Property and Equipment

12 Months Ended

Jan. 03, 2015

Property, Plant and Equipment [Abstract]

Note 5: Property and Equipment

Snap-on’s property and equipment values (which are carried at cost) as of 2014 and 2013 year end are as follows:


(Amounts in millions)	2014		2013
Land	$	18.3	$	19.6
Buildings and improvements		294.0		292.0
Machinery, equipment and computer software		750.8		725.4

Property and equipment – gross		1,063.1		1,037.0
Accumulated depreciation and amortization		(658.6)		(644.5)

Property and equipment – net	$	404.5	$	392.5

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 2014 and 2013 year end are as follows:


(Amounts in millions)	2014		2013
Buildings and improvements	$	20.2	$	23.5
Accumulated depreciation		(9.7)		(10.1)

Net book value	$	10.5	$	13.4

Depreciation expense was $54.8 million, $51.2 million and $50.2 million in 2014, 2013 and 2012, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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