PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2015

G. PROPERTY AND EQUIPMENT

	(In Millions)
	At December 31
	2015			2014
Land and improvements	$	115		$	122
Buildings		672			715
Machinery and equipment		1,787			1,790

		2,574			2,627
Less: Accumulated depreciation		(1,547	)		(1,581	)

Total	$	1,027		$	1,046

We lease certain equipment and plant facilities under noncancellable operating leases. Rental expense recorded in the consolidated statements of operations totaled approximately $60 million, $63 million and $59 million during 2015, 2014 and 2013, respectively.

At December 31, 2015, future minimum lease payments were as follows, in millions:

2016	$	38
2017		27
2018		20
2019		16
2020		11
2021 and beyond		65

As a result of our business rationalization activities, over the last several years we were holding several facilities for sale. The net book value of facilities held for sale was approximately $2 million and $17 million, included in property and equipment, net, in the consolidated balance sheets, as of December 31, 2015 and 2014, respectively.

During 2014, we decided to sell two facilities in our Cabinets and Related Products segment, and we recorded a charge of $28 million, included in cost of sales in the consolidated statement of operations, to reflect the estimated fair value of those two facilities. Fair value was estimated using a market approach, considering the estimated fair values for other comparable buildings in the areas where the facilities are located (Level 3 inputs). These facilities were considered held for sale as of December 31, 2014 and were sold in 2015.