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Goodwill & Other Intangible Assets | 12 Months Ended
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Feb. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill & Other Intangible Assets | GOODWILL & OTHER INTANGIBLE ASSETS A summary of the changes in goodwill during the years ended February 26, 2021 and February 28, 2020, by reportable segment, is as follows:
Goodwill | Americas | EMEA | Other | Total
Balance as of February 22, 2019 | $ | 203.6 |  |  | $ | 18.7 |  |  | $ | 18.5 |  |  | $ | 240.8 |  |
Acquisition (1) | 1.0 |  |  | — |  |  | — |  |  | 1.0 |  |
Goodwill on divestitures (2) | — |  |  | — |  |  | (68.6) |  |  | (68.6) |  |
Accumulated impairment losses on divestitures (2) | — |  |  | — |  |  | 60.8 |  |  | 60.8 |  |
Currency translation adjustments | (0.2) |  |  | (0.2) |  |  | — |  |  | (0.4) |  |
Goodwill | 206.1 |  |  | 283.5 |  |  | 47.9 |  |  | 537.5 |  |
Accumulated impairment losses | (1.7) |  |  | (265.0) |  |  | (37.2) |  |  | (303.9) |  |
Balance as of February 28, 2020 | $ | 204.4 |  |  | $ | 18.5 |  |  | $ | 10.7 |  |  | $ | 233.6 |  |
Impairment charge (3) | — |  |  | (17.6) |  |  | — |  |  | (17.6) |  |
Acquisition (4) | 2.5 |  |  | — |  |  | — |  |  | 2.5 |  |
Currency translation adjustments | 0.5 |  |  | (0.9) |  |  | — |  |  | (0.4) |  |
Goodwill | 209.1 |  |  | 282.6 |  |  | 47.9 |  |  | 539.6 |  |
Accumulated impairment losses | (1.7) |  |  | (282.6) |  |  | (37.2) |  |  | (321.5) |  |
Balance as of February 26, 2021 | $ | 207.4 |  |  | $ | — |  |  | $ | 10.7 |  |  | $ | 218.1 |  |
________________________ (1)In 2020, we completed a small acquisition of an independent dealer, resulting in a goodwill addition in the Americas segment. (2)In 2020, we sold PolyVision Corporation ("PolyVision"), resulting in a decrease to goodwill and related accumulated impairment losses in the Other segment. See Note 21 for additional information. (3)In Q1 2021, we recorded a goodwill impairment charge in the EMEA segment related to the Orangebox U.K. reporting unit. (4)In 2021, we completed a small acquisition of a dealer, resulting in a goodwill addition in the Americas segment. We evaluate goodwill for impairment annually in Q4, or earlier if conditions indicate it is necessary. We compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment charge. We estimate the fair value of our reporting units using the income approach, which calculates the fair value of each reporting unit based on the present value of its estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rates used are based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting units' ability to execute on the projected cash flows. We corroborate the results determined using the income approach with a market-based approach that uses observable comparable company information to support the appropriateness of the fair value estimates. The estimation of the fair value of our reporting units represents a Level 3 measurement. In Q1 2021, we determined that a triggering event occurred which resulted in an interim impairment evaluation of goodwill for each of our reporting units. During Q1 2021, the market price of our Class A Common Stock declined significantly in connection with overall stock market trends related to the global economic impact of the COVID-19 pandemic. The reduction in revenue in Q1 2021 and changes to our forecasted revenue growth rates and expected operating margins related to the economic disruption of the COVID-19 pandemic were also factors that led to the completion of our interim impairment analysis. As a result of our interim goodwill impairment analysis, we determined that the carrying value of the Orangebox U.K. reporting unit exceeded its fair value, resulting in a $17.6 goodwill impairment charge in Q1 2021. Following the charge, the reporting unit had no remaining goodwill. During Q1 2021, we also tested the recoverability of the Orangebox U.K. long-lived assets (other than goodwill) and concluded that those assets were not impaired. Based on the results of the annual impairment tests in Q4, we concluded that no additional impairment to goodwill existed as of February 26, 2021, and no impairment to goodwill was recorded in 2020. We will continue to evaluate goodwill, on an annual basis in Q4, and whenever events or changes in circumstances, such as significant adverse changes in business climate or operating results, changes in management's business strategy, significant declines in our stock price or other triggering events, indicate that there may be a potential of impairment. As of February 26, 2021 and February 28, 2020, our other intangible assets and related accumulated amortization consisted of the following:
Other Intangible Assets | February 26, 2021 | February 28, 2020
Weighted Average Useful Life (Years) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net
Intangible assets subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dealer relationships | 11.0 |  |  | $ | 58.7 |  |  | $ | 14.9 |  |  | $ | 43.8 |  |  | $ | 56.7 |  |  | $ | 9.3 |  |  | 47.4 |  |
Trademarks (1) | 8.3 |  |  | $ | 44.0 |  |  | $ | 19.8 |  |  | 24.2 |  |  | 35.4 |  |  | 13.7 |  |  | 21.7 |  |
Proprietary technology | 9.9 |  |  | 15.8 |  |  | 13.6 |  |  | 2.2 |  |  | 15.8 |  |  | 13.1 |  |  | 2.7 |  |
Know-how/designs | 9.0 |  |  | 21.4 |  |  | 6.1 |  |  | 15.3 |  |  | 20.8 |  |  | 3.6 |  |  | 17.2 |  |
Non-compete agreements | 6.1 |  |  | 1.3 |  |  | 1.3 |  |  | — |  |  | 1.2 |  |  | 1.2 |  |  | — |  |
Other (2) | 4.7 |  |  | 22.4 |  |  | 17.6 |  |  | 4.8 |  |  | 20.8 |  |  | 15.8 |  |  | 5.0 |  |
|  |  | 163.6 |  |  | 73.3 |  |  | 90.3 |  |  | 150.7 |  |  | 56.7 |  |  | 94.0 |  |
Intangible assets not subject to amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks and other (1) | n/a |  | 0.1 |  |  | — |  |  | 0.1 |  |  | 8.9 |  |  | — |  |  | 8.9 |  |
|  |  | $ | 163.7 |  |  | $ | 73.3 |  |  | $ | 90.4 |  |  | $ | 159.6 |  |  | $ | 56.7 |  |  | $ | 102.9 |  |
________________________ (1)In 2021, we transferred trademarks not subject to amortization to trademarks subject to amortization within the Americas segment. (2)In 2021, we completed a small acquisition of a dealer, resulting in an increase of intangible assets in the Americas segment. In 2021 and 2020, no intangible asset impairment charges were recorded. We recorded amortization expense on intangible assets subject to amortization of $16.3 in 2021, $12.4 in 2020 and $12.3 for 2019. Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows:
Fiscal Year Ending in February | Amount
2022 | 14.2 |
2023 | 14.1 |
2024 | 11.3 |
2025 | 11.5 |
2026 | 11.3 |
| $ | 62.4 |
Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary.

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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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