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PROPERTY AND EQUIPMENT | 12 Months Ended
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Feb. 28, 2014
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 | Last Day of February,
| (Years) | 2014 | 2013
Land | - | $ | 12,800 | $ | 12,800
Building and improvements | 3 - 40 | 98,660 | 66,994
Computer, furniture and other equipment | 3 - 15 | 60,291 | 58,284
Tools, molds and other production equipment | 1 - 10 | 23,017 | 29,264
Construction in progress | - | 5,865 | 9,149
Property and equipment, gross |  | 200,633 | 176,491
Less accumulated depreciation |  | (71,516) | (74,775)
Property and equipment, net |  | $ | 129,117 | $ | 101,716
We recorded $12.23, $12.03 and $9.14 million of depreciation expense for fiscal years 2014, 2013 and 2012, respectively. Capital expenditures for property and equipment totaled $40.12, $13.61 and $15.38 million in fiscal years 2014, 2013 and 2012, 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 $5.68, $6.39 and $5.59 million for fiscal years 2014, 2013 and 2012, respectively. During the third quarter of fiscal year 2014, in connection with our move to a new distribution facility discussed below, we terminated a previously leased distribution facility in Memphis, Tennessee as of October 31, 2013. During fiscal year 2014, the Company completed construction of a new 1.3 million square foot distribution facility on approximately 84 acres of land in Olive Branch, Mississippi. Capital expenditures for fiscal years 2014 and 2013 include $34.03 million and $4.03 million, respectively, in connection with this project. The new facility will consolidate the distribution operations of our U.S. based Personal Care and Healthcare / Home Environment segment’s appliance businesses. We commenced shipments out of the new facility during the first week of September 2013. We are in the process of completing the transition of our domestic Personal Care segment appliance distribution operation to the new facility, which we expect to complete in the first quarter of fiscal year 2015. Remaining capital expenditure commitments in connection with the Personal Care segment appliance transition are not expected to be material. See Note (9) to these consolidated financial statements for related information regarding the debt incurred to fund the construction of the new distribution facility.

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- 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. + References Reference 1: 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 2: 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 Reference 3: 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 4: 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 + Details
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