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12 - COMMITMENTS AND CONTINGENCIES: |
The Company leases space for its offices,
warehouses and retail stores under leases expiring from one to nineteen
years after May 31, 1998. Rent expense aggregated $129.6 million,
$84.1 million and $52.5 million for the years ended May 31, 1998,
1997 and 1996, respectively. Amounts of minimum future annual rental
commitments under non-cancelable operating leases in each of the
five fiscal years 1999 through 2003 are $92.7 million, $89.6 million,
$79.5 million, $72.9 million, $60.2 million, respectively, and $326.8
million in later years.
Lawsuits arise during the normal course
of business. In the opinion of management, none of the pending lawsuits
will result in a significant impact on the consolidated results
of operations or financial position.
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