Note 5: Property and Equipment
Snap-on’s property and equipment values (which are carried at cost) as of 2013 and 2012 year end are as follows:
| (Amounts in millions) | 2013 | 2012 | ||||||
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Land |
$ | 19.6 | $ | 19.4 | ||||
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Buildings and improvements |
292.0 | 286.2 | ||||||
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Machinery, equipment and computer software |
725.4 | 684.6 | ||||||
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Property and equipment – gross |
1,037.0 | 990.2 | ||||||
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Accumulated depreciation and amortization |
(644.5) | (615.0) | ||||||
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Property and equipment – net |
$ | 392.5 | $ | 375.2 | ||||
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The estimated service lives of property and equipment are principally as follows:
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Buildings and improvements |
3 to 50 years | |
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Machinery, equipment and computer software |
2 to 15 years |
The cost and accumulated depreciation of property and equipment under capital leases as of 2013 and 2012 year end are as follows:
| (Amounts in millions) | 2013 | 2012 | ||||||
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Buildings and improvements |
$ | 23.5 | $ | 27.4 | ||||
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Machinery, equipment and computer software |
– | 1.6 | ||||||
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Accumulated depreciation |
(10.1) | (11.3) | ||||||
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Net book value |
$ | 13.4 | $ | 17.7 | ||||
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Depreciation expense was $51.2 million, $50.2 million and $49.3 million in 2013, 2012 and 2011, respectively.