Goodwill and Intangibles

12 Months Ended

Feb. 28, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 8 - Goodwill and Intangibles

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 2022 - We did not record any impairment charges related to goodwill or intangible assets.

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 an 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 asset impairment charges related to goodwill and intangible assets of $41.0 million ($36.4 million after tax). The charges were related to our Personal Care business, which was written down to its estimated fair value, and classified as held for sale.

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 changes in our goodwill by segment for fiscal 2022:


(in thousands)	Home & Outdoor		Health & Wellness		Beauty		Total






Gross carrying amount as of February 28, 2021	$	282,056	$	284,913	$	172,932	$	739,901
Accumulated impairment as of February 28, 2021	—		—		—		—
Acquisitions (1)	208,972		—		—		208,972





Gross carrying amount as of February 28, 2022	491,028		284,913		172,932		948,873
Accumulated impairment as of February 28, 2022	—		—		—		—
Net carrying amount as of February 28, 2022	$	491,028	$	284,913	$	172,932	$	948,873

(1)Reflects the goodwill recorded in connection with the acquisition of Osprey on December 29, 2021. For additional information see Note 7.

The following table summarizes the components of our other intangible assets as follows:


	February 28, 2022 (1)						February 28, 2021
(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	358,200		—		358,200		188,200		—		188,200

Definite-lived:
Licenses	74,250		(3,267)		70,983		87,946		(14,800)		73,146
Trademarks	30,150		(4,332)		25,818		30,150		(2,327)		27,823
Other Intangibles	218,155		(142,710)		75,445		194,808		(134,113)		60,695
Total	$	688,155	$	(150,309)	$	537,846	$	508,504	$	(151,240)	$	357,264

(1)Balances as of February 28, 2022 include intangible assets recorded in connection with the acquisition of Osprey on December 29, 2021. For additional information see Note 7.

The following tables summarize amortization expense related to our other intangible assets as follows:


Aggregate Amortization Expense (in thousands)
Fiscal 2022	$	12,764
Fiscal 2021	17,643
Fiscal 2020	21,271


Estimated Amortization Expense (in thousands)
Fiscal 2023	$	16,860
Fiscal 2024	16,738
Fiscal 2025	16,248
Fiscal 2026	14,072
Fiscal 2027	9,609