Goodwill and Other Intangible Assets

12 Months Ended

Mar. 01, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

Refer to Note 1 for a description of the Accounting Policy related to Goodwill. Goodwill represents the excess of the cost over the net tangible and identified intangible assets of acquired businesses. We evaluate goodwill for impairment annually as of the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate the carrying value of goodwill may not be recoverable, as described in Note 1. Based on the impairment analysis performed in the fourth quarter, estimated fair value was in excess of carrying value at all of our reporting units.

The carrying amount of goodwill attributable to each reportable segment was:

(In thousands)	Architectural Metals		Architectural Services		Architectural Glass		Performance Surfaces		Total
Balance at February 25, 2023	$	90,137	$	3,031	$	25,301	$	10,557	$	129,026
Foreign currency translation	49		7		100		—		156
Balance at March 2, 2024	90,186		3,038		25,401		10,557		129,182
Goodwill acquired	—		—		—		107,826		107,826
Foreign currency translation	(852)		(117)		(264)		—		(1,233)
Balance at March 1, 2025	$	89,334	$	2,921	$	25,137	$	118,383	$	235,775

Intangible assets

Indefinite-lived intangible assets

We have intangible assets for certain acquired trade names and trademarks which are determined to have indefinite useful lives. We test indefinite-lived intangible assets for impairment annually at the same measurement date as goodwill, the first day of our fiscal fourth quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired as described in Note 1. Based on our annual analysis and changes to our strategic branding in the 4th quarter of fiscal 2025, we recorded impairment expense of $7.6 million related to trademarks within Selling, general and administrative expenses (SG&A) in the Architectural Metals Segment.

Definite-lived intangible assets

Long-lived assets or asset groups, including intangible assets subject to amortization and property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of those assets may not be recoverable, as described in Note 1.

In fiscal 2025, $79.7 million of intangible assets were acquired as part of the UW Interco, LLC (UW Solutions) acquisition. The gross carrying amount of our intangible assets and related accumulated amortization was:

(In thousands)	Gross Carrying Amount		Accumulated Amortization		Impairment Expense		Foreign Currency Translation		Net
March 1, 2025
Definite-lived intangible assets:
Customer relationships	$	134,402	$	(56,193)	$	—	$	(2,655)	$	75,554
Other intangibles	66,832		(31,768)		—		(1,197)		33,867
Total	201,234		(87,961)		—		(3,852)		109,421
Indefinite-lived intangible assets:
Trademarks	26,865		—		(7,634)		(235)		18,996
Total intangible assets	$	228,099	$	(87,961)	$	(7,634)	$	(4,087)	$	128,417
March 2, 2024
Definite-lived intangible assets:
Customer relationships	$	86,798	$	(53,200)	$	—	$	246	$	33,844
Other intangibles	37,505		(32,250)		—		150		5,405
Total	124,303		(85,450)		—		396		39,249
Indefinite-lived intangible assets:
Trademarks	26,851		—		—		14		26,865
Total intangible assets	$	151,154	$	(85,450)	$	—	$	410	$	66,114

Amortization expense on finite-lived intangible assets was $8.9 million, $4.9 million and $4.2 million in fiscal 2025, 2024 and 2023, respectively. All amortization expense is included within selling, general and administrative expenses. Estimated future amortization expense for finite-lived intangible assets is:

(In thousands)	2026		2027		2028		2029		2030
Estimated amortization expense	$	5,236	$	5,236	$	5,184	$	4,968	$	4,928