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Acquisition of Drybar Products (Tables) | 12 Months Ended
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Feb. 28, 2021
Business Combinations [Abstract] |
Schedule of net assets recorded upon acquisition | The following table presents the net assets recorded upon acquisition of Drybar Products at January 23, 2020:
(in thousands) |
Assets: |
Receivables | $ | 7,710 |
Inventory | 16,603 |
Prepaid expenses and other current assets | 190 |
Property and equipment | 1,472 |
Goodwill | 172,933 |
Trade names - definite | 30,000 |
Other intangible assets - definite | 33,000 |
Subtotal - assets | 261,908 |
Liabilities: |
Accounts payable | 1,948 |
Accrued expenses | 4,099 |
Subtotal - liabilities | 6,047 |
Net assets recorded | $ | 255,861 |
Schedule of supplemental pro forma impact on consolidated condensed statements of income | The impact of the acquisition of Drybar Products on our consolidated statements of income for fiscal 2020 is as follows:
January 23, 2020 (acquisition date) through February 29, 2020 (in thousands, except earnings per share data) | Fiscal Year Ended February 29, 2020
Sales revenue, net | $ | 6,039 |
Income from continuing operations | 1,483 |
EPS from continuing operations: |
Basic | $ | 0.06 |
Diluted | $ | 0.06 |
The following supplemental unaudited pro forma information presents our financial results as if the acquisition of Drybar Products had occurred on March 1, 2018. This supplemental pro forma information has been prepared for comparative purposes and would not necessarily indicate what may have occurred as if the acquisition had been completed on March 1, 2018, and this information is not intended to be indicative of future results:
| Fiscal Years Ended the Last Day of February,
(in thousands, except earnings per share data) | 2020 |  | 2019
Sales revenue, net | $ | 1,773,592 |  |  | $ | 1,621,117 |
Income from continuing operations | 162,114 |  |  | 179,550 |
EPS from continuing operations: |  |  |
Basic | $ | 6.45 |  |  | $ | 6.89 |
Diluted | $ | 6.40 |  |  | $ | 6.83 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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