Lease Obligations

12 Months Ended

Feb. 28, 2017

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

Lease Obligations

During 1996, the Company entered into a 30-year capital lease for a building with its principal shareholder and current chairman, which was the headquarters of the discontinued Cellular operation and had an expiration date of November 30, 2026. During Fiscal 2015, the building was purchased from Voxx's principal shareholder by an unrelated third party, causing the lease between Voxx and the shareholder to be terminated. As a result of the transaction, the Company realized a gain of $846, net of tax and net of a termination penalty of $573 paid to the shareholder at the termination date. The gain was recorded in Paid in Capital on the Consolidated Balance Sheet as of February 28, 2015. Total rental income earned from the sublease of this building for the year ended February 28, 2015 was $462. We also leased another facility from our principal stockholder which was accounted for as an operating lease and had an expiration date of November 30, 2016. This facility was sold to an unrelated third party during the second quarter of Fiscal 2017. The Company has no related party leases as of February 28, 2017.

At February 28, 2017, the Company was obligated under non-cancellable operating leases for equipment and warehouse facilities for minimum annual rental payments for each of the succeeding fiscal years:

	Operating Leases
2018	$	5,456
2019	1,323
2020	417
2021	235
2022	181
Thereafter	351
Total minimum lease payments	$	7,963

Rental expense for the above-mentioned operating lease agreements and other rental agreements on a month-to-month basis was $5,066, $5,143 and $5,648 for the years ended February 28, 2017, February 29, 2016 and February 28, 2015, respectively.

The Company has capital leases with a total lease liability of $1,932 at February 28, 2017. These leases have maturities through Fiscal 2022.