XML 31 R17.htm IDEA: XBRL DOCUMENT
v3.21.1

Goodwill and Intangibles | 12 Months Ended
--- | ---
Feb. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangibles | Note 9 - Goodwill and Intangibles We do not record amortization expense for goodwill or other intangible assets that have indefinite useful lives. Amortization expense is recorded for intangible assets with definite useful lives and is reported within SG&A in our consolidated statements of income. Some of our goodwill is held in jurisdictions that allow deductions for tax purposes, however, in some of those jurisdictions we have no tax basis for the associated goodwill recorded for book purposes. Accordingly, the majority of our goodwill is not deductible for tax purposes. We perform annual impairment testing each fiscal year and interim impairment testing, if necessary. We write down any asset deemed to be impaired to its fair value. Impairment Testing in Fiscal 2021 - During the fourth quarter of fiscal 2021, our quarterly impairment evaluation of long-lived assets held for sale resulted in a non-cash asset impairment charge of $8.5 million ($7.4 million after tax) to reduce the goodwill of our Personal Care business to reflect the disposal group at fair value less cost to sell. See Note 4 for additional information. Impairment Testing in Fiscal 2020 - We recorded non-cash asset impairment charges related to goodwill and intangible assets of $41.0 million ($36.4 million after tax). The charges were related to Personal Care, which was written down to its estimated fair value, and classified as held for sale. Impairment Testing in Fiscal 2019 - We did not record any impairment charges. The following table summarizes the changes in our goodwill by segment for fiscal 2020:
(in thousands) | Housewares |  | Health & Home |  | Beauty |  | Total
Gross carrying amount as of February 28, 2019 | $ | 282,056 |  |  | $ | 284,913 |  |  | $ | 81,841 |  |  | $ | 648,810 |
Accumulated impairment as of February 28, 2019 | — |  |  | — |  |  | (46,490) |  |  | (46,490) |
Acquisitions | — |  |  | — |  |  | 172,933 |  |  | 172,933 |
Impairment charges | — |  |  | — |  |  | (25,503) |  |  | (25,503) |
Reclassification to held for sale (1) | — |  |  | — |  |  | (9,849) |  |  | (9,849) |
Gross carrying amount as of February 29, 2020 | 282,056 |  |  | 284,913 |  |  | 172,932 |  |  | 739,901 |
Accumulated impairment as of February 29, 2020 | — |  |  | — |  |  | — |  |  | — |
Net carrying amount as of February 29, 2020 | $ | 282,056 |  |  | $ | 284,913 |  |  | $ | 172,932 |  |  | $ | 739,901 |
(1)In fiscal 2020, we reclassified the remaining goodwill associated with our Personal Care business of $9.8 million, including the related accumulated impairment of $72.0 million to assets held for sale. See Note 4 for additional information. There were no changes to the gross carrying amount or accumulated impairment of our goodwill associated with our assets held and used during fiscal 2021. The following table summarizes the components of our other intangible assets as follows:
|  |  | February 28, 2021 |  | February 29, 2020
(in thousands) |  |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Indefinite-lived: |  |  |  |  |  |  |  |  |  |  |  |  |
Licenses |  |  | $ | 7,400 |  |  | $ | — |  |  | $ | 7,400 |  |  | $ | 7,400 |  |  | $ | — |  |  | $ | 7,400 |
Trademarks |  |  | 188,200 |  |  | — |  |  | 188,200 |  |  | 188,200 |  |  | — |  |  | 188,200 |
Definite-lived: |  |  |  |  |  |  |  |  |  |  |  |  |
Licenses |  |  | 87,946 |  |  | (14,800) |  |  | 73,146 |  |  | 30,747 |  |  | (28,552) |  |  | 2,195 |
Trademarks |  |  | 30,150 |  |  | (2,327) |  |  | 27,823 |  |  | 30,150 |  |  | (322) |  |  | 29,828 |
Other Intangibles |  |  | 194,808 |  |  | (134,113) |  |  | 60,695 |  |  | 193,346 |  |  | (120,017) |  |  | 73,329 |
Total |  |  | $ | 508,504 |  |  | $ | (151,240) |  |  | $ | 357,264 |  |  | $ | 449,843 |  |  | $ | (148,891) |  |  | $ | 300,952 |
On December 22, 2020, we entered into an amended and extended Trademark License Agreement with Revlon to license Revlon’s trademark for hair care appliances and tools (the “Revlon License”). The Revlon License grants us an exclusive, global, fully paid-up license to use the licensed trademark to manufacture, sell and distribute licensed merchandise in accordance with the terms of the agreement. The Revlon License has an initial term of 40 years, which will automatically renew at the end of the initial term for three consecutive additional 20-year periods unless we give notice of non-renewal. The Revlon License amends and restates the existing Revlon trademark licensing agreements entirely, and eliminates ongoing royalties we have historically paid and recognized as expense within SG&A in accordance with such agreements. In exchange for this exclusive global license, we paid a one-time, up-front license fee of $72.5 million, which was recorded as an intangible asset at cost and is being amortized on a straight-line basis over a useful life of 40 years, representing the initial term. The following tables summarize amortization expense related to intangible assets as follows:
Aggregate Amortization Expense (in thousands) |
Fiscal 2021 | $ | 17,643 |
Fiscal 2020 | 21,271 |
Fiscal 2019 | 14,204 |
Estimated Amortization Expense (in thousands) |
Fiscal 2022 | $ | 11,881 |
Fiscal 2023 | 11,860 |
Fiscal 2024 | 11,739 |
Fiscal 2025 | 11,134 |
Fiscal 2026 | 9,086 |

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 -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration