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Goodwill & Other Intangible Assets
 12 Months Ended
Feb. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill & Other Intangible Assets
GOODWILL & OTHER INTANGIBLE ASSETS
A summary of the changes in goodwill during the years ended February 28, 2020 and February 22, 2019, by reportable segment, is as follows:
Goodwill
Americas
EMEA
Other
Total
Balance as of February 23, 2018
$
119.7

 
$
—

 
$
18.5

 
$
138.2

 
Acquisitions (1) (2)
84.2

 
18.8

 
—

 
103.0

 
Currency translation adjustments
(0.3
)
 
(0.1
)
 
—

 
(0.4
)
 
Goodwill
205.3

 
283.7

 
116.5

 
605.5

 
Accumulated impairment losses
(1.7
)
 
(265.0
)
 
(98.0
)
 
(364.7
)
 
Balance as of February 22, 2019
$
203.6

 
$
18.7

 
$
18.5

 
$
240.8

 
Acquisitions (3)
1.0

 
—

 
—

 
1.0

 
Goodwill on divestitures (4)
—

 
—

 
(68.6
)
 
(68.6
)
 
Accumulated impairment losses on divestitures (4)
—

 
—

 
60.8

 
60.8

 
Currency translation adjustments
(0.2
)
 
(0.2
)
 
—

 
(0.4
)
 
Goodwill
206.1

 
283.5

 
47.9

 
537.5

 
Accumulated impairment losses
(1.7
)
 
(265.0
)
 
(37.2
)
 
(303.9
)
 
Balance as of February 28, 2020
$
204.4

 
$
18.5

 
$
10.7

 
$
233.6

 
________________________
(1)
In 2018, we acquired AMQ Solutions and certain assets of Tricom Vision Limited (collectively, "AMQ") resulting in a goodwill addition in the Americas segment. The purchase accounting was finalized in 2019. See Note 20 for additional information.
(2)
In 2019, we acquired Smith System Manufacturing Company ("Smith System"), resulting in a goodwill addition in the Americas segment. We also acquired Orangebox Group Limited ("Orangebox"), resulting in goodwill additions in the Americas and EMEA segments. See Note 20 for additional information.
(3)
In 2020, we completed a small acquisition of an independent dealer, resulting in a goodwill addition in the Americas segment.
(4)
In 2020, we sold PolyVision Corporation ("PolyVision"), resulting in a decrease to goodwill and related accumulated impairment losses in the Other segment. See Note 21 for additional information.
We compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the difference is recorded as an impairment loss.
We estimated the fair value of our reporting units using the income approach, which calculates the fair value of each reporting unit based on the present value of its estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rates used are based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting units' ability to execute on the projected cash flows. We corroborated the results determined under the income approach with a market-based approach that used observable comparable company information to support the appropriateness of the fair value estimates. The estimation of the fair value of our reporting units represents a Level 3 measurement.
Based on the results of the annual impairment tests, we concluded that no goodwill impairment existed as of February 28, 2020 or February 22, 2019. We will continue to evaluate goodwill, on an annual basis in Q4, and whenever events or changes in circumstances, such as significant adverse changes in business climate or operating results, changes in management's business strategy, significant declines in our stock price or other triggering events, indicate that there may be a potential of impairment.
As of February 28, 2020 and February 22, 2019, our other intangible assets and related accumulated amortization consisted of the following:
Other Intangible Assets
February 28, 2020
February 22, 2019
Weighted
Average
Useful Life
(Years)
Gross
Accumulated
Amortization
Net
Gross
Accumulated
Amortization
Net
Intangible assets subject to amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dealer relationships (1)
11.0

 
$
56.7

 
$
9.3

 
$
47.4

 
$
57.0

 
$
4.1

 
52.9

 
Trademarks (1)
9.3

 
35.4

 
13.7

 
21.7

 
35.8

 
11.0

 
24.8

 
Proprietary technology (2)
9.9

 
15.8

 
13.1

 
2.7

 
26.8

 
23.8

 
3.0

 
Know-how/designs (1)
9.0

 
20.8

 
3.6

 
17.2

 
21.0

 
1.3

 
19.7

 
Non-compete agreements
6.2

 
1.2

 
1.2

 
—

 
1.2

 
1.2

 
—

 
Other (1)
4.7

 
20.8

 
15.8

 
5.0

 
20.5

 
14.4

 
6.1

 
 
 
 
150.7

 
56.7

 
94.0

 
162.3

 
55.8

 
106.5

 
Intangible assets not subject to amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trademarks and other (2)
n/a

 
8.9

 
—

 
8.9

 
12.8

 
—

 
12.8

 
 
 
 
$
159.6

 
$
56.7

 
$
102.9

 
$
175.1

 
$
55.8

 
$
119.3

 
________________________
(1)
In 2019, we acquired Smith System, resulting in additional intangible assets in the Americas segment. We also acquired Orangebox resulting in additional intangible assets in the Americas and EMEA segments. See Note 20 for additional information.
(2)
In 2020, we sold PolyVision, resulting in a decrease of intangible assets in the Other segment. See Note 21 for additional information.
In 2020 and 2019, no intangible asset impairment charges were recorded. We recorded amortization expense on intangible assets subject to amortization of $12.4 in 2020, $12.3 in 2019 and $1.3 for 2018. Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five years is as follows:
Fiscal Year Ending in February
Amount
2021
12.0

2022
11.7

2023
11.6

2024
11.1

2025
11.3

 
$
57.7


Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary. See Note 24 for additional information.