CDW 2006 Annual Report Download - page 51

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41
these investments until a recovery of fair value, which may be maturity, the Company does not
consider those investments to be other-than-temporarily impaired as of December 31, 2006.
Net unrealized holding losses on available-for-sale securities are determined by specific
identification and are included in accumulated other comprehensive income, which is reflected as a
separate component of shareholders’ equity. The gross realized losses on marketable securities
that are included in other expense in the Consolidated Statements of Income are not material.
The following table summarizes the maturities of our fixed income securities as of December 31,
2006 and 2005 (in thousands):
Estimated Amortized
Fair Value Cost
December 31, 2006
Due in one year or less $ 203,331 $ 203,515
Due in greater than one year 39,916 40,000
Total investments in marketable securities $ 243,247 $ 243,515
December 31, 2005
Due in one year or less $ 370,003 $ 370,990
Due in greater than one year 38,964 39,319
Total investments in marketable securities $ 408,967 $ 410,309
As of December 31, 2006, all of the marketable securities that are due after one year have
maturity dates prior to December 31, 2008.
5. Property and Equipment
Property and equipment consists of the following (in thousands):
December 31,
2006 2005
Land $ 16,189 $ 10,367
Machinery and equipment 69,482 40,829
Building and leasehold improvements 87,572 34,970
Computer and data processing equipment 35,361 35,972
Computer software 33,748 29,651
Furniture and fixtures 14,611 9,843
Construction in progress 5,794 28,102
Total property and equipment 262,757 189,734
Less accumulated depreciation 91,309 92,457
Net property and equipment $ 171,448 $ 97,277
During 2006 and 2005, we recorded adjustments of $25.9 million and $12.8 million, respectively,
to remove fully depreciated assets that were no longer in use from property and equipment and
accumulated depreciation.
Depreciation expense for the years ended December 31, 2006, 2005, and 2004 was $25.4
million, $20.4 million, and $15.8 million, respectively.