XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Mar. 02, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 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, as described in Note 1. 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. 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 26, 2022 |  | $ | 93,181 |  |  | $ | 25,244 |  |  | $ | 1,120 |  |  | $ | 10,557 |  |  | $ | 130,102 |
Reallocation among reporting units(1) |  | (2,048) |  |  | — |  |  | 2,048 |  |  | — |  |  | — |
Foreign currency translation |  | (996) |  |  | 57 |  |  | (137) |  |  | — |  |  | (1,076) |
Balance at February 25, 2023 |  | 90,137 |  |  | 25,301 |  |  | 3,031 |  |  | 10,557 |  |  | 129,026 |
Foreign currency translation |  | 49 |  |  | 100 |  |  | 7 |  |  | — |  |  | 156 |
Balance at March 2, 2024 |  | $ | 90,186 |  |  | $ | 25,401 |  |  | $ | 3,038 |  |  | $ | 10,557 |  |  | $ | 129,182 |
(1) Represents the reallocation of goodwill as a result of transitioning Sotawall from the Architectural Framing Systems Segment to the Architectural Services Segment as of the start of the first quarter of fiscal 2023. Intangible assets 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 as described in Note 1. Based on our annual analysis, the fair value of each of our trade names and trademarks exceeded the carrying amount. During fiscal 2022, 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. Definite-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, as described in Note 1. 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 certain related 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. The gross carrying amount of our intangible assets and related accumulated amortization was:
(In thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  |  |  | Foreign Currency Translation |  | Net
March 2, 2024 |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 86,798 |  |  | $ | (53,200) |  |  |  |  | $ | 246 |  |  | $ | 33,844 |
Other intangibles |  | 37,505 |  |  | (32,250) |  |  |  |  | 150 |  |  | 5,405 |
Total |  | 124,303 |  |  | (85,450) |  |  |  |  | 396 |  |  | 39,249 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Trademarks |  | 26,851 |  |  | — |  |  |  |  | 14 |  |  | 26,865 |
Total intangible assets |  | $ | 151,154 |  |  | $ | (85,450) |  |  |  |  | $ | 410 |  |  | $ | 66,114 |
February 25, 2023 |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 89,495 |  |  | $ | (49,404) |  |  |  |  | $ | (2,697) |  |  | $ | 37,394 |
Other intangibles |  | 39,404 |  |  | (35,229) |  |  |  |  | (1,045) |  |  | 3,130 |
Total |  | 128,899 |  |  | (84,633) |  |  |  |  | (3,742) |  |  | 40,524 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Trademarks |  | 27,129 |  |  | — |  |  |  |  | (278) |  |  | 26,851 |
Total intangible assets |  | $ | 156,028 |  |  | $ | (84,633) |  |  |  |  | $ | (4,020) |  |  | $ | 67,375 |
Amortization expense on finite-lived intangible assets was $4.9 million, $4.2 million and $7.8 million in fiscal 2024, 2023 and 2022, respectively. All amortization expense is included within selling, general and administrative expenses. Estimated future amortization expense for finite-lived intangible assets is:
(In thousands) |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Estimated amortization expense |  | $ | 4,824 |  |  | $ | 4,824 |  |  | $ | 4,822 |  |  | $ | 4,801 |  |  | $ | 4,167 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration