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Property and Equipment | 12 Months Ended
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Dec. 29, 2012
Property and Equipment | Note 5: Property and Equipment Snap-on’s property and equipment values (which are carried at cost) as of 2012 and 2011 year end are as follows:
(Amounts in millions) |  | 2012 |  |  | 2011 |
Land |  | $ | 19.4 |  |  | $ | 19.8 |
Buildings and improvements |  |  | 286.2 |  |  |  | 274.9 |
Machinery, equipment and computer software |  |  | 684.6 |  |  |  | 632.3 |
Property and equipment – gross |  |  | 990.2 |  |  |  | 927.0 |
Accumulated depreciation and amortization |  |  | (615.0) |  |  |  | (574.1) |
Property and equipment – net |  | $ | 375.2 |  |  | $ | 352.9 |
The estimated service lives of property and equipment are principally as follows:
Buildings and improvements |  | 3 to 50 years
Machinery, equipment and computer software |  | 2 to 15 years
The cost and accumulated depreciation of property and equipment under capital leases as of 2012 and 2011 year end are as follows:
(Amounts in millions) |  | 2012 |  |  | 2011 |
Buildings and improvements |  | $ | 27.4 |  |  | $ | 30.0 |
Machinery, equipment and computer software |  |  | 1.6 |  |  |  | 1.6 |
Accumulated depreciation |  |  | (11.3) |  |  |  | (10.6) |
Net book value |  | $ | 17.7 |  |  | $ | 21.0 |
Depreciation expense was $50.2 million, $49.3 million and $48.7 million in 2012, 2011 and 2010, respectively. During the fourth quarter of 2012, Snap-on committed to a plan to sell its former Newmarket, Canada, tool storage manufacturing facility; this facility was closed as a result of the 2011 consolidation of the company’s North American tool storage operations. The Newmarket facility, which is part of the Snap-on Tools Group segment, has been designated as held for sale and is expected to sell in 2013. The facility’s $7.2 million net book value, which consists of land and building, has been reclassified to “Prepaid expenses and other assets” as of December 29, 2012, on the accompanying Consolidated Balance Sheets. The company does not expect to incur a loss on the sale of this facility.

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 + Details
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