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Discontinued Operations | 12 Months Ended
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Feb. 28, 2018
Discontinued Operations |
Discontinued Operations | Note 4 – Discontinued Operations On December 20, 2017, we completed the divestiture of the Nutritional Supplements segment through the sale of Healthy Directions LLC and its subsidiaries to Direct Digital, LLC. The Nutritional Supplements segment sold premium branded doctor formulated nutritional supplements, skincare and pain relief products through highly targeted catalog and other printed collateral mailings, online and direct response print, radio and television media. The purchase price from the sale is comprised of $46.0 million in cash, paid at closing, and a supplemental payment with a target value of $25.0 million, payable on or before August 1, 2019. The final amount of the supplemental payment may be adjusted up or down based on the performance of Healthy Directions through February 28, 2018. In conjunction with the sale of the business, we have agreed to provide certain transition services for up to an eighteen-month period following the closing of the transaction. The balance sheets associated with discontinued operations are presented below:
|  | February 28, |  |  | February 28,
(in thousands) |  | 2018 |  |  | 2017
Assets |  |  |  |  |
Receivables | $ | - |  | $ | 512
Inventory |  | - |  |  | 8,245
Prepaid expenses and other current assets |  | - |  |  | 2,031
Property and equipment, net |  | - |  |  | 8,433
Goodwill |  | - |  |  | 96,609
Other intangible assets, net |  | - |  |  | 83,485
Other assets, net |  | - |  |  | 599
Assets of discontinued operations | $ | - |  | $ | 199,914
Liabilities |  |  |  |  |
Accounts payable, principally trade |  | - |  |  | 6,111
Accrued expenses and other current liabilities(1) |  | - |  |  | 5,862
Other liabilities, noncurrent |  | - |  |  | 4,319
Liabilities of discontinued operations | $ | - |  | $ | 16,292
The results of operations associated with discontinued operations are presented in the following table:
|  | Fiscal Years Ended the Last Day of February,
(in thousands) |  | 2018 (2) |  | 2017 |  | 2016
Sales revenue, net | $ | 99,013 | $ | 130,543 | $ | 153,126
Cost of goods sold |  | 28,744 |  | 37,632 |  | 42,855
Gross profit |  | 70,269 |  | 92,911 |  | 110,271
Selling, general and administrative expense ("SG&A") |  | 72,419 |  | 88,742 |  | 95,950
Asset impairment charges (3) |  | 132,297 |  | 9,500 |  | -
Restructuring charges |  | 621 |  | - |  | -
Operating income (loss) |  | (135,068) |  | (5,331) |  | 14,321
Gain on sale before income tax |  | 1,624 |  | - |  | -
Interest expense |  | (367) |  | (497) |  | (515)
Income (loss) before income tax |  | (133,811) |  | (5,828) |  | 13,806
Income tax benefit (expense) |  | 49,375 |  | 2,207 |  | (5,569)
Income (loss) from discontinued operations | $ | (84,436) | $ | (3,621) | $ | 8,237
| (1) |  | Includes cash overdrafts.
| (2) |  | Includes approximately 9.6 months of operating results prior to the divestiture on December 20, 2017.
| (3) |  | Includes goodwill impairment charges of $96.6 million and trademark impairment charges of $35.7 million during fiscal 2018 and trademark impairment charges of $9.5 million during fiscal 2017. Total after tax asset impairment charges were $83.5 million for fiscal 2018 and $5.9 million for fiscal 2017.

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