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Goodwill and Intangibles | 12 Months Ended
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Feb. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangibles | Note 7 - 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. During fiscal years 2024, 2023 and 2022, we did not record any impairment charges related to goodwill or intangible assets. The following table summarizes the changes in our goodwill by segment for fiscal 2024 and 2023:
(in thousands) | Home & Outdoor |  |  |  |  | Beauty & Wellness |  | Total
Gross carrying amount as of February 28, 2022 | $ | 491,028 |  |  |  |  |  | $ | 457,845 |  |  | $ | 948,873 |
Accumulated impairment as of February 28, 2022 | — |  |  |  |  |  | — |  |  | — |
Acquisitions (1) (2) | 749 |  |  |  |  |  | 116,857 |  |  | 117,606 |
Gross carrying amount as of February 28, 2023 | 491,777 |  |  |  |  |  | 574,702 |  |  | 1,066,479 |
Accumulated impairment as of February 28, 2023 | — |  |  |  |  |  | — |  |  | — |
Net carrying amount as of February 28, 2023 | $ | 491,777 |  |  |  |  |  | $ | 574,702 |  |  | $ | 1,066,479 |
Acquisitions (2) | — |  |  |  |  |  | 251 |  |  | 251 |
Gross carrying amount as of February 29, 2024 | 491,777 |  |  |  |  |  | 574,953 |  |  | 1,066,730 |
Accumulated impairment as of February 29, 2024 | — |  |  |  |  |  | — |  |  | — |
Net carrying amount as of February 29, 2024 | $ | 491,777 |  |  |  |  |  | $ | 574,953 |  |  | $ | 1,066,730 |
(1)Reflects the goodwill recorded in the Home & Outdoor segment in connection with the acquisition of Osprey on December 29, 2021. For additional information see Note 6. (2)Reflects the goodwill recorded in the Beauty & Wellness segment in connection with the acquisition of Curlsmith on April 22, 2022. For additional information see Note 6. The following table summarizes the components of our other intangible assets as follows:
|  |  | February 29, 2024 (1) |  | February 28, 2023 (1)
(in thousands) |  |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Indefinite-lived: |  |  |  |  |  |  |  |  |  |  |  |  |
Trademark licenses |  |  | $ | 7,400 |  |  | $ | — |  |  | $ | 7,400 |  |  | $ | 7,400 |  |  | $ | — |  |  | $ | 7,400 |
Trade names |  |  | 358,200 |  |  | — |  |  | 358,200 |  |  | 358,200 |  |  | — |  |  | 358,200 |
Definite-lived: |  |  |  |  |  |  |  |  |  |  |  |  |
Trademark licenses |  |  | 74,650 |  |  | (7,523) |  |  | 67,127 |  |  | 74,250 |  |  | (5,429) |  |  | 68,821 |
Trade names |  |  | 51,150 |  |  | (10,267) |  |  | 40,883 |  |  | 51,150 |  |  | (7,212) |  |  | 43,938 |
Customer relationships and lists |  |  | 160,201 |  |  | (112,194) |  |  | 48,007 |  |  | 160,201 |  |  | (103,653) |  |  | 56,548 |
Other intangibles |  |  | 71,977 |  |  | (56,898) |  |  | 15,079 |  |  | 71,256 |  |  | (52,280) |  |  | 18,976 |
Total |  |  | $ | 723,578 |  |  | $ | (186,882) |  |  | $ | 536,696 |  |  | $ | 722,457 |  |  | $ | (168,574) |  |  | $ | 553,883 |
(1)Balances as of February 29, 2024 and February 28, 2023 include intangible assets recorded in connection with the acquisitions of Curlsmith and Osprey on April 22, 2022, and December 29, 2021, respectively. For additional information see Note 6. The following tables summarize amortization expense related to our other intangible assets as follows:
Aggregate Amortization Expense (in thousands) |
Fiscal 2024 | $ | 18,326 |
Fiscal 2023 | 18,322 |
Fiscal 2022 | 12,764 |
Estimated Amortization Expense (in thousands) |
Fiscal 2025 | $ | 17,850 |
Fiscal 2026 | 16,044 |
Fiscal 2027 | 11,580 |
Fiscal 2028 | 8,835 |
Fiscal 2029 | 8,799 |

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