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Segment and Geographic Information
 12 Months Ended
Feb. 28, 2023
Segment Reporting [Abstract]  
Segment and Geographic Information
Note 18 - Segment and Geographic Information

Segment Information

We currently operate in two segments consisting of Home & Outdoor and Beauty & Wellness. The Curlsmith and Osprey brands and products were added to the Beauty & Wellness and Home & Outdoor segments, respectively, upon the completion of the acquisitions of Curlsmith and Osprey.

During the fourth quarter of fiscal 2023, we made changes to the structure of our organization in connection with our global restructuring plan (as further described in Note 12) that resulted in our previous Health & Wellness and Beauty operating segments being combined into a single reportable segment, which is referred to herein as “Beauty & Wellness.” In connection with these organizational structure changes, corresponding changes were made to how our business is managed, how results are reported internally and how our CEO, our chief operating decision maker, assesses performance and allocates resources. We believe that these changes better align internal resources and external go to market activities in order to create a more efficient and effective organizational structure. There were no changes to the products or brands included within our Home & Outdoor reportable segment as part of these organizational changes nor to the way in which our CEO assesses performance and allocates resources for the Home & Outdoor segment. As a result of these changes, our disclosures reflect two reportable segments, Home & Outdoor and Beauty & Wellness. Comparative prior period segment information in this Annual Report has been recast to conform to this change in our reportable segments. Our external reportable segments will continue to align with our internal reporting to enable users of the financial statements to better understand our performance, better assess our future net cash flows, and make more informed judgements about the Company as a whole.
The following tables summarize segment information for the periods presented:

Fiscal Year Ended February 28, 2023
(in thousands)Home & Outdoor (1)Beauty & Wellness (2)Total
Sales revenue, net$915,685 $1,156,982 $2,072,667 
Restructuring charges8,689 18,673 27,362 
Operating income134,053 77,738 211,791 
Capital and intangible asset expenditures159,183 15,681 174,864 
Depreciation and amortization18,364 26,319 44,683 

Fiscal Year Ended February 28, 2022
(in thousands)Home & Outdoor (1)Beauty & Wellness Total
Sales revenue, net$865,844 $1,357,511 $2,223,355 
Restructuring charges369 11 380 
Operating income134,925 137,625 272,550 
Capital and intangible asset expenditures67,732 10,307 78,039 
Depreciation and amortization12,112 23,717 35,829 

Fiscal Year Ended February 28, 2021
(in thousands)Home & OutdoorBeauty & Wellness Total
Sales revenue, net$727,354 $1,371,445 $2,098,799 
Asset impairment charges— 8,452 8,452 
Restructuring charges249 101 350 
Operating income122,487 159,001 281,488 
Capital and intangible asset expenditures10,369 88,299 98,668 
Depreciation and amortization9,333 28,385 37,718 

(1)Fiscal 2022 includes approximately nine weeks of operating results from Osprey, acquired on December 29, 2021, and fiscal 2023 includes a full year of operating results. For additional information see Note 7 to the accompanying consolidated financial statements.

(2)Fiscal 2023 includes approximately forty-five weeks of operating results from Curlsmith, acquired on April 22, 2022. For additional information see Note 7 to the accompanying consolidated financial statements.

We compute segment operating income based on net sales revenue, less cost of goods sold, SG&A, restructuring charges, and any asset impairment charges associated with the segment. The SG&A used to compute each segment’s operating income is directly associated with the segment, plus shared service and corporate overhead expenses that are allocable to the segment. We do not allocate non-operating income and expense, including interest or income taxes, to operating segments. Our chief operating decision maker reviews balance sheet information at a consolidated level.

Geographic Information

The following table presents net sales revenue by geographic region, in U.S. Dollars. Net sales are attributed to countries based on the customer's location.

 Fiscal Years Ended Last Day of February,
(in thousands)202320222021
U.S.$1,538,852 74.2 %$1,738,099 78.2 %$1,666,324 79.4 %
Canada108,416 5.2 %101,617 4.6 %92,150 4.4 %
EMEA268,153 13.0 %214,583 9.6 %183,398 8.7 %
Asia Pacific115,626 5.6 %109,750 4.9 %118,000 5.6 %
Latin America41,620 2.0 %59,306 2.7 %38,927 1.9 %
Total sales revenue, net$2,072,667 100.0 %$2,223,355 100.0 %$2,098,799 100.0 %
Worldwide sales to our largest customer, Amazon.com Inc., accounted for approximately 17%, 19% and 20% of our consolidated net sales revenue in fiscal 2023, 2022 and 2021, respectively. Sales to our second largest customer, Target Corporation, accounted for approximately 10% in fiscal 2023 and 11% in both 2022 and 2021 of our consolidated net sales revenue. Sales to our third largest customer, Walmart, Inc., including its worldwide affiliates, accounted for approximately 10%, 11% and 13% of our consolidated net sales revenue in fiscal 2023, 2022, and 2021, respectively. No other customers accounted for 10% or more of consolidated net sales revenue during these fiscal years. Sales to our top five customers accounted for approximately 43%, 49% and 52% of our consolidated net sales revenue in fiscal 2023, 2022 and 2021, respectively. Sales to these largest customers include sales across both of our business segments.

Our U.S. and international long-lived assets were as follows:

 Fiscal Years Ended Last Day of February,
(in thousands)202320222021
U.S.$357,577 $213,505 $145,443 
International32,967 29,632 23,625 
Total$390,544 $243,137 $169,068 
The table above classifies assets based upon the country where they are physically located. Long-lived assets included in the table above include property and equipment and operating lease assets.