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Assets and Liabilities Held for Sale | 3 Months Ended
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May 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Assets and Liabilities Held for Sale | 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 North America Personal Care business to HRB Brands LLC, for $44.7 million in cash and recognized a gain on the sale in SG&A totaling $0.5 million. 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. On March 25, 2022, we completed the sale of the Latin America and Caribbean Personal Care business to HRB Brands LLC, for $1.8 million in cash and recognized a gain on the sale in SG&A totaling $1.3 million. As a result of the sale, we no longer have any assets or liabilities classified as held for sale as of the end of our first quarter of fiscal 2023. 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) |  |  | February 28, 2022
Receivables, net of allowance of $23 |  |  | $ | 1,265 |
Inventory |  |  | 611 |
Property and equipment, net of accumulated depreciation of $152 |  |  | 66 |
Assets held for sale |  |  | $ | 1,942 |
Accrued sales discounts and allowances |  |  | $ | 235 |
Liabilities held for sale |  |  | $ | 235 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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