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Goodwill & Other Intangible Assets
 12 Months Ended
Feb. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill & Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
A summary of the changes in goodwill during the years ended February 25, 2022 and February 26, 2021, by reportable segment, is as follows:
GoodwillAmericasEMEAOtherTotal
Balance as of February 28, 2020$204.4 $18.5 $10.7 $233.6 
Acquisition (1)2.5 — — 2.5 
Impairment charge (2)— (17.6)— (17.6)
Currency translation adjustments0.5 (0.9)— (0.4)
Goodwill209.1 282.6 47.9 539.6 
Accumulated impairment losses(1.7)(282.6)(37.2)(321.5)
Balance as of February 26, 2021$207.4 $— $10.7 $218.1 
Acquisition (3)— 25.8 — 25.8 
Currency translation adjustments(0.2)(0.9)— (1.1)
Goodwill208.9 307.5 47.9 564.3 
Accumulated impairment losses(1.7)(282.6)(37.2)(321.5)
Balance as of February 25, 2022$207.2 $24.9 $10.7 $242.8 
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(1)In 2021, we completed a small acquisition of a dealer, resulting in a goodwill addition in the Americas segment.
(2)In 2021, we recorded a goodwill impairment charge in the EMEA segment related to the Orangebox U.K. reporting unit.
(3)In 2022, we acquired Viccarbe Habitat, S.L. ("Viccarbe") resulting in a goodwill addition in the EMEA segment. See Note 19 for additional information.
We evaluate goodwill for impairment annually in Q4, or earlier if conditions such as significant adverse changes in business climate or operating results, changes in our strategy, significant declines in our stock price or other triggering events, indicate that there may be a potential for impairment. 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 charge. We estimate 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 corroborate the results determined using the income approach with a market-based approach that uses observable and 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.
In Q1 2021, we determined that a triggering event occurred which resulted in an interim impairment evaluation of goodwill for each of our reporting units. During Q1 2021, the market price of our Class A Common Stock declined significantly in connection with overall stock market trends related to the global economic impact of the COVID-19 pandemic. The reduction in revenue in Q1 2021 and changes to our forecasted revenue growth rates and expected operating margins related to the economic disruption of the COVID-19 pandemic were also factors that led to the completion of our interim impairment analysis.
As a result of our interim goodwill impairment analysis, we determined that the carrying value of the Orangebox U.K. reporting unit exceeded its fair value, resulting in a $17.6 goodwill impairment charge in Q1 2021. Following the charge, the reporting unit had no remaining goodwill. During Q1 2021, we also tested the recoverability of the Orangebox U.K. long-lived assets (other than goodwill) and concluded that those assets were not impaired.
Based on the results of our annual impairment tests, we concluded that no goodwill impairment existed as of February 25, 2022 and that no impairment to goodwill existed as of February 26, 2021.
As of February 25, 2022 and February 26, 2021, other intangible assets and related accumulated amortization consisted of the following:
Other Intangible AssetsFebruary 25, 2022February 26, 2021
Weighted
Average
Useful Life
(Years)		GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
Intangible assets subject to amortization:
Dealer relationships (1)11.1$61.4 $20.0 $41.4 $58.7 $14.9 $43.8 
Trademarks (1) (2)8.347.4 24.5 22.9 44.0 19.8 24.2 
Know-how/designs (1)9.024.2 8.5 15.7 21.4 6.1 15.3 
Proprietary technology9.915.8 13.9 1.9 15.8 13.6 2.2 
Non-compete agreements6.11.2 1.2 — 1.3 1.3 — 
Other (3)4.621.8 18.3 3.5 22.4 17.6 4.8 
171.8 86.4 85.4 163.6 73.3 90.3 
Intangible assets not subject to amortization:
Trademarks and other (2)n/a0.1 — 0.1 0.1 — 0.1 
$171.9 $86.4 $85.5 $163.7 $73.3 $90.4 
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(1)In 2022, we acquired Viccarbe, resulting in an increase of intangible assets in the EMEA segment. See Note 19 for additional information.
(2)In 2021, we transferred trademarks not subject to amortization to trademarks subject to amortization within the Americas segment.
(3)In 2021, we completed a small acquisition of a dealer, resulting in an increase of intangible assets in the Americas segment.
In 2022, 2021 and 2020, no intangible asset impairment charges were recorded. We recorded amortization expense on intangible assets subject to amortization of $14.8 in 2022, $16.3 in 2021 and $12.4 in 2020. 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 FebruaryAmount
202315.4 
202412.6 
202512.8 
202612.6 
202712.3 
$65.7 
Future events, such as acquisitions, dispositions or impairments, may cause these amounts to vary.