World Fuel Services 2013 Annual Report Download - page 67

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4. Property and Equipment
The amount of property and equipment and their respective estimated useful lives are as follows (in thousands, except estimated
useful lives):
As of December 31, Estimated
2013 2012 Useful Lives
Land $ 4,653 $ 4,653 Indefinite
Buildings and leasehold improvements 20,299 21,081 3 - 15 years
Office equipment, furniture and fixtures 8,629 8,415 3 - 7 years
Computer equipment and software costs 88,077 80,233 3 - 9 years
Machinery, equipment and vehicles 92,364 66,122 3 - 30 years
214,022 180,504
Accumulated depreciation and amortization 84,337 67,979
$129,685 $112,525
For 2013, 2012 and 2011, we recorded depreciation expense of $22.0 million, $18.6 million and $15.5 million, respectively.
The amount of computer software costs, including capitalized internally developed software costs are as follows (in thousands):
As of December 31,
2013 2012
Computer software costs $67,366 $60,465
Accumulated amortization 35,499 27,710
Computer software costs, net $31,867 $32,755
Included in capitalized computer software costs are costs incurred in connection with software development in progress of
$6.0 million and $3.0 million as of December 31, 2013 and 2012, respectively. For 2013, 2012 and 2011, we recorded amortization
expense related to computer software costs of $7.8 million, $7.2 million and $6.1 million, respectively.
The assets and accumulated amortization recorded under capital leases are as follows (in thousands):
As of December 31,
2013 2012
Capital leases $5,268 $4,489
Accumulated amortization 1,869 816
Capital leases, net $3,399 $3,673
5. Goodwill and Identifiable Intangible Assets
We performed the first step of quantitative testing for goodwill impairment for one reporting unit in our land segment. For all other
reporting units, we used qualitative factors to review goodwill for impairment. As a result of performing the reviews for impairment of
goodwill and identifiable intangible assets not subject to amortization, we determined that no impairment existed as of December 31,
2013 or 2012, and, therefore, there were no write-downs to any of our goodwill or identifiable intangible assets not subject to
amortization.
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