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Fixed Assets, Net | 12 Months Ended
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Dec. 31, 2019
Property Plant And Equipment [Abstract] |
Fixed Assets, Net |
1 8. | Fixed Assets, Net
Fixed assets, net consisted of the following (in thousands):
|  | December 31, 2020 |  |  | December 31, 2019 |
Computer and communications equipment |  | $ | 92,565 |  |  | $ | 95,115 |
Software, including software development costs |  |  | 259,439 |  |  |  | 235,230 |
Leasehold improvements and other fixed assets |  |  | 120,951 |  |  |  | 116,231 |
|  |  | 472,955 |  |  |  | 446,576 |
Less: accumulated depreciation and amortization |  |  | (258,173 | ) |  |  | (241,735 | )
Fixed assets, net |  | $ | 214,782 |  |  | $ | 204,841 |
Depreciation expense was $24.1 million, $21.5 million and $19.5 million for the years ended December 31, 2020, 2019 and 2018, 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 $6.4 million of asset retirement obligations related to certain of its leasehold improvements as of December 31, 2020 and 2019, 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, 2020, 2019 and 2018, software development costs totaling $54.0 million, $48.8 million and $49.9 million, respectively, were capitalized. Amortization of software development costs totaled $31.8 million, $28.6 million and $24.7 million for the years ended December 31, 2020, 2019 and 2018, 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 $7.0 million, $4.5 million and $1.1 million were recorded for the years ended December 31, 2020, 2019 and 2018, 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.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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