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Goodwill and Other Identifiable Intangible Assets | 12 Months Ended
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Feb. 26, 2022
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 all of our reporting units. At the end of the prior year ended February 27, 2021, we incurred goodwill impairment expense of $46.7 million and $17.1 million in our EFCO and Sotawall reporting units, respectively, which represents the total accumulated goodwill impairment expenses recorded as of February 26, 2022. 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 |  | 82 |  |  | (78) |  |  | — |  |  | — |  |  | 4 |
Balance at February 26, 2022 |  | $ | 93,181 |  |  | $ | 25,244 |  |  | $ | 1,120 |  |  | $ | 10,557 |  |  | $ | 130,102 |
(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 annual analysis, the fair value of each of our trade names and trademarks exceeded the carrying amount, however, as a result of triggering events resulting from the finalization of our plans for integrating the Sotawall business into the Architectural Services segment, beginning in fiscal 2023, it was determined that the carrying value of the Sotawall trade name exceeded fair value by $12.7 million as it was determined to have an immaterial fair value, resulting in the trade name being fully impaired as of fiscal 2022 year end. This amount was recognized as impairment expense in the fourth quarter ended February 26, 2022. Finite-lived intangible assets Long-lived assets or asset groups, including intangible assets subject to amortization and property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable. We use undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows to determine the fair value of long-lived assets. Due to triggering events as a result of finalization of our plans for integrating the Sotawall business into the Architectural Services segment, beginning in fiscal 2023, we determined that the finite-lived intangible assets were impaired as of February 26, 2022. As such, a long-lived asset impairment charge of $36.7 million in finite-lived intangible assets was recognized in the fourth quarter of fiscal year 2022 within the Architectural Framing Systems segment. 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 26, 2022 |  |  |  |  |  |  |  |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 122,961 |  |  | $ | (47,226) |  |  | $ | (33,608) |  |  | $ | 141 |  |  | $ | 42,268 |
Other intangibles |  | 41,838 |  |  | (35,613) |  |  | (3,127) |  |  | (14) |  |  | 3,084 |
Total finite-lived intangible assets |  | 164,799 |  |  | (82,839) |  |  | (36,735) |  |  | 127 |  |  | 45,352 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Trade names and trademarks |  | 39,832 |  |  | — |  |  | (12,738) |  |  | 35 |  |  | 27,129 |
Total intangible assets |  | $ | 204,631 |  |  | $ | (82,839) |  |  | $ | (49,473) |  |  | $ | 162 |  |  | $ | 72,481 |
February 27, 2021 |  |  |  |  |  |  |  |  |  |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 119,647 |  |  | $ | (40,443) |  |  | $ | — |  |  | $ | 3,315 |  |  | $ | 82,519 |
Other intangibles |  | 41,293 |  |  | (34,234) |  |  | — |  |  | 643 |  |  | 7,702 |
Total finite-lived intangible assets |  | 160,940 |  |  | (74,677) |  |  | — |  |  | 3,958 |  |  | 90,221 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Trade names and trademarks |  | 45,300 |  |  | — |  |  | (6,300) |  |  | 832 |  |  | 39,832 |
Total intangible assets |  | $ | 206,240 |  |  | $ | (74,677) |  |  | $ | (6,300) |  |  | $ | 4,790 |  |  | $ | 130,053 |
Amortization expense on finite-lived intangible assets was $7.8 million, $7.6 million and $7.7 million in fiscal 2022, 2021 and 2020, 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 finite-lived intangible assets is:
(In thousands) |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027
Estimated amortization expense |  | $ | 4,683 |  |  | $ | 4,544 |  |  | $ | 4,073 |  |  | $ | 4,056 |  |  | $ | 4,054 |

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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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