Company Quick10K Filing
⚲
Helen of Troy
Financials
Price138.29 EPS5
Shares25 P/E29
MCap3,491 P/FCF30
Net Debt303 EBIT149
TEV3,794 TEV/EBIT25
TTM 2019-05-31, in MM, except price, ratios
Filings
10-Q 2020-05-31 Filed 2020-07-10
10-K 2020-02-29 Filed 2020-04-29
10-Q 2019-11-30 Filed 2020-01-09
10-Q 2019-08-31 Filed 2019-10-10
10-Q 2019-05-31 Filed 2019-07-10
10-K 2019-02-28 Filed 2019-04-29
10-Q 2018-11-30 Filed 2019-01-09
10-Q 2018-08-31 Filed 2018-10-10
10-Q 2018-05-31 Filed 2018-07-10
10-K 2018-02-28 Filed 2018-04-30
10-Q 2017-11-30 Filed 2018-01-09
10-Q 2017-08-31 Filed 2017-10-10
10-Q 2017-05-31 Filed 2017-07-10
10-K 2017-02-28 Filed 2017-05-01
10-Q 2016-11-30 Filed 2017-01-09
10-Q 2016-08-31 Filed 2016-10-11
10-Q 2016-05-31 Filed 2016-07-11
10-K 2016-02-29 Filed 2016-04-29
10-Q 2015-11-30 Filed 2016-01-11
10-Q 2015-08-31 Filed 2015-10-13
10-Q 2015-05-31 Filed 2015-07-10
10-K 2015-02-28 Filed 2015-04-29
10-Q 2014-11-30 Filed 2015-01-09
10-Q 2014-08-31 Filed 2014-10-10
10-Q 2014-05-31 Filed 2014-07-10
10-K 2014-02-28 Filed 2014-04-29
10-Q 2013-11-30 Filed 2014-01-09
10-Q 2013-08-31 Filed 2013-10-10
10-K 2013-02-28 Filed 2013-04-29
10-Q 2012-11-30 Filed 2013-01-09
10-Q 2012-08-31 Filed 2012-10-10
10-Q 2012-05-31 Filed 2012-07-10
10-K 2012-02-29 Filed 2012-04-30
10-Q 2011-11-30 Filed 2012-01-06
10-Q 2011-08-31 Filed 2011-10-07
10-Q 2011-05-31 Filed 2011-07-11
10-K 2011-02-28 Filed 2011-05-16
10-Q 2010-11-30 Filed 2011-01-10
10-Q 2010-08-31 Filed 2010-10-06
10-Q 2010-05-31 Filed 2010-07-09
10-K 2010-02-28 Filed 2010-05-13
10-Q 2009-11-30 Filed 2010-01-11
Reports
8-K 2020-07-09 Earnings, Exhibits
8-K 2020-05-14
8-K 2020-05-04
8-K 2020-04-28
8-K 2020-03-30
8-K 2020-03-17
8-K 2020-01-28
8-K 2020-01-23
8-K 2020-01-08
8-K 2019-12-19
8-K 2019-10-08
8-K 2019-08-23
8-K 2019-07-09
8-K 2019-06-21
8-K 2019-05-21
8-K 2019-04-26
8-K 2019-01-08
8-K 2018-11-07
8-K 2018-10-09
8-K 2018-08-22
8-K 2018-07-09
8-K 2018-04-26
8-K 2018-03-01
8-K 2018-01-24
8-K 2018-01-08

HELE 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation and Related Information
Note 2 - New Accounting Pronouncements
Note 3 - Revenue Recognition
Note 4 - Leases
Note 5 - Assets Held for Sale
Note 6 - Supplemental Balance Sheet Information
Note 7 - Acquisitions
Note 8 - Goodwill and Intangible Assets
Note 9 - Share - Based Compensation Plans
Note 10 - Repurchase of Helen of Troy Common Stock
Note 11 - Restructuring Plan
Note 12 - Commitments and Contingencies
Note 13 - Long - Term Debt
Note 14 - Fair Value
Note 15 - Financial Instruments and Risk Management
Note 16 - Accumulated Other Comprehensive Income (Loss)
Note 17 - Segment Information
Note 18 - Income Taxes
Note 19 - Earnings per Share
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Exhibits
EX-10.4 fy21q1exhibit104materi.htm
EX-10.5 fy21q1exhibit105materi.htm
EX-31.1 fy21q1exhibit311.htm
EX-31.2 fy21q1exhibit312.htm
EX-32 fy21q1exhibit32.htm

Helen of Troy Earnings 2020-05-31

Balance SheetIncome StatementCash Flow
1.91.51.10.80.40.02012201420172020
Assets, Equity
 0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
 0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2020
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ..... to …..
Commission file number: 001-14669
hele-20200531_g1.jpg
HELEN OF TROY LIMITED
(Exact name of registrant as specified in its charter)

Bermuda  74-2692550
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)    

Clarendon House, 2 Church Street, Hamilton, Bermuda         
(Address of principal executive offices)   

1 Helen of Troy Plaza, El Paso, Texas    79912
(Registrant’s United States Mailing Address)   (Zip Code)
(915) 225-8000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: 
Title of each class Trading Symbol Name of each exchange on which registered
Common Shares, $0.10 par value per share HELE The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒      Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of July 2, 2020 there were 25,322,942 shares of common stock of the registrant, $0.10 par value per share, outstanding.


Table of Contents
HELEN OF TROY LIMITED AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
  PAGE 
   
 
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
   
1

Table of Contents
PART I.   FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS
 
HELEN OF TROY LIMITED AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except shares and par value)May 31, 2020February 29, 2020
Assets  
Assets, current:  
Cash and cash equivalents$88,517  $24,467  
Receivables - principally trade, less allowances of $2,744 and $1,461
332,769  348,023  
Inventory276,327  256,311  
Prepaid expenses and other current assets8,271  9,229  
Income taxes receivable10,356  —  
Assets held for sale 40,796  44,806  
Total assets, current757,036  682,836  
Property and equipment, net of accumulated depreciation of $136,898 and $132,340
133,375  132,107  
Goodwill739,901  739,901  
Other intangible assets, net of accumulated amortization of $153,372 and $148,891
297,000  300,952  
Operating lease assets32,934  32,645  
Deferred tax assets, net14,012  14,635  
Other assets, net of accumulated amortization of $2,167 and $2,167
1,430  807  
Total assets$1,975,688  $1,903,883  
Liabilities and Stockholders' Equity  
Liabilities, current:  
Accounts payable, principally trade$193,637  $152,674  
Accrued expenses and other current liabilities170,408  183,157  
Income taxes payable—  1,181  
Long-term debt, current maturities1,884  1,884  
Total liabilities, current365,929  338,896  
Long-term debt, excluding current maturities322,999  337,421  
Lease liabilities, non-current40,935  40,861  
Deferred tax liabilities, net4,989  4,224  
Other liabilities, non-current19,084  20,758  
Total liabilities753,936  742,160  
Commitments and contingencies
Stockholders' equity:  
Cumulative preferred stock, non-voting, $1.00 par. Authorized 2,000,000 shares; none issued
—  —  
Common stock, $0.10 par. Authorized 50,000,000 shares; 25,321,205 and 25,193,766 shares issued and outstanding
2,532  2,519  
Additional paid in capital269,797  268,043  
Accumulated other comprehensive income (loss)
(8,917) (7,005) 
Retained earnings958,340  898,166  
Total stockholders' equity1,221,752  1,161,723  
Total liabilities and stockholders' equity$1,975,688  $1,903,883  

See accompanying notes to condensed consolidated financial statements.
2

Table of Contents
HELEN OF TROY LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited) 
 Three Months Ended May 31,
(in thousands, except per share data)20202019
Sales revenue, net$420,835  $376,335  
Cost of goods sold241,534  222,608  
Gross profit179,301  153,727  
Selling, general and administrative expense ("SG&A")121,989  105,901  
Restructuring charges333  619  
Operating income56,979  47,207  
Non-operating income, net236  132  
Interest expense(3,846) (3,308) 
Income before income tax53,369  44,031  
Income tax expense (benefit)(6,917) 3,337  
Net income$60,286  $40,694  
Earnings per share:  
Basic$2.39  $1.63  
Diluted$2.37  $1.61  
Weighted average shares of common stock used in computing earnings per share:  
Basic25,254  25,019  
Diluted25,397  25,245  


See accompanying notes to condensed consolidated financial statements.
3

Table of Contents
HELEN OF TROY LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited) 
 Three Months Ended May 31,
(in thousands)20202019
Net income$60,286  $40,694  
Other comprehensive income (loss), net of tax:
Cash flow hedge activity - interest rate swaps(2,607) (3,993) 
Cash flow hedge activity - foreign currency contracts695  791  
Total other comprehensive income (loss), net of tax(1,912) (3,202) 
Comprehensive income$58,374  $37,492  


See accompanying notes to condensed consolidated financial statements.
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HELEN OF TROY LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
Common StockAdditional Paid in CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Shareholders' Equity
(in thousands, including shares) SharesPar
Value
Balances at February 28, 201924,946  $2,495  $246,585  $1,191  $746,366  $996,637  
Net income—  —  —  —  40,694  40,694  
Other comprehensive loss, net of tax—  —  —  (3,202) —  (3,202) 
Exercise of stock options35  4  1,822  —  —  1,826  
Net issuance and settlement of restricted stock173  17  (17) —  —  —  
Issuance of common stock related to stock purchase plan15  1  1,407  —  —  1,408  
Common stock repurchased and retired (68) (7) (8,322) —  (459) (8,788) 
Share-based compensation —  —  7,604  —  —  7,604  
Balances at May 31, 201925,101  $2,510  $249,079  $(2,011) $786,601  $1,036,179  
Balances at February 29, 202025,194  $2,519  $268,043  $(7,005) $898,166  $1,161,723  
Net income—  —  —  —  60,286  60,286  
Other comprehensive loss, net of tax—  —  —  (1,912) —  (1,912) 
Exercise of stock options8  1  475  —  —  476  
Net issuance and settlement of restricted stock165  17  (17) —  —  —  
Issuance of common stock related to stock purchase plan15  1  1,900  —  —  1,901  
Common stock repurchased and retired (61) (6) (9,895) —  (112) (10,013) 
Share-based compensation —  —  9,291  —  —  9,291  
Balances at May 31, 202025,321  $2,532  $269,797  $(8,917) $958,340  $1,221,752  


See accompanying notes to condensed consolidated financial statements.

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HELEN OF TROY LIMITED AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Three Months Ended May 31,
(in thousands)20202019
Cash provided by operating activities:  
Net income$60,286  $40,694  
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization9,140  7,767  
Amortization of financing costs267  255  
Non-cash operating lease asset amortization298  654  
Provision for doubtful receivables1,738  54  
Non-cash share-based compensation9,291  7,604  
Loss on the sale or disposal of property and equipment6  —  
Deferred income taxes and tax credits2,274  1,941  
Changes in operating capital, net of effects of acquisition of businesses:  
Receivables13,516  17,715  
Inventories(16,017) (33,005) 
Prepaid expenses and other current assets1,490  (9,282) 
Other assets and liabilities, net(2,647) 9,138  
Accounts payable40,963  (4,500) 
Accrued expenses and other current liabilities(16,010) (22,842) 
Accrued income taxes(11,769) (517) 
Net cash provided by operating activities
92,826  15,676  
Cash used by investing activities:  
Capital and intangible asset expenditures(6,451) (3,718) 
Net cash used by investing activities
(6,451) (3,718) 
Cash used by financing activities:  
Proceeds from line of credit765,200  165,300  
Repayment of line of credit(774,200) (163,300) 
Repayment of long-term debt(1,900) (1,900) 
Payment of financing costs(3,789) —  
Proceeds from share issuances under share-based compensation plans2,377  3,234  
Payments for repurchases of common stock(10,013) (8,788) 
Net cash used by financing activities
(22,325) (5,454) 
Net increase in cash and cash equivalents
64,050  6,504  
Cash and cash equivalents, beginning balance24,467  11,871  
Cash and cash equivalents, ending balance88,517  18,375  
Supplemental non-cash items not included above resulting from the adoption of ASC 842
Initial recognition of operating lease asset $—  $(37,082) 
Initial recognition of lease liabilities —  47,223  
Accrued expenses and other current liabilities —  (2,873) 
Other assets and liabilities, net —  (7,311) 
Prepaid expenses and other current assets —  43  
 
See accompanying notes to condensed consolidated financial statements.
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HELEN OF TROY LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
May 31, 2020

Note 1 - Basis of Presentation and Related Information

The accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly our consolidated financial position as of May 31, 2020 and February 29, 2020, and the results of our consolidated operations for the interim periods presented.  We follow the same accounting policies when preparing quarterly financial data as we use for preparing annual data. These statements should be read in conjunction with the consolidated financial statements and the notes included in our latest annual report on Form 10-K for the fiscal year ended February 29, 2020, and our other reports on file with the Securities and Exchange Commission (“SEC”).

When used in these notes, unless otherwise indicated or the context suggests otherwise, references to “the Company”, “our Company”, “Helen of Troy”, “we”, “us”, or “our” refer to Helen of Troy Limited and its subsidiaries. We refer to our common shares, par value $0.10 per share, as “common stock.” References to the "FASB” refer to the Financial Accounting Standards Board. References to “GAAP” refer to United States (“U.S.”) generally accepted accounting principles.  References to “ASU” refer to the codification of GAAP in the Accounting Standards Updates issued by the FASB.  References to "ASC" refer to the codification of GAAP in the Accounting Standards Codification issued by the FASB.

We incorporated as Helen of Troy Corporation in Texas in 1968 and were reorganized as Helen of Troy Limited in Bermuda in 1994.  We are a global designer, developer, importer, marketer, and distributor of an expanding portfolio of brand-name consumer products.  We have three segments: Housewares, Health & Home, and Beauty.  Our Housewares segment provides a broad range of innovative consumer products for the home and on the go.  Product offerings include food preparation tools and storage containers; cleaning, bath and garden tools and accessories; infant and toddler care products; and insulated beverage, food containers and coolers.  The Health & Home segment focuses on health care devices such as thermometers, humidifiers, blood pressure monitors, and heating pads; water filtration systems; and small home appliances such as portable heaters, fans, and air purifiers.  Our Beauty segment products include electric hair care, beauty care and wellness appliances; grooming tools and accessories; and liquid-, solid- and powder-based personal care and grooming products.

Our business is seasonal due to different calendar events, holidays and seasonal weather patterns. Historically, our highest sales volume and operating income occur in our third fiscal quarter ending November 30th.  We purchase our products from unaffiliated manufacturers, most of which are located in China, Mexico and the United States.

On January 23, 2020, we completed the acquisition of Drybar Products LLC ("Drybar Products"), for approximately $255.9 million in cash, subject to certain customary closing adjustments. Drybar Products is a fast-growing, innovative, trend-setting prestige hair care and styling brand. As part of the transaction, Helen of Troy granted a worldwide license to Drybar Holdings LLC, the owner and long-time operator of Drybar blowout salons, to use the Drybar trademark in their continued operation of Drybar salons. The salons will exclusively use, promote, and sell Drybar products globally. See Note 7 for additional information on the acquisition.

During the fourth quarter of fiscal 2020, we committed to a plan to divest certain assets within our mass market personal care business. The assets to be disposed of include intangible assets, inventory and fixed assets relating to our mass channel liquids, powder and aerosol products including brands such as Pert, Brut, Sure and Infusium. We expect the divestiture to occur within fiscal 2021. Accordingly, we
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have classified the identified assets of the disposal group as held for sale. For additional information, see Note 5.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) to be a pandemic. COVID-19 continues to spread throughout the United States and the world, with the continued potential for catastrophic impact. The effects of the COVID-19 pandemic have had an unfavorable impact on certain parts of our business. The impact includes the effect of temporary closures of customer stores, or limited hours of operation, which has resulted in materially lower store traffic at our brick and mortar retailers. The economic impact of historic unemployment and consumer uncertainty has also resulted in reduced overall demand for our more discretionary product lines. COVID-19 has also disrupted certain parts of our supply chain, which in certain cases has limited our ability to fulfill demand. COVID-19 has favorably impacted the demand for our product lines that are more defensive, meet certain healthcare or healthy living needs, or meet the needs of consumers that are spending more time at home as a result of the pandemic. COVID-19 has also favorably impacted our online channel in a meaningful way, as brick and mortar shopping options have been limited or considered unsafe. Although the favorable impacts of COVID-19 outweighed the unfavorable impacts in the first quarter of fiscal 2021, this situation is changing rapidly, and additional impacts or more pronounced adverse impacts may arise that we are not currently aware of. Accordingly, our liquidity and financial results could be impacted in ways that we are not able to predict today.

Our condensed consolidated financial statements are prepared in U.S. Dollars.  All intercompany accounts and transactions are eliminated in consolidation.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results may differ materially from those estimates.

We have reclassified, combined or separately disclosed certain amounts in the prior years’ condensed consolidated financial statements and accompanying footnotes to conform with the current period’s presentation.

Note 2 - New Accounting Pronouncements
 
Except for the changes discussed below, there have been no changes in the information provided in our Form 10-K for the fiscal year ended February 29, 2020.

Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (with subsequent targeted amendments) which modifies the measurements of expected credit losses for certain financial instruments and financial assets, including trade receivables. This ASU was effective for us in the first quarter of fiscal 2021, and the adoption of this ASU did not have a material impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 removes certain disclosures, modifies certain disclosures and adds additional disclosures. Certain disclosures in ASU 2018-13 would need to be applied on a retrospective basis and others on a prospective basis. This ASU was effective for us in the first quarter of fiscal 2021, and the adoption of this ASU did not have a material impact on our consolidated financial statements.

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In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU was effective for us in the first quarter of fiscal 2021, and the adoption of this ASU did not have a material impact on our consolidated financial statements.

Note 3 - Revenue Recognition

We adopted the provisions of ASU 2014-09 in the first quarter of fiscal 2019, and we elected to adopt the standard using the retrospective method. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Our revenue is primarily generated from the sale of non-customized consumer products to customers. These products are promised goods that are distinct performance obligations. Revenue is recognized when control of, and title to, the product sold transfers to the customer in accordance with applicable shipping terms, which can occur on the date of shipment or the date of receipt by the customer, depending on the customer and the agreed upon shipping terms. Payment terms from the sale of our products are typically due to us in thirty to ninety days after the date of sale. Therefore, the timing and amount of revenue recognized was not materially impacted by the new guidance. We have thus concluded that the adoption of the guidance did not have a material impact on our consolidated financial statements. The provisions of the new guidance did however impact the classification of certain consideration paid to our customers. We therefore have reclassified an immaterial amount of such payments from SG&A to a reduction of net sales revenue for all periods presented. Also, in accordance with the guidance, we reclassified an immaterial amount of estimated sales returns from a reduction of receivables to accrued expenses and other current liabilities for all periods presented.  We elected to adopt the guidance using the full retrospective method. 

We measure revenue as the amount of consideration for which we expect to be entitled, in exchange for transferring goods.  Certain customers may receive cash incentives such as customer discounts (including volume or trade discounts), advertising discounts and other customer-related programs which are accounted for as variable consideration.  In some cases, we apply judgment, such as contractual rates and historical payment trends, when estimating variable consideration.  In accordance with the guidance, most variable consideration is classified as a reduction to net sales.

Sales taxes and other similar taxes are excluded from revenue.  We elected to account for shipping and handling activities as a fulfillment cost as permitted by the guidance.  We do not have unsatisfied performance obligations since our performance obligations are satisfied at a single point in time.

Note 4 - Leases

Adoption of the new lease standard resulted in the recording of lease assets and lease liabilities of approximately $37.1 million and $47.2 million, respectively, as of March 1, 2019. The difference between the lease assets and lease liabilities primarily relates to unamortized lease incentives and deferred rent recorded in accordance with the previous lease guidance. The new standard did not materially impact our consolidated statements of income or cash flows.
We primarily have leases for office space, which are classified as operating leases. Operating leases are included in operating lease assets, accrued expenses and other current liabilities, and lease liabilities, non-current in our consolidated balance sheets. Operating lease assets and operating lease liabilities are
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recognized based on the present value of the future lease payments over the lease term at commencement date. As most of our lease contracts do not provide an explicit interest rate, we use an estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.
We include options to extend or terminate the lease in the lease term for accounting considerations, when it is reasonably certain that we will exercise that option. Our leases have remaining lease terms of less than 1 to 13 years. Lease expense for lease payments is recognized on a straight-line basis over the lease term in a manner similar to previous accounting guidance. We do not recognize leases with an initial term of twelve months or less on the balance sheet and instead recognize the related lease payments as expense in the condensed consolidated statements of income on a straight-line basis over the lease term. We account for lease and non-lease components as a single lease component for all asset classes. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease expense recognized in the condensed consolidated statements of income was $1.6 million for both of the three month periods ended May 31, 2020 and 2019.  Short-term lease expense is excluded from this amount and is not material. For the three month periods ended May 31, 2020 and 2019, rent expense related to all our operating leases was $2.1 and $2.0 million, respectively. The non-cash component of lease expense is included as an adjustment to reconcile net income to net cash provided by operating activities in the condensed consolidated statements of cash flows. A summary of supplemental lease information is as follows:
May 31, 2020
Weighted average remaining lease term (years)10.5
Weighted average discount rate6.13%  
Year-to-date cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)
$1,272  

A summary of our estimated lease payments, imputed interest and liabilities are as follows:
(in thousands)
Fiscal 2021 (balance for remainder of fiscal year)$5,014  
Fiscal 20226,375  
Fiscal 20236,044  
Fiscal 20245,332  
Fiscal 20255,762  
Thereafter34,370  
Total future lease payments62,897  
Less: imputed interest(17,808) 
Present value of lease liability$45,089  
May 31, 2020
Lease liabilities, current (1)$4,154  
Lease liabilities, non-current40,935  
Total lease liability$45,089  

(1) Included as part of "Accrued expenses and other current liabilities" on the condensed consolidated balance sheet.



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Note 5 - Assets Held for Sale

During the fourth quarter of fiscal 2020, we committed to a plan to divest certain assets within our mass market personal care business. The assets to be disposed of include intangible assets, inventory and fixed assets relating to our mass channel liquids, powder and aerosol products under brands such as Pert, Brut, Sure and Infusium. We expect the divestiture to occur within fiscal 2021 and have classified the identified assets of the disposal group as held for sale. The business is currently being marketed and the process is ongoing.

The carrying amounts of the major classes of assets for the personal care business that were classified as held for sale are as follows:
(in thousands)May 31, 2020February 29, 2020
Assets:
Inventory$13,140  $17,150  
Property and equipment, net of accumulated depreciation of $403
83  83  
Goodwill9,849  9,849  
Other intangible assets, net of accumulated amortization of $4,474
17,724  17,724  
Total assets held for sale$40,796  $44,806  

Note 6 - Supplemental Balance Sheet Information

PROPERTY AND EQUIPMENT
(in thousands)Estimated
Useful Lives
(Years)		May 31, 2020February 29, 2020
Land - $12,644  $12,644  
Building and improvements3-40115,744  115,592  
Computer, software, furniture and other equipment3-1590,327  89,257  
Tools, molds and other production equipment3-741,276  37,652  
Construction in progress - 10,282  9,302  
Property and equipment, gross   270,273  264,447  
Less accumulated depreciation   (136,898) (132,340) 
Property and equipment, net   $133,375  $132,107  
 
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 
(in thousands)May 31, 2020February 29, 2020
Accrued compensation, benefits and payroll taxes$27,368  $49,624  
Accrued sales discounts and allowances30,716  34,176  
Accrued sales returns23,051  22,972  
Accrued advertising35,034  31,351  
Other54,239  45,034  
Total accrued expenses and other current liabilities$170,408  $183,157  
  
Note 7 - Acquisitions

Drybar Products Acquisition - On January 23, 2020, we completed the acquisition of Drybar Products for approximately $255.9 million in cash, subject to certain customary closing adjustments. Acquisition-related expenses incurred during fiscal 2020 were approximately $2.5 million before tax. The purchase price was funded by borrowings under the Company's revolving credit agreement.

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Drybar is a fast-growing, innovative, trend-setting prestige hair care and styling brand in the multi-billion-dollar beauty industry. As part of the transaction, we granted a worldwide license to Drybar Holdings LLC, the owner and long-time operator of Drybar blowout salons, to use the Drybar trademark in their continued operation of Drybar salons. The salons will exclusively use, promote, and sell Drybar products globally.

We accounted for the acquisition as a purchase of a business and recorded the excess purchase price as goodwill. We completed our analysis of the economic lives of the assets acquired and determined the appropriate fair values of the acquired assets. We assigned $30.0 million to trade names and are amortizing over a 15 year expected life. We assigned $17.0 million to customer relationships and are amortizing over a 14.5 year expected life. We used historical attrition rates to assign the expected life. We assigned $10.0 million to a consulting agreement and $6.0 million to a non-compete provision, and we are amortizing these assets over expected lives of 5 and 10 years, respectively.

The following schedule presents the net assets recorded upon the acquisition of Drybar Products on January 23, 2020:
 (in thousands)