Goodwill and Intangibles

12 Months Ended

Feb. 28, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 8 - 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 both fiscal year 2023 and 2022, we did not record any impairment charges related to goodwill or intangible assets. During the fourth quarter of fiscal 2021, our quarterly impairment evaluation of long-lived assets held for sale resulted in an asset impairment charge of $8.5 million ($7.4 million after tax) to reduce the goodwill of our Personal Care business to reflect the disposal group at fair value less cost to sell. See Note 4 for additional information.

The following table summarizes the changes in our goodwill by segment for fiscal 2023 and 2022:


(in thousands)	Home & Outdoor		Beauty & Wellness		Total
Gross carrying amount as of February 28, 2021	$	282,056	$	457,845	$	739,901
Accumulated impairment as of February 28, 2021	—		—		—
Acquisitions (1)	208,972		—		208,972



Gross carrying amount as of February 28, 2022	491,028		457,845		948,873
Accumulated impairment as of February 28, 2022	—		—		—



Net carrying amount as of February 28, 2022	$	491,028	$	457,845	$	948,873

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

(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 7.

(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 7.

The following table summarizes the components of our other intangible assets as follows:


	February 28, 2023 (1)(2)						February 28, 2022 (2)
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived:
Licenses	$	7,400	$	—	$	7,400	$	7,400	$	—	$	7,400
Trademarks	358,200		—		358,200		358,200		—		358,200

Definite-lived:
Licenses	74,250		(5,429)		68,821		74,250		(3,267)		70,983
Trademarks	51,150		(7,212)		43,938		30,150		(4,332)		25,818
Other Intangibles	231,457		(155,933)		75,524		218,155		(142,710)		75,445
Total	$	722,457	$	(168,574)	$	553,883	$	688,155	$	(150,309)	$	537,846

(1)Balances as of February 28, 2023 include intangible assets recorded in connection with the acquisition of Curlsmith on April 22, 2022. For additional information see Note 7.

(2)Balances as of February 28, 2023 and February 28, 2022 include intangible assets recorded in connection with the acquisition of Osprey on December 29, 2021. For additional information see Note 7.

The following tables summarize amortization expense related to our other intangible assets as follows:


Aggregate Amortization Expense (in thousands)
Fiscal 2023	$	18,322
Fiscal 2022	12,764
Fiscal 2021	17,643


Estimated Amortization Expense (in thousands)
Fiscal 2024	$	18,503
Fiscal 2025	18,017
Fiscal 2026	15,924
Fiscal 2027	11,369
Fiscal 2028	8,652