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Fair Value
 12 Months Ended
Feb. 28, 2021
Fair Value Disclosures [Abstract]  
Fair Value
Note 16 - Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques under the accounting guidance related to fair value measurements are based on observable and unobservable inputs. These inputs are classified into the following hierarchy:

Level 1:Quoted prices for identical assets or liabilities in active markets;

Level 2:Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and
model-derived valuations whose inputs are observable or whose significant value drivers are observable; and

Level 3:Unobservable inputs that reflect the reporting entity's own assumptions.

When circumstances dictate the transfer of an asset or liability to a different level, we report the transfer at the beginning of the reporting period in which the facts and circumstances resulting in the transfer occurred. There were no transfers between the fair value hierarchy levels during the periods presented.

Our financial assets and liabilities are classified as Level 2 because their valuation is dependent on observable inputs and other quoted prices for similar assets or liabilities, or model-derived valuations whose significant value drivers are observable. The following tables present the carrying amount and fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis and classified as Level 2 as follows:

Carrying Amount and Fair Value
(in thousands)February 28, 2021February 29, 2020
Assets: 
Cash equivalents (money market accounts)$1,631 $2,648 
Foreign currency derivatives33 2,083 
Total assets$1,664 $4,731 
Liabilities: 
Interest rate swaps$9,941 $10,717 
Foreign currency derivatives6,550 159 
Total liabilities$16,491 $10,876 

The carrying amounts of cash, accounts payable, accrued expenses and other current liabilities and income taxes payable approximate fair value because of the short maturity of these items. The carrying amounts of receivables approximate fair value due to the effect of the related allowance for credit losses. The carrying amount of our floating rate debt approximates its fair value.

We use derivatives to manage our exposure to changes in foreign currency exchange rates, which include foreign currency forward contracts, zero cost collars and cross-currency debt swaps. In addition, we use interest rate swaps to manage our exposure to changes in interest rates. All of our derivative assets and liabilities are recorded at fair value. See Notes 1, 17 and 18 for more information on our derivatives.

Assets remeasured to fair value on a non-recurring basis during fiscal 2021 and fiscal 2020 represent long-lived assets held for sale related to our Personal Care business, which were impaired.

During the fourth quarter of fiscal 2020, we committed to a plan to divest certain assets within our Personal Care business. The assets to be disposed of include intangible assets, inventory, certain net trade receivables and fixed assets relating to our mass channel liquids, powder and aerosol products under brands such as Pert, Brut, Sure and Infusium. During the fourth quarter of fiscal 2020, we recorded non-cash asset impairment charges related to goodwill and intangible assets.

During the fourth quarter of fiscal 2021, our quarterly impairment evaluation of long-lived assets held for sale resulted in a non-cash asset impairment charge to reduce the goodwill of our Personal Care business to reflect the disposal group at fair value less cost to sell.
The fair value of the long-lived assets held for sale presented in the tables below represent the remaining carrying value and were estimated based on current market values less costs to sell. Refer to Note 4 for additional information on assets held for sale.

Fair Value Measurements Fiscal 2021 Asset Impairment Charges
(in thousands)February 28, 2021Level 1Level 2Level 3
Held for sale$39,867 $— $— $39,867 $(8,452)
Total$39,867 $— $— $39,867 $(8,452)

Fair Value Measurements Fiscal 2020 Asset Impairment Charges
(in thousands)February 29, 2020Level 1Level 2Level 3
Held for sale$44,806 $— $— $44,806 $(41,000)
Total$44,806 $— $— $44,806 $(41,000)