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Accounts Receivable and Allowance for Doubtful Receivables | 3 Months Ended
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May 31, 2023
Receivables [Abstract] |
Accounts Receivable and Allowance for Doubtful Receivables | 3. Accounts Receivable and Allowance for Doubtful Receivables Accounts receivable are reduced by an allowance for an estimate of amounts that are uncollectible. Substantially all of the Company’s receivables are due from customers in the United States. The Company extends credit to its customers based upon its evaluation of the following factors: (i) the customer’s financial condition, (ii) the amount of credit the customer requests, and (iii) the customer’s actual payment history (which includes disputed invoice resolution). The Company does not typically require its customers to post a deposit or supply collateral. The Company’s allowance for doubtful receivables is based on an analysis that estimates the amount of its total customer receivable balance that is not collectible. This analysis includes the pooling of receivables based on risk assessment and then assessing a default probability to these pooled balances, which can be influenced by several factors including (i) current market conditions, (ii) historical experience, (iii) reasonable forecast, and (iv) review of customer receivable aging and payment trends. The Company writes off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance in the period the payment is received. Credit losses from continuing operations have consistently been within management’s expectations. The following table presents the activity in the Company’s allowance for doubtful receivables (in thousands):
|  | Three months ended |
|  | May 31, |
|  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 1,709 |  |  | $ | 1,200 |
Bad debt expense, net of recoveries |  |  | 135 |  |  |  | 180 |
Accounts written off |  |  | (25 | ) |  |  | (45 | )
Balance at end of period |  | $ | 1,819 |  |  | $ | 1,335 |
Accounts receivable at May 31, 2023 and February 28, 2023 included a $4.5 million receivable related to the sale of an unused manufacturing facility. The note is structured to be paid in 12 consecutive monthly installments, with a fixed interest rate of 5.9% per annum. The payments are amortized over a period of 12 months, with a balloon payment due upon completion of the final payment.
|  | May 31, |  | February 28,
|  | 2023 |  | 2023
Trade Receivables, net of allowance for doubtful receivables |  | $40,542 |  | $44,645
Vendor Rebates |  | 1,608 |  | 4,354
Notes Receivable |  | 4,477 |  | 4,508
|  | $46,627 |  | $53,507

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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- References No definition available. + Details
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