Restatement

12 Months Ended

Feb. 28, 2011

Restatement [Abstract]

Restatement

NOTE 1A – RESTATEMENT

The Corporation is restating its previously issued consolidated financial statements for the fiscal years ended February 28, 2011, 2010 and 2009 to correct an error in its accounting for income taxes that arose in the fiscal year ended February 29, 2004.

The Corporation identified an understatement of a deferred tax asset in connection with a review of certain calculations used in determining the tax basis of its inventory. During this review, it was discovered that the deferred tax asset related to this matter as reflected on the Corporation’s consolidated statement of financial position did not appropriately reflect certain differences between the basis of the Corporation’s inventory used for financial reporting purposes and the basis of the Corporation’s inventory used for tax purposes. The amount of the understatement of the deferred tax asset was $14.8 million. The Corporation determined that the difference occurred as a result of an adjustment to the deferred tax asset in the fiscal year ended February 29, 2004, which resulted in the understatement of net income, deferred and refundable income taxes, current assets, total assets and total shareholders’ equity by $14.8 million for the fiscal year ended February 29, 2004. The effect of the restatement had no impact on reported cash flows or any results of operations in the subsequent periods.

To correct the understatement of the deferred tax asset described above, the Corporation has recorded an increase in a deferred tax asset of $14.8 million with a corresponding increase to retained earnings as of March 1, 2008. The correction of the error also has the effect of increasing current assets, total assets, retained earnings and total shareholders’ equity. Accordingly, the restatement corrects the following line items in the Corporation’s consolidated financial statements as reported:

Date	As Previously Reported		As Restated
	(Thousands of dollars)
As of February 28, 2011
Deferred and refundable income taxes	$	50,051	$	64,898
Total current assets		700,924		715,771
Total assets		1,532,402		1,547,249
Retained earnings		1,171,008		1,185,855
Total shareholders’ equity		748,911		763,758
As of February 28, 2010
Deferred and refundable income taxes	$	78,433	$	93,280
Total current assets		679,291		694,138
Total assets		1,529,651		1,544,498
Retained earnings		1,112,047		1,126,894
Total shareholders’ equity		636,064		650,911
As of February 28, 2009
Retained earnings	$	1,044,926	$	1,059,772
Total shareholders’ equity		529,189		544,035
As of March 1, 2008
Retained earnings	$	1,300,662	$	1,315,508
Total shareholders’ equity		943,411		958,257