchased software	3 - 5 years
Furniture and fixtures	3 - 10 years
Leasehold improvements	Life of lease or asset, whichever is shorter

During fiscal 2020 and 2019, we wrote off fully depreciated property, equipment and leasehold improvements that were no longer in use with gross book values of $0.9 million and $3.5 million, respectively.

Depreciation expense was $2.4 million, $3.1 million and $3.9 million for fiscal 2020, 2019 and 2018, respectively.

We account for asset retirement obligations in accordance with ASC Topic 410, Asset Retirement and Environmental Obligations. Our asset retirement obligations relate to leasehold improvements for leased properties. The balance of our asset retirement obligations was $0.9 million as of June 30, 2020 and 2019, respectively.