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Discontinued Operations (Tables)
 12 Months Ended
Feb. 28, 2018
Discontinued Operations  
Summary of balance sheet and results of operations associated with discontinued operations

 

 

 

 

 

 

 

 

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.

 

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.