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Goodwill and Other Identifiable Intangible Assets | 6 Months Ended
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Aug. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Intangible Assets 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 that the carrying value of goodwill may not be recoverable. Based on the impairment analysis performed in the fourth quarter of fiscal 2021, 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. 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, as reflected in the table below, 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 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 |
Foreign currency translation |  | 248 |  |  | 42 |  |  | — |  |  | — |  |  | 290 |
Balance at August 28, 2021 |  | $ | 93,347 |  |  | $ | 25,364 |  |  | $ | 1,120 |  |  | $ | 10,557 |  |  | $ | 130,388 |
(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.
Other 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 was less than its carrying value by $6.3 million; this amount was recognized as impairment expense in the fourth quarter ended February 27, 2021, as reflected in the table below. 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
August 28, 2021 |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 122,961 |  |  | $ | (44,042) |  |  | $ | — |  |  | $ | 742 |  |  | $ | 79,661 |
Other intangibles |  | 41,838 |  |  | (35,068) |  |  | — |  |  | 222 |  |  | 6,992 |
Total definite-lived intangible assets |  | 164,799 |  |  | (79,110) |  |  | — |  |  | 964 |  |  | 86,653 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Trademarks |  | 39,832 |  |  | — |  |  | — |  |  | 157 |  |  | 39,989 |
Total intangible assets |  | $ | 204,631 |  |  | $ | (79,110) |  |  | $ | — |  |  | $ | 1,121 |  |  | $ | 126,642 |
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 |
Amortization expense on definite-lived intangible assets was $3.9 million and $3.7 million for the six-month periods ended August 28, 2021 and August 29, 2020, respectively. Amortization expense of other identifiable intangible assets is included in selling, general and administrative expenses. At August 28, 2021, the estimated future amortization expense for definite-lived intangible assets was:
(In thousands) |  | Remainder of Fiscal 2022 |  | Fiscal 2023 |  | Fiscal 2024 |  | Fiscal 2025 |  | Fiscal 2026
Estimated amortization expense |  | $ | 4,174 |  |  | $ | 8,307 |  |  | $ | 8,047 |  |  | $ | 7,657 |  |  | $ | 7,640 |

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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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