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Revenue Recognition | 12 Months Ended
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Feb. 29, 2020
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Note 3 - Revenue Recognition We adopted the provisions of ASU 2014-09 in the first quarter of fiscal 2019, and we elected to adopt the standard using the retrospective method. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Our revenue is primarily generated from the sale of non-customized consumer products to customers. Revenue is recognized when control of, and title to, the product sold transfers to the customer. Therefore, the timing and amount of revenue recognized was not materially impacted by the new guidance. We have thus concluded that the adoption of the guidance did not have a material impact on our consolidated financial statements. The provisions of the new guidance did however impact the classification of certain consideration paid to our customers. We therefore have reclassified an immaterial amount of such payments from SG&A to a reduction of net sales revenue for all periods presented. Also, in accordance with the guidance, we reclassified an immaterial amount of estimated sales returns from a reduction of receivables to accrued expenses and other current liabilities for all periods presented. We elected to adopt the guidance using the full retrospective method. We measure revenue as the amount of consideration for which we expect to be entitled, in exchange for transferring goods. Certain customers may receive cash incentives such as customer discounts (including volume or trade discounts), advertising discounts and other customer-related programs which are accounted for as variable consideration. In some cases, we apply judgment, such as contractual rates and historical payment trends, when estimating variable consideration. In accordance with the guidance, most variable consideration is classified as a reduction to net sales. Sales taxes and other similar taxes are excluded from revenue. We elected to account for shipping and handling activities as a fulfillment cost as permitted by the guidance. We do not have unsatisfied performance obligations since our performance obligations are satisfied at a single point in time. The effect of the adoption of ASU 2014-09 on the consolidated financial statements from continuing operations is as follows:
(in thousands) | Before Reclassification |  |  |  | After Reclassification
Balance Sheet | February 28, 2018 |  | Reclassification |  | February 28, 2018
Receivables | $ | 273,168 |  |  | $ | 2,397 |  |  | $ | 275,565 |
Accrued expenses and other current liabilities | $ | 165,864 |  |  | $ | 2,397 |  |  | $ | 168,261 |
(in thousands) | Before Reclassification |  |  |  | After Reclassification
Statement of Income | Fiscal Year Ended February 28, 2018 |  | Reclassification |  | Fiscal Year Ended February 28, 2018
Sales revenue, net | $ | 1,489,747 |  |  | $ | (10,902 | ) |  | $ | 1,478,845 |
SG&A | $ | 435,735 |  |  | $ | (10,902 | ) |  | $ | 424,833 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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