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This excerpt taken from the CVS 10-K filed Feb 27, 2007. Property and equipment
~ Property, equipment and improvements to leased premises are depreciated using
the straight-line method over the estimated useful lives of the assets, or when
applicable, the term of the lease, whichever is shorter. Estimated useful lives
generally range from 10 to 40 years for buildings, building improvements and
leasehold improvements and 5 to 10 years for fixtures and equipment. Repair and
maintenance costs are charged directly to expense as incurred. Major renewals
or replacements that substantially extend the useful life of an asset are
capitalized and depreciated.
Following are the components of property and equipment included in the consolidated balance sheets as of the respective balance sheet dates:
The Company capitalizes application development stage costs for significant internally developed software projects. These costs are amortized over a five-year period. Unamortized costs were $75.5 million as of December 30, 2006 and $84.3 million as of December 31, 2005. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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