Goodwill and Intangibles

12 Months Ended

Feb. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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