XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Goodwill and Other Intangible Assets | 9 Months Ended
--- | ---
Nov. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses and is not amortized. Goodwill and indefinite-lived intangibles are evaluated for impairment on an annual basis as of November 30 of each year, or more frequently if impairment indicators arise, using a fair-value-based test that compares the fair value of the asset to its carrying value. The Company is currently still in the process of evaluating and will complete its annual impairment analysis during the fourth quarter of this fiscal year. As of November 30, 2015, there were no indications of impairment that would require an impairment charge to be taken in the current period. Goodwill and other intangible assets are tested for impairment at a reporting unit level, which the Company has determined is at the Print Segment and Apparel Segment level. The impairment test for goodwill uses a two-step approach. Step one compares the fair value of the reporting unit to which goodwill is assigned to its carrying amount. If the carrying amount exceeds its estimated fair value, a potential impairment is indicated and step two is performed. Step two compares the carrying amount of the reporting unit’s goodwill to its implied fair value. In calculating the implied fair value of reporting unit goodwill, the fair value of the reporting unit is allocated to all of the assets and liabilities, including unrecognized intangible assets of that reporting unit based on their fair values, similar to the allocation that occurs in a business combination. The excess of the fair value of a reporting unit over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. If the carrying value of goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. If the implied fair value of goodwill exceeds the carrying amount, goodwill is not impaired. The Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets in assessing the recoverability of its goodwill and other intangibles. If these estimates or the related assumptions change, the Company may be required to record additional impairment charges relating to these assets in the future. The cost of intangible assets is based on fair values at the date of acquisition. Intangible assets with determinable lives are amortized on a straight-line basis over their estimated useful life (between 1 and 15 years). Trademarks and trade names with indefinite lives are evaluated for impairment on an annual basis, or more frequently if impairment indicators arise. The Company assesses the recoverability of its definite-lived intangible assets primarily based on its current and anticipated future undiscounted cash flows. The carrying amount and accumulated amortization of the Company’s intangible assets at each balance sheet date are as follows (in thousands):
As of November 30, 2015 |  | Weighted Average Remaining Life (in years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | — |  |  | $ | 1,234 |  |  | $ | 1,234 |  |  | $ | — |
Customer lists |  |  | 8.9 |  |  |  | 75,518 |  |  |  | 31,876 |  |  |  | 43,642 |
Noncompete |  |  | 2.1 |  |  |  | 75 |  |  |  | 23 |  |  |  | 52 |
Patent |  |  | 2.3 |  |  |  | 783 |  |  |  | 489 |  |  |  | 294 |
Total |  |  | 8.9 |  |  | $ | 77,610 |  |  | $ | 33,622 |  |  | $ | 43,988 |
As of February 28, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | — |  |  | $ | 1,234 |  |  | $ | 1,234 |  |  | $ | — |
Customer lists |  |  | 9.6 |  |  |  | 74,670 |  |  |  | 27,486 |  |  |  | 47,184 |
Noncompete |  |  | 2.8 |  |  |  | 75 |  |  |  | 4 |  |  |  | 71 |
Patent |  |  | 3.0 |  |  |  | 773 |  |  |  | 392 |  |  |  | 381 |
Total |  |  | 9.5 |  |  | $ | 76,752 |  |  | $ | 29,116 |  |  | $ | 47,636 |
|  | November 30, 2015 |  |  | February 28, 2015 |
Non-amortizing intangible assets |  |  |  |  |  |  |  |
Trademarks and trade names |  | $ | 28,591 |  |  | $ | 28,591 |
Amortizing and non-amortizing intangible assets by segment as of the date indicated are as follows (in thousands):
|  | November 30, 2015 |
Category |  | Print Segment |  |  | Apparel Segment |  |  | Total |
Amortizing intangibles, net |  | $ | 38,122 |  |  | $ | 5,866 |  |  | $ | 43,988 |
Non-amortizing intangibles |  |  | 15,291 |  |  |  | 13,300 |  |  |  | 28,591 |
Total |  | $ | 53,413 |  |  | $ | 19,166 |  |  | $ | 72,579 |
|  | February 28, 2015 |
Category |  | Print Segment |  |  | Apparel Segment |  |  | Total |
Amortizing intangibles, net |  | $ | 40,670 |  |  | $ | 6,966 |  |  | $ | 47,636 |
Non-amortizing intangibles |  |  | 15,291 |  |  |  | 13,300 |  |  |  | 28,591 |
Total |  | $ | 55,961 |  |  | $ | 20,266 |  |  | $ | 76,227 |
Aggregate amortization expense for the nine months ended November 30, 2015 and November 30, 2014 was $4.5 million ($3.4 million – Print and $1.1 million – Apparel) and $4.2 million ($3.1 million – Print and $1.1 million – Apparel), respectively. The Company’s estimated amortization expense for the next five fiscal years ending in February of the stated calendar year is as follows (in thousands):
|  | Print Segment |  |  | Apparel Segment |  |  | Total |
2017 |  | $ | 4,666 |  |  | $ | 1,467 |  |  | $ | 6,133 |
2018 |  |  | 4,452 |  |  |  | 1,467 |  |  |  | 5,919 |
2019 |  |  | 3,935 |  |  |  | 1,467 |  |  |  | 5,402 |
2020 |  |  | 3,847 |  |  |  | 1,099 |  |  |  | 4,946 |
2021 |  |  | 3,778 |  |  |  | — |  |  |  | 3,778 |
Changes in the net carrying amount of goodwill as of the dates indicated are as follows (in thousands):
|  | Print Segment |  |  | Apparel Segment |  |  | Total |
Balance as of March 1, 2014 |  | $ | 59,284 |  |  | $ | 55,923 |  |  | $ | 115,207 |
Goodwill acquired |  |  | 5,205 |  |  |  | — |  |  |  | 5,205 |
Goodwill impairment |  |  | — |  |  |  | (55,923 | ) |  |  | (55,923 | )
Balance as of February 28, 2015 |  |  | 64,489 |  |  |  | — |  |  |  | 64,489 |
Goodwill acquired |  |  | 48 |  |  |  | — |  |  |  | 48 |
Goodwill impairment |  |  | — |  |  |  | — |  |  |  | — |
Balance as of November 30, 2015 |  | $ | 64,537 |  |  | $ | — |  |  | $ | 64,537 |
During the fiscal year ended February 28, 2015, $12,000 was added to goodwill related to the adjustment of the fair values of certain Wisco assets, $945,000 was added to goodwill related to the acquisition of Sovereign, $4.2 million was added to goodwill related to the acquisition of Kay Toledo, and an adjustment of ($55.9 million) reflects an impairment charge related to goodwill recorded in the Apparel segment. During the nine months ended November 30, 2015, $48,000 was added to goodwill related to the acquisition of Sovereign.

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 the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration