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Property and Equipment | 12 Months Ended
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Feb. 28, 2017
Property and Equipment |
Property and Equipment | Note 5 – Property and Equipment A summary of property and equipment is as follows: PROPERTY AND EQUIPMENT
|  | Estimated |  |  |
|  | Useful Lives |  | February 28, |  | February 29,
(in thousands) |  | (Years) |  | 2017 |  | 2016
Land |  |  | - |  |  | $ | 12,800 |  | $ | 12,800
Building and improvements |  | 3 | - | 40 |  |  | 109,026 |  |  | 108,509
Computer, furniture and other equipment |  | 3 | - | 15 |  |  | 81,122 |  |  | 70,778
Tools, molds and other production equipment |  | 1 | - | 10 |  |  | 31,157 |  |  | 28,254
Construction in progress |  |  | - |  |  |  | 7,391 |  |  | 4,050
Property and equipment, gross |  |  |  |  |  |  | 241,496 |  |  | 224,391
Less accumulated depreciation |  |  |  |  |  |  | (106,561) |  |  | (93,926)
Property and equipment, net |  |  |  |  |  | $ | 134,935 |  | $ | 130,465
We recorded $16.0, $15.0 and $14.3 million of depreciation expense including $4.6, $4.3 and $3.8 million in cost of goods sold and $11.4, $10.7 and $10.5 million in SG&A in the consolidated statements of income for fiscal 2017, 2016 and 2015, respectively. We lease certain facilities, equipment and vehicles under operating leases, which expire at various dates through fiscal 2027. Certain of the leases contain escalation clauses and renewal or purchase options. Rent expense related to our operating leases was $6.1, $5.9 and $5.0 million for fiscal 2017, 2016 and 2015, respectively. As of February 29, 2016, we recorded non-cash impairment charges totaling $0.1 million, before and after tax, to reflect Venezuelan property and equipment at its estimated fair value. See Note 3 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 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 2016 included $1.7 million in connection with this project.

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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=64827811&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=64862545&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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