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Subsequent Events
12 Months Ended
Feb. 29, 2020
Subsequent Events [Abstract]  
Subsequent Events
Note 24 - Subsequent Events

On March 13, 2020, the President of the United States announced a National Emergency relating to COVID-19. There is a possibility of widespread infection in the U.S. and abroad, with the potential for catastrophic impact. As a result of these and other effects of COVID-19, we expect the current public health crisis to adversely impact our business, which may be material. The impact includes the effect of temporary closures of, and limited hours of operation and materially lower store traffic at, customer stores. The COVID-19 pandemic is also impacting our third-party manufacturers, most of which are located in the Far East, principally China. The extent of the impact of COVID-19 on our business and financial results will depend largely on future developments, including the duration of the spread of the COVID-19 outbreak within the U.S. and globally, the impact on capital and financial markets and the related impact on consumer confidence and spending. These future developments are outside of our control, are highly uncertain and cannot be predicted. If the impact is prolonged, then it can further increase the difficulty of planning for operations. These and other potential impacts of the current public health crisis could therefore materially and adversely affect our business, financial condition, cash flows and results of operations. This situation is changing rapidly, and additional impacts may arise that we are currently not aware of. Accordingly, the results for the first quarter of fiscal 2021 and the full fiscal 2021 could also be impacted in ways that we are not able to predict today, including, but not limited to, non-cash write-downs and asset impairment charges (including impairments on goodwill and other indefinite-lived intangible assets).

On March 13, 2020, we entered into an amendment to the Credit Agreement. The amendment extended the maturity of the commitment under the Credit Agreement from December 7, 2021 to March 13, 2025. Further, the amendment increased the unsecured revolving commitment from $1.0 billion to $1.25 billion. See Note 16.

On March 24, 2020, we borrowed approximately $200 million under the Credit Agreement as part of a comprehensive precautionary approach to increase our cash position and maximize our financial flexibility in light of the current volatility in the global markets resulting from the COVID-19 outbreak. After giving effect to the borrowing, the remaining amount available for borrowings under the Credit Agreement was $536.4 million and our cash and cash equivalents on hand was approximately $393.0 million. Covenants in our debt agreements can limit the amount of indebtedness we can incur. We may repay amounts borrowed at any time without penalty.