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Fair Value | 9 Months Ended
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Nov. 30, 2013
Fair Value |
Fair Value | Note 11 – Fair Value The fair value hierarchy of our financial assets and liabilities carried at fair value and measured on a recurring basis is as follows: FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES (in thousands)
|  |  |  |  | Quoted Prices in |  | Significant Other |
|  |  |  |  | Active Markets |  | Observable |
|  |  | Fair Values at |  | for Identical Assets |  | Market Inputs |
Description |  |  | November 30, 2013 |  | (Level 1) |  | (Level 2) |
Assets: |  |  |  |  |  |  |  |
Money market accounts |  |  | $ | 1,116 |  | $ | 1,116 |  | $ | - |
Total assets |  |  | $ | 1,116 |  | $ | 1,116 |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |
Long-term debt - fixed rate (1) |  |  | $ | 104,964 |  | $ | - |  | $ | 104,964 |
Long-term debt - floating rate |  |  | 110,509 |  | - |  | 110,509 |
Interest rate swaps and foreign currency contracts |  |  | 2,559 |  | - |  | 2,559 |
Total liabilities |  |  | $ | 218,032 |  | $ | - |  | $ | 218,032 |
|  |  |  |  | Quoted Prices in |  | Significant Other |
|  |  |  |  | Active Markets |  | Observable |
|  |  | Fair Values at |  | for Identical Assets |  | Market Inputs |
Description |  |  | February 28, 2013 |  | (Level 1) |  | (Level 2) |
Assets: |  |  |  |  |  |  |  |
Money market accounts |  |  | $ | 1,091 |  | $ | 1,091 |  | $ | - |
Foreign currency contracts |  |  | 496 |  | - |  | 496 |
Total assets |  |  | $ | 1,587 |  | $ | 1,091 |  | $ | 496 |
Liabilities: |  |  |  |  |  |  |  |
Long-term debt - fixed rate (1) |  |  | $ | 105,725 |  | $ | - |  | $ | 105,725 |
Long-term debt - floating rate |  |  | 75,000 |  | - |  | 75,000 |
Interest rate swaps |  |  | 4,824 |  | - |  | 4,824 |
Total liabilities |  |  | $ | 185,549 |  | $ | - |  | $ | 185,549 |
(1) Debt values are reported at estimated fair value in these tables, but are recorded in the accompanying consolidated condensed balance sheets at the undiscounted value of remaining principal payments due. The carrying amounts of cash and cash equivalents, receivables and accounts payable approximate fair value because of the short maturity of these items. Money market accounts are included in cash and cash equivalents in the accompanying consolidated condensed balance sheets and are classified as Level 1 assets. We classify our fixed and floating rate debt as Level 2 liabilities because the estimation of the fair market value of these financial liabilities requires the use of discount rates based upon current market rates of interest for debt with comparable remaining terms. Such comparable rates are significant other observable market inputs. The fair market value of the fixed rate debt was computed using a discounted cash flow analysis and discount rates of 1.49 percent at November 30, 2013 and 1.83 percent February 28, 2013. All other long-term debt has floating interest rates, and its book value approximates its fair value as of the reporting date. We use derivatives for hedging purposes and our derivatives are primarily foreign currency contracts and an interest rate swap. We determine the fair value of our derivative instruments based on Level 2 inputs in the fair value hierarchy. See Note 12 to these consolidated condensed financial statements for more information on our hedging activities. The Company’s other non-financial assets include goodwill and other intangible assets, which we classify as Level 3 assets. These assets are measured at fair value on a non-recurring basis as part of the Company’s impairment assessments and as circumstances require. As discussed in Note 8, in connection with our annual impairment testing during the fiscal quarter ended May 31, 2013, we recorded a non-cash asset impairment charge of $12.05 million ($12.03 million after tax). The charge related to certain trademarks in our Personal Care segment, which were written down to their estimated fair value, determined on the basis of future discounted cash flows using the relief from royalty valuation method.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15A -Subparagraph a-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3, 10, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32, 33, 34 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 17-22, 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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