PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 29, 2012

NOTE C – PROPERTY AND EQUIPMENT

Property and equipment consisted of:


(In thousands)	December 29, 2012			December 31, 2011
Land	$	31,430		$	34,258
Buildings		290,153			335,862
Leasehold improvements		746,909			998,736
Furniture, fixtures and equipment		1,337,612			1,547,659

		2,406,104			2,916,515
Less accumulated depreciation		(1,549,763	)		(1,849,475	)

Total	$	856,341		$	1,067,040

The above table of property and equipment includes assets held under capital leases as follows:


(In thousands)	December 29, 2012			December 31, 2011
Buildings	$	228,392		$	266,992
Furniture, fixtures and equipment		57,565			53,924

		285,957			320,916
Less accumulated depreciation		(106,720	)		(112,250	)

Total	$	179,237		$	208,666

Depreciation expense was $152.1 million in 2012, $161.0 million in 2011, and $163.2 million in 2010. Refer to Note I for additional information on asset impairment charges.

Included in $1,337.6 million above, are capitalized software costs of $398.0 million and $378.8 million at December 29, 2012 and December 31, 2011, respectively. The unamortized amounts of the capitalized software costs are $165.7 million and $177.9 million at December 29, 2012 and December 31, 2011, respectively. Amortization of capitalized software costs totaled $46.2 million, $45.2 million and $42.2 million in 2012, 2011 and 2010, respectively. Software development costs that do not meet the criteria for capitalization are expensed as incurred.

Estimated future amortization expense for the next five years related to capitalized software at December 29, 2012 is as follows:


(In millions)
2013	$	49.4
2014		47.8
2015		43.4
2016		18.7
2017		6.3
Thereafter		0.1

The weighted average amortization period for the remaining capitalized software is 3.6 years.

In 2010, the Company recognized a $51.3 million asset impairment associated with the abandonment of a certain capitalized software application. This asset impairment is included in Asset impairments in the Consolidated Statement of Operations.

- 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.

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