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Goodwill and Intangible Assets | 12 Months Ended
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Feb. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and indefinite-lived intangible assets are not amortized but are subject to annual impairment tests. Other intangible assets are amortized over their estimated useful lives. Changes in goodwill by segment for fiscal years 2023 and 2022 were as follows (in thousands):
2023
Segment |  | Beginning Balance |  | Acquisitions |  | Divestiture |  | Other |  | Currency Translation Adjustment |  | Ending Balance
Metal Coatings(1) |  | $ | 190,391 |  |  | $ | — |  |  | $ | — |  |  | $ | (10,783) |  |  | $ | (1,912) |  |  | $ | 177,696 |
Precoat Metals |  | — |  |  | 524,816 |  |  | — |  |  | — |  |  | — |  |  | 524,816 |
Total |  | $ | 190,391 |  |  | $ | 524,816 |  |  | $ | — |  |  | $ | (10,783) |  |  | $ | (1,912) |  |  | $ | 702,512 |
(1) The decrease in Other for fiscal year 2023 represents purchase price adjustments during the measurement period for the DAAM acquisition, which occurred in fiscal year 2022.
2022
Segment |  | Beginning Balance |  | Acquisitions |  | Divestiture |  | Other |  | Currency Translation Adjustment |  | Ending Balance
Metal Coatings |  | $ | 158,659 |  |  | $ | 32,389 |  |  | $ | — |  |  | $ | (477) |  |  | $ | (180) |  |  | $ | 190,391 |
Amortizable intangible assets consisted of the following as of February 28, 2023 and February 28, 2022 (in thousands):
|  | Weighted-Average Life (Years) |  | 2023 |  | 2022
Customer related intangibles |  | 22 |  | $ | 475,457 |  |  | $ | 89,029 |
Non-compete agreements |  | 15 |  | 6,795 |  |  | 6,799 |
Trademarks / Tradenames |  | 33 |  | 35,774 |  |  | 3,773 |
Technology |  | 15 |  | 36,000 |  |  | — |
Gross intangible assets |  |  |  | 554,026 |  |  | 99,601 |
Less accumulated amortization |  |  |  | (86,139) |  |  | (64,282) |
Total amortizable intangible assets, net |  |  |  | $ | 467,887 |  |  | $ | 35,319 |
The following table outlines the classification of amortization expense from continuing operations in the statements of income for fiscal 2023, 2022, and 2021 (in thousands):
|  | Year Ended February 28,
|  | 2023 |  | 2022 |  | 2021
Cost of sales |  | $ | 7,124 |  |  | $ | 6,658 |  |  | $ | 6,781 |
Selling, general and administrative |  | 15,489 |  |  | — |  |  | — |
Total amortization expense |  | $ | 22,613 |  |  | $ | 6,658 |  |  | $ | 6,781 |
In addition to its amortizable intangible assets, the Company has recorded indefinite-lived intangible assets of $1.5 million on the consolidated balance sheets as of February 28, 2023 and February 28, 2022, related to certain tradenames acquired as part of prior business acquisitions. The following summarizes the estimated amortization expense for the next five fiscal years and beyond (in thousands):
2024 |  | $ | 23,346 |
2025 |  | 22,847 |
2026 |  | 22,817 |
2027 |  | 22,726 |
2028 |  | 21,637 |
Thereafter |  | 354,514 |
Total |  | $ | 467,887 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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