World Fuel Services 2015 Annual Report Download - page 69

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64
4. Property and Equipment
The amount of property and equipment and their respective estimated useful lives are as follows (in millions, except
estimated useful lives):
As of December 31, Estimated
2015 2014 Useful Lives
Land $ 31.6 $ 17.7 Indefinite
Buildings and leasehold improvements 41.2 43.7 3 - 40 years
Office equipment, furniture and fixtures 14.1 13.6 3 - 10 years
Computer equipment and software costs 118.9 102.7 3 - 10 years
Machinery, equipment and vehicles 160.1 132.5 3 - 40 years
365.9 310.2
Accumulated depreciation and amortization 140.3 106.8
$ 225.6 $ 203.4
For 2015, 2014 and 2013, we recorded depreciation expense of $35.1 million, $30.3 million and $22.0 million, respectively.
The amount of computer software costs, including capitalized internally developed software costs are as follows (in millions):
As of December 31,
2015 2014
Computer software costs $ 91.4 $ 76.8
Accumulated amortization 55.8 45.2
Computer software costs, net $ 35.6 $ 31.6
Included in capitalized computer software costs are costs incurred in connection with software development in progress of
$7.0 million and $4.7 million as of December 31, 2015 and 2014, respectively. For 2015, 2014 and 2013, we recorded
amortization expense related to computer software costs of $10.7 million, $9.8 million and $7.8 million, respectively.
The assets and accumulated amortization recorded under capital leases are as follows (in millions):
As of December 31,
2015 2014
Capital leases $ 23.0 $ 17.7
Accumulated amortization 11.0 5.5
Capital leases, net $ 12.0 $ 12.2
5. Goodwill and Identifiable Intangible Assets
In 2015, we used qualitative factors to review goodwill for impairment for all of our reporting units and performed a
quantitative analysis to review our identifiable intangible assets not subject to amortization for impairment. As a result of
performing the aforementioned assessments, we determined that no impairment existed as of December 31, 2015 and,
therefore, there were no write-downs to any of our goodwill or identifiable intangible assets not subject to amortization.