Long-Term Leases and Commitments

12 Months Ended

Feb. 29, 2016

Leases [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. Rental expense under operating leases for the years ended 2016, 2015 and 2014 is as follows:

	2016			2015			2014
Gross rentals	$	76,194		$	84,612		$	83,790
Sublease rentals		(1,742	)		(2,945	)		(5,152	)
Net rental expense	$	74,452		$	81,667		$	78,638

At February 29, 2016, future minimum rental payments for noncancelable operating leases, net of aggregate future minimum noncancelable sublease rentals, are as follows:

Gross rentals:
2017	$	62,824
2018		61,053
2019		53,355
2020		47,594
2021		42,135
Later years		174,294
		441,255
Sublease rentals		(4,839	)
Net rentals	$	436,416

The table above includes approximately $264,000 of estimated future minimum rental payments related to the Clinton Cards business. Also included in the table above is approximately $159,000 of estimated future minimum rental payments related to the new world headquarters building. See Note 18 - “World headquarters relocation” for further information.