Assets and Liabilities Held for Sale

3 Months Ended

May 31, 2022

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 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