OfficeMax 2015 Annual Report Download - page 80
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Table of Contents
remaining $137 million incurred in 2014 is comprised of $124 million Merger transaction and integration expenses, $9 million European restructuring
integration expenses, $5 million employee non-cash equity compensation expenses, and $1 million net credit associated primarily to fixed assets and rent
related items.
Property and equipment consists of:
(In millions)
December 27,
2014
Land $ 88
Buildings 431
Leasehold improvements 745
Furniture, fixtures and equipment 1,480
2,744
Less accumulated depreciation (1,781)
Total $ 963
The above table of property and equipment includes assets held under capital leases as follows:
(In millions)
December 27,
2014
Buildings $ 204
Furniture, fixtures and equipment 74
278
Less accumulated depreciation (124)
Total $ 154
Depreciation expense was $193 million in 2015, $210 million in 2014, and $149 million in 2013.
Included in furniture, fixtures and equipment above are capitalized software costs of $544 million and $558 million at December 26, 2015 and December 27,
2014, respectively. The unamortized amounts of the capitalized software costs are $114 million and $148 million at December 26, 2015 and December 27,
2014, respectively. Amortization of capitalized software costs totaled $76 million, $86 million and $56 million in 2015, 2014 and 2013, respectively.
Software development costs that do not meet the criteria for capitalization are expensed as incurred.
Estimated future amortization expense related to capitalized software at December 26, 2015 is as follows:
(In millions)
2016 $52
2017 31
2018 18
2019 9
2020 4
The weighted average remaining amortization period for capitalized software is 2.4 years.
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