Property and Equipment

6 Months Ended

Jul. 31, 2012

3. Property and Equipment

Property and equipment consisted of the following (in thousands):


	July 31, 2012			January 31, 2012
Land	$	248,263		$	248,263
Building improvements		49,572			43,868
Computers, equipment and software		280,868			232,460
Furniture and fixtures		29,402			25,250
Leasehold improvements		148,470			137,587

		756,575			687,428
Less accumulated depreciation and amortization		(199,799	)		(159,482	)

	$	556,776		$	527,946

Depreciation and amortization expense totaled $23.3 million and $16.7 million for the three months ended July 31, 2012 and 2011, respectively, and $45.7 million and $31.5 million for the six months ended July 31, 2012 and 2011, respectively.

Computers, equipment and software at July 31, 2012 and January 31, 2012 included a total of $119.3 million and $105.1 million acquired under capital lease agreements, respectively. Accumulated amortization relating to computers, equipment and software under capital leases totaled $43.1 million and $31.7 million, respectively, at July 31, 2012 and January 31, 2012. Amortization of assets under capital leases is included in depreciation and amortization expense.

In November 2010, the Company purchased approximately 14 acres of undeveloped real estate in San Francisco, California, including entitlements and improvements associated with the land. In addition to the amounts reflected in the table above, the Company recorded $23.3 million related to the perpetual parking rights and classified such rights as a purchased intangible asset as it represents an intangible right to use the existing garage. The Company has capitalized pre-construction activities related to the development of the land, including interest costs and property taxes since the November 2010 purchase. The pre-construction costs capitalized for the six months ended July 31, 2012 were $5.7 million. During the first quarter of fiscal 2013, the Company suspended pre-construction activity. The total carrying value of the land, building improvements and perpetual parking rights was $321.1 million as of July 31, 2012. The Company is currently evaluating its future needs for office facilities space and its options for the undeveloped real estate.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details