Property and Equipment

12 Months Ended

Nov. 29, 2013

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following as of November 29, 2013 and November 30, 2012 (in thousands):



	2013			2012
Computers and equipment	$	731,767		$	702,270
Furniture and fixtures	82,904			84,697
Server hardware under capital lease	61,007			35,303
Capital projects in-progress	54,593			63,980
Leasehold improvements	235,859			222,262
Land	106,283			114,941
Buildings	175,325			175,222
Total	1,447,738			1,398,675
Less accumulated depreciation and amortization	(787,964		)	(734,373		)
Property and equipment, net	$	659,774		$	664,302

Depreciation and amortization expense of property and equipment for fiscal 2013, 2012 and 2011 was $144.7 million, $134.4 million and $117.5 million, respectively.

In May 2013, management approved a plan to sell land, building and other assets located in Waltham, Massachusetts (the "Waltham property assets") with a total carrying amount of $47.4 million. The decision to sell the Waltham property assets was largely based upon lack of operational needs for a facility of this size, in combination with recent improvements in market conditions for commercial real estate in the area. During May 2013, we began to actively market the Waltham property assets and we expected to sell the property within one year from management's approval of the plan and classified the Waltham property assets as held for sale at $23.6 million representing their fair value, net of estimated costs to sell which was the lesser of the fair value less cost to sell or carrying amount of the assets. The fair value, net of estimated cost to sell was measured with the assistance of third-party valuation models which used inputs such as market comparable data for similar properties to be purchased by other operating and investing entities and discounted cash flow techniques as part of the analysis. The fair value measurement was categorized as Level 3 as significant unobservable inputs were used in the valuation analysis. We ceased recognizing depreciation expense on the Waltham property assets upon reclassification. As a result, we recorded a write-down of $23.8 million during fiscal 2013. These charges are included in restructuring and other related charges in our Consolidated Statements of Income for fiscal 2013. In September 2013, we finalized the sale of the Waltham property assets for net proceeds of $24.3 million which approximated the carrying value of the assets at the time of sale.

- 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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