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A. LEASES

The Company occupies office and warehouse facilities under terms of operating leases expiring up to 2009. Total rent expense for 2001, 2000 and 1999 was $24,323, $19,390 and $17,768, respectively. At December 31, 2001, future minimum annual lease payments under all leases are as follows:

2002 $ 26,422
2003   19,983
2004   13,291
2005   7,979
2006   3,484
Thereafter   7,149
 

  $ 78,308
 

 

B. EMPLOYEE BENEFITS

The Company has employee savings plans under which the Company provides a discretionary matching contribution. In 2001, 2000, and 1999, the Company’s contributions under the plans were $2,937, $2,596, and $2,663, respectively.

C. OTHER

At December 31, 2001, the Company had entered into an agreement to fund the completion of a third-party distribution center, for which the Company would be the exclusive tenant under a lease with a minimum term of 5 years and an option to renew for an additional 5 year period ending October 2011. The Company had funded $10,200 of a total $15,300 commitment at December 31, 2001. The Company’s requirement to pay the remainder of this commitment is contingent upon the performance of specific services on the part of the developer. The amounts outstanding under this commitment will be accounted for as a long-term (10 year) note receivable, bearing interest at 6%. The note provides for monthly interest-only payments until October 2011 when the outstanding balance is due.

 


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