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OTHER ASSETS
12 Months Ended
Feb. 28, 2021
Other Assets Noncurrent Disclosure [Abstract]  
OTHER ASSETS

NOTE 10 – OTHER ASSETS

Other assets consist of the following (in thousands):

 

 

 

February 28/29,

 

 

 

2021

 

 

2020

 

Deferred product cost

 

$

4,850

 

 

$

7,564

 

Deferred compensation plan assets

 

 

7,141

 

 

 

6,041

 

Lease receivables, non-current

 

 

10,403

 

 

 

5,992

 

Prepaid commissions

 

 

2,438

 

 

 

2,318

 

Other

 

 

2,337

 

 

 

2,599

 

 

 

$

27,169

 

 

$

24,514

 

 

We have a non-qualified deferred compensation plan in which certain members of management and all non-employee directors are eligible to participate. Participants may defer a portion of their compensation until retirement or another date specified by them in accordance with the plan. We are funding the plan obligations through cash deposits to a Rabbi Trust that are invested in various equity, bond, COLI and money market mutual funds in generally the same proportion as investment elections made by the participants. The deferred compensation plan liability is included in Other Non-Current Liabilities in the accompanying consolidated balance sheets.

 

In September 2015, we invested $2.2 million for a 49% minority ownership interest in Smart Driver Club Limited (“Smart Driver Club”), a technology and insurance startup company located in the United Kingdom. This investment was accounted for under the equity method since we had significant influence over the investee. Since September 2015 through March 2019, we made loans aggregating $8.0 million. We recognized equity in net loss of $5.3 million. As of February 28, 2019, we determined that this equity method investment was subject to other than temporary impairment. This decision was dictated by the continuing operating losses and deteriorating liquidity position of Smart Driver Club. Accordingly, we recorded an impairment charge of $5.0 million in fiscal 2019 and $0.5 million in March 2019.