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Goodwill and Other Identifiable Intangible Assets | 12 Months Ended
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Feb. 27, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Identifiable Intangible Assets | 6. Goodwill and Other Intangible Assets Goodwill Refer to Note 1 to the Consolidated Financial Statements for a description of the Accounting Policy related to Goodwill. Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses. We evaluate goodwill for impairment annually as of the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Based on the impairment analysis performed in the fourth quarter, estimated fair value was in excess of carrying value at six of our eight reporting units. However, estimated fair value did not exceed carrying value for two reporting units within the Architectural Framing Systems segment, EFCO and Sotawall. For these reporting units, we utilized a weighted-average cost of capital of 12.1 percent in determining the discounted cash flows in the fair value analysis and a long-term growth rate of 3.0 percent. As a result, as of February 27, 2021, we incurred goodwill impairment expense of $46.7 million and $17.1 million in our EFCO and Sotawall reporting units, respectively. The goodwill impairment expense recorded during the year ended February 27, 2021 represents the total accumulated goodwill impairment expenses recorded. The carrying amount of goodwill attributable to each reporting segment was:
(In thousands) |  | Architectural Framing Systems |  | Architectural Glass |  | Architectural Services |  | Large-Scale Optical |  | Total
Balance at March 2, 2019 |  | $ | 148,446 |  |  | $ | 25,709 |  |  | $ | 1,120 |  |  | $ | 10,557 |  |  | $ | 185,832 |
Foreign currency translation |  | (263) |  |  | (53) |  |  | — |  |  | — |  |  | (316) |
Balance at February 29, 2020 |  | 148,183 |  |  | 25,656 |  |  | 1,120 |  |  | 10,557 |  |  | 185,516 |
Adjustment (1) |  | 6,315 |  |  | — |  |  | — |  |  | — |  |  | 6,315 |
Impairment expense |  | (63,769) |  |  | — |  |  | — |  |  | — |  |  | (63,769) |
Foreign currency translation |  | 2,370 |  |  | (334) |  |  | — |  |  | — |  |  | 2,036 |
Balance at February 27, 2021 |  | $ | 93,099 |  |  | $ | 25,322 |  |  | $ | 1,120 |  |  | $ | 10,557 |  |  | $ | 130,098 |
(1) During the first quarter of fiscal 2021, we recorded a $6.3 million increase to goodwill and corresponding increase to deferred tax liabilities to correct an immaterial error related to prior periods. The error was not material to any previously reported annual or interim consolidated financial statements. Indefinite-lived intangible assets We have intangible assets for certain acquired trade names and trademarks which are determined to have indefinite useful lives. We test indefinite-lived intangible assets for impairment annually at the same measurement date as goodwill, the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Based on our analysis, the fair value of each of our trade names and trademarks exceeded carrying amount, except for the EFCO tradename, within our Architectural Framing Systems segment. The fair value determined for the EFCO tradename exceeded carrying value by $6.3 million and this amount was recognized as impairment expense in the fourth quarter ended February 27, 2021. The gross carrying amount of other intangible assets and related accumulated amortization was:
(In thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Impairment Expense |  | Foreign Currency Translation |  | Net
February 27, 2021 |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 119,647 |  |  | $ | (40,443) |  |  | $ | — |  |  | $ | 3,315 |  |  | $ | 82,519 |
Other intangibles |  | 41,293 |  |  | (34,234) |  |  | — |  |  | 643 |  |  | 7,702 |
Total definite-lived intangible assets |  | 160,940 |  |  | (74,677) |  |  | — |  |  | 3,958 |  |  | 90,221 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Trademarks |  | 45,300 |  |  | — |  |  | (6,300) |  |  | 832 |  |  | 39,832 |
Total intangible assets |  | $ | 206,240 |  |  | $ | (74,677) |  |  | $ | (6,300) |  |  | $ | 4,790 |  |  | $ | 130,053 |
February 29, 2020 |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 120,239 |  |  | $ | (33,121) |  |  | $ | — |  |  | $ | (592) |  |  | $ | 86,526 |
Other intangibles |  | 41,069 |  |  | (32,516) |  |  | — |  |  | (189) |  |  | 8,364 |
Total definite-lived intangible assets |  | 161,308 |  |  | (65,637) |  |  | — |  |  | (781) |  |  | 94,890 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Trademarks |  | 45,421 |  |  | — |  |  | — |  |  | (120) |  |  | 45,301 |
Total intangible assets |  | $ | 206,729 |  |  | $ | (65,637) |  |  | $ | — |  |  | $ | (901) |  |  | $ | 140,191 |
Amortization expense on definite-lived intangible assets was $7.6 million, $7.7 million and $12.7 million in fiscal 2021, 2020 and 2019, respectively. Amortization expense is included within selling, general and administrative expenses for all intangible assets other than that of debt issuance costs, which is included in interest expense. Estimated future amortization expense for definite-lived intangible assets is:
(In thousands) |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026
Estimated amortization expense |  | $ | 8,055 |  |  | $ | 7,963 |  |  | $ | 7,662 |  |  | $ | 7,316 |  |  | $ | 7,299 |

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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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