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PROPERTY AND EQUIPMENT | 12 Months Ended
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Feb. 29, 2016
PROPERTY AND EQUIPMENT |
PROPERTY AND EQUIPMENT | NOTE 4 – 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) |  | 2016 |  | 2015
Land |  |  | - |  |  | $ | 12,800 |  | $ | 12,800
Building and improvements |  | 3 | - | 40 |  |  | 108,509 |  |  | 102,058
Computer, furniture and other equipment |  | 3 | - | 15 |  |  | 70,778 |  |  | 64,464
Tools, molds and other production equipment |  | 1 | - | 10 |  |  | 28,254 |  |  | 25,861
Construction in progress |  |  | - |  |  |  | 4,050 |  |  | 3,039
Property and equipment, gross |  |  |  |  |  |  | 224,391 |  |  | 208,222
Less accumulated depreciation |  |  |  |  |  |  | (93,926) |  |  | (82,154)
Property and equipment, net |  |  |  |  |  | $ | 130,465 |  | $ | 126,068
We recorded $14.98, $14.33 and $12.23 million of depreciation expense for fiscal years 2016, 2015 and 2014, respectively. Capital expenditures for property and equipment totaled $19.50, $5.36 and $40.12 million in fiscal years 2016, 2015 and 2014, respectively. We lease certain facilities, equipment and vehicles under operating leases, which expire at various dates through fiscal year 2027. Certain of the leases contain escalation clauses and renewal or purchase options. Rent expense related to our operating leases was $5.86, $5.01 and $5.68 million for fiscal years 2016, 2015 and 2014, respectively. As of February 29, 2016, we recorded non-cash impairment charges totaling $0.08 million, before and after tax, to reflect Venezuelan property and equipment at its estimated fair value. See Note (2) to these consolidated financial statements for additional information regarding the impairment of assets as a result of recent developments in Venezuela. During the second quarter of fiscal year 2016, we substantially completed the transition of our Nutritional Supplements segment’s distribution operation from a third party logistics provider to our Southaven, Mississippi facility in order to better control its operations, more efficiently utilize our facilities and reduce overall distribution costs. Capital expenditures for fiscal year 2016 included $1.65 million in connection with this project. During the first quarter of fiscal year 2015, we completed the transition of our domestic Beauty appliance distribution operation to our facility in Olive Branch, Mississippi. The capital expenditures made in connection with the Beauty appliance transition were not material. 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 year 2014 included $34.03 million in connection with this project. The new facility consolidated the distribution operations of our U.S. based Beauty and Health & Home segment’s appliance businesses. See Note (9) to these consolidated financial statements for related information regarding the debt incurred to fund the construction of the 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 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 2: 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=51717284&loc=d3e1361-107760 Reference 3: 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=51719941&loc=d3e2921-110230 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 + Details
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