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Assets Held for Sale | 6 Months Ended
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Aug. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale | Note 3 - Assets Held for Sale On August 29, 2023, we entered into an agreement to sell our distribution and office facilities in El Paso, Texas, which provides for closing subsequent to a due diligence period. Accordingly, we classified the associated property and equipment totaling $17.2 million, net of accumulated depreciation of $36.8 million, as held for sale as of August 31, 2023. Subsequent to the end of our second quarter of fiscal 2024, on September 28, 2023, we completed the sale of our distribution and office facilities in El Paso, Texas for a sales price of $50.6 million, less transaction costs of $1.1 million. Concurrently, we entered into an agreement to leaseback the office facilities for a period of up to 18 months substantially rent free, which we estimate to have a fair value of approximately $1.9 million. The transaction qualifies for sales recognition under the sale leaseback accounting requirements. Accordingly, we increased the sales price by the $1.9 million of prepaid rent and expect to recognize a gain on the sale of approximately $34.2 million within SG&A during the third quarter of fiscal year 2024, of which approximately $18.0 million and $16.2 million will be recognized by our Beauty & Wellness and Home & Outdoor segments, respectively. The related assets will be derecognized from the consolidated balance sheet, and at lease commencement, we will record an operating lease asset, which includes the imputed rent payments described above, and an operating lease liability. We plan to use the proceeds from the sale to repay amounts outstanding under our long-term debt agreement.

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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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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