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Fair Value
 12 Months Ended
Feb. 28, 2022
Fair Value Disclosures [Abstract]  
Fair Value
Note 15 - 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, 2022February 28, 2021
Assets: 
Cash equivalents (money market accounts)$438 $1,631 
Foreign currency derivatives2,918 33 
Total assets$3,356 $1,664 
Liabilities: 
Interest rate swaps$2,781 $9,941 
Foreign currency derivatives825 6,550 
Total liabilities$3,606 $16,491 

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 long-term 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 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, 16 and 17 for more information on our derivatives.

We did not remeasure any assets to fair value on a non-recurring basis during fiscal 2022. Assets remeasured to fair value on a non-recurring basis during fiscal 2021 represent long-lived assets held for sale related to our Personal Care business, which were impaired.

During the fourth quarter of fiscal 2021, our quarterly impairment evaluation of long-lived assets held for sale resulted in an 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 table below represent the remaining carrying value of the disposal group and was 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)