Assets and Liabilities Held for Sale

9 Months Ended

Nov. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Note 3 - Assets and Liabilities Held for Sale

During the fourth quarter of fiscal 2020, we committed to a plan to divest certain assets within our Personal Care business and accordingly, we classified the identified net assets of the disposal group as held for sale. On June 7, 2021, we completed the sale of our Personal Care business, not including the Latin America and Caribbean regions, to HRB Brands LLC, for $44.7 million in cash. The net assets sold included intangible assets, inventory, certain net trade receivables, fixed assets and certain accrued sales discounts and allowances relating to our North America Personal Care business. During the second quarter of fiscal 2022, we recognized a gain on the sale in SG&A totaling $0.5 million. We are continuing to negotiate the sale of the Latin America and Caribbean Personal Care businesses to HRB Brands LLC, which we expect to close no later than the end of fiscal 2022. Accordingly, we have continued to classify the identified net assets of the Latin America and Caribbean Personal Care businesses as held for sale.

The carrying amounts of the major classes of assets and liabilities for our Personal Care business that were classified as held for sale are as follows:


(in thousands)	November 30, 2021		February 28, 2021
Receivables, net of allowance of $34 and $30	$	1,555	$	7,979
Inventory	644		12,667
Property and equipment, net of accumulated depreciation of $152 and $403	66		100
Goodwill (1)	—		1,397
Other intangible assets (1)	—		17,724
Assets held for sale	$	2,265	$	39,867

Accrued sales discounts and allowances	$	286	$	—
Liabilities held for sale	$	286	$	—

(1)Goodwill and other intangible assets as of February 28, 2021 are presented net of accumulated impairment and accumulated amortization of $80,445 and $4,474, respectively.