Long-Term Lease and Commitments

12 Months Ended

Feb. 28, 2011

Long-Term Lease and Commitments [Abstract]

LONG-TERM LEASES AND COMMITMENTS

NOTE 13 – LONG-TERM LEASES AND COMMITMENTS

The Corporation is committed under noncancelable operating leases for commercial properties (certain of which have been subleased) and equipment, terms of which are generally less than 10 years. Rental expense under operating leases for the years ended February 28, 2011, 2010 and 2009 is as follows:

	2011			2010			2009
Gross rentals	$	33,452		$	47,473		$	48,332
Sublease rentals		(16,387	)		(24,891	)		(460	)
Net rental expense	$	17,065		$	22,582		$	47,872

At February 28, 2011, future minimum rental payments for noncancelable operating leases, net of aggregate future minimum noncancelable sublease rentals, are as follows:

Gross rentals:
2012	$	16,195
2013		11,599
2014		8,075
2015		6,143
2016		4,831
Later years		10,525
		57,368
Sublease rentals		(36,052	)
Net rentals	$	21,316

The majority of the sublease rentals in the table above are being paid by Schurman. These amounts relate to retail stores acquired by Schurman that are being subleased to Schurman. See Note 2 for additional information. The failure of Schurman to operate the retail stores successfully could have a material adverse effect on the Corporation, because if Schurman is not able to comply with its obligations under the subleases, the Corporation remains contractually obligated, as primary lessee, under those leases.