Goodwill and Intangible Assets

12 Months Ended

Feb. 28, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

3. Goodwill and Intangible Assets

Goodwill and indefinite-lived intangible assets are not amortized but are subject to annual impairment tests. Other intangible assets are amortized on a straight-line basis over the estimated useful lives.

Changes in goodwill by segment for fiscal years 2026 and 2025 were as follows (in thousands):

	As of February 28, 2026
	Beginning Balance		Acquisitions		Other		Currency Translation Adjustment		Ending Balance
Metal Coatings	$	176,070	$	9,585	$	(123)	$	1,428	$	186,960
Precoat Metals	527,793		—		—		—		527,793
Total	$	703,863	$	9,585	$	(123)	$	1,428	$	714,753

	As of February 28, 2025
	Beginning Balance		Acquisitions(1)		Other		Currency Translation Adjustment		Ending Balance
Metal Coatings	$	177,675	$	—	$	—	$	(1,605)	$	176,070
Precoat Metals	527,793		—		—		—		527,793
Total	$	705,468	$	—	$	—	$	(1,605)	$	703,863

Amortizable intangible assets consisted of the following as of February 28, 2026 and 2025 (in thousands):

	Weighted-Average Life (Years)	As of
		February 28, 2026		February 28, 2025
Customer related intangibles	25	$	483,709	$	474,234
Non-compete agreements	15	6,772		6,698
Trademarks / Tradenames	34	35,774		35,774
Technology	15	36,000		36,000
Gross intangible assets		562,255		552,706
Less accumulated amortization		(154,022)		(132,361)
Total amortizable intangible assets, net		$	408,233	$	420,345

See Note 21 for a description of the impairment of intangible assets during fiscal 2026.

In addition to its amortizable intangible assets, we have recorded indefinite-lived intangible assets of $1.5 million on the consolidated balance sheets as of February 28, 2026 and 2025, related to certain trade names acquired as part of prior business acquisitions.

The following table outlines the classification of amortization expense, which is included in selling, general and administrative expense, in the consolidated statements of income for fiscal 2026, 2025, and 2024 (in thousands):

	Year Ended
	February 28, 2026		February 28, 2025		February 29, 2024
Total amortization expense	$	23,083	$	23,111	$	23,960

The following table summarizes the estimated amortization expense for the next five fiscal years and beyond (in thousands):

Fiscal Year:	Amortization Expense
2027	$	22,795
2028	22,109
2029	21,960
2030	21,960
2031	21,588
Thereafter	297,821
Total	$	408,233