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PROPERTY AND EQUIPMENT | 12 Months Ended
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Feb. 28, 2013
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT | NOTE 3 - PROPERTY AND EQUIPMENT A summary of property and equipment is as follows: PROPERTY AND EQUIPMENT (in thousands)
|  | Estimated |  |  |  |  |  |  |
|  | Useful Lives |  |  | February 28, |  |  | February 29, |
|  | (Years) |  |  | 2013 |  |  | 2012 |
Land |  | - |  |  | $ | 12,800 |  |  | $ | 8,767 |
Building and improvements |  | 3 - 40 |  |  | 66,994 |  |  | 66,580 |
Computer, furniture and other equipment |  | 3 - 15 |  |  | 58,284 |  |  | 56,162 |
Tools, molds and other production equipment |  | 1 - 10 |  |  | 29,264 |  |  | 25,617 |
Construction in progress |  | - |  |  | 9,149 |  |  | 6,114 |
Property and equipment, gross |  |  |  |  | 176,491 |  |  | 163,240 |
Less accumulated depreciation |  |  |  |  | (74,775 | ) |  | (62,550 | )
Property and equipment, net |  |  |  |  | $ | 101,716 |  |  | $ | 100,690 |
We recorded $12.03, $9.14 and $8.28 million of depreciation expense for fiscal years 2013, 2012 and 2011, respectively. Capital expenditures for property and equipment totaled $13.61, $15.38 and $4.27 million in fiscal years 2013, 2012 and 2011, respectively. We lease certain facilities, equipment and vehicles under operating leases, which expire at various dates through fiscal year 2019. Certain of the leases contain escalation clauses and renewal or purchase options. Rent expense related to our operating leases was $6.39, $5.59 and $3.16 million for fiscal years 2013, 2012 and 2011, respectively. In December 2012, the Company entered into a series of agreements with various parties for the acquisition and construction of a new 1.3 million square foot distribution facility to be built to our specifications on approximately 84 acres of land in Olive Branch, Mississippi. The total cost of the project after certain incentives and sales tax exemptions is approximately $38.00 million, including distribution equipment and IT infrastructure. These costs are subject to usual and customary adjustments. The new facility will consolidate the operations of our U.S. based Personal Care and Healthcare / Home Environment appliance businesses. This will allow for continued expansion of our U.S. based Housewares and Personal Care liquid, solid- and powder-based personal care and grooming products within our existing 1.2 million square foot distribution facility in Southaven, Mississippi. We expect to finance the costs of the project out of proceeds received pursuant to a loan agreement entered into after fiscal year end 2013 between Kaz USA, Inc. and the Mississippi Business Finance Corporation ( “MBFC”) in connection with the issuance of taxable industrial revenue bonds by the MBFC. For further information regarding the loan agreement, see Note (21) to these consolidated financial statements. We expect the new facility to become operational during the third quarter of fiscal year 2014. At that time, we will vacate an existing leased facility in Memphis, Tennessee.

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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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