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Fair Value Measurements Fair Value Measurements (Notes)
 12 Months Ended
Feb. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Measurements
Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:
•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.
•Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.
•Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability.
The valuation techniques that may be used to measure fair value are as follows:
•The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
•The income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectation about those future amounts.
•The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).
Assets Measured at Fair Value on a Recurring Basis
The following tables set forth our financial assets as of February 28, 2026 and 2025, that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.
 
Fair Value
as of
February 28, 2026
Fair Value Measurements at February 28, 2026
Using Fair Value Hierarchy
 Level 1Level 2Level 3Valuation
Technique
Assets:
Cash and cash equivalents$179,889 $179,889 $— $— Market
Investments, at fair value
Investment in equity securities$5,704 $1,806 $— $3,898 Market/Income
Total investments, at fair value$5,704 $1,806 $— $3,898 
 
Fair Value
as of
February 28, 2025
Fair Value Measurements at February 28, 2025
Using Fair Value Hierarchy
 Level 1Level 2Level 3Valuation
Technique
Assets:
Cash and cash equivalents$279,052 $279,052 $— $— Market
Investments, at fair value
Investment in debt securities$5,029 $— $— $5,029 Income
Investment in equity securities4,883 985 — 3,898 Market/Income
Total investments, at fair value$9,912 $985 $— $8,927 
Our cash and cash equivalents consist largely of money market securities that are highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities (Level 1). Our investments in debt and equity securities consist of notes and shares received as a result of claims settlements from various airline customers that had entered into bankruptcy proceedings or similar-type restructurings. Our investment in equity securities that are traded in an active market have been valued using quoted market prices (Level 1). Our investments in other equity securities and debt securities for which there is no active market or there is limited market data have been valued using the income approach (Level 3).
During the year ended February 28, 2026, we sold certain notes received from our airline customers and, as a result, held no investments in debt securities that were measured at fair value as of February 28, 2026.
For the years ended February 28, 2026 and 2025, we had no transfers into or out of Level 3.
Assets Measured at Fair Value on a Non-recurring Basis
We measure the fair value of certain assets and liabilities on a non-recurring basis, when U.S. GAAP requires the application of fair value, including when events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. Assets subject to these measurements include our aircraft and unconsolidated equity method investment.
We record aircraft at fair value when we determine the carrying value may not be recoverable. Fair value measurements for aircraft in impairment tests are based on the market approach (Level 2 or 3), which incorporates third-party appraisal data, and an income approach (Level 3), which reflects the Company’s assumptions and appraisal data regarding the present value of future cash proceeds from leasing and selling aircraft. Level 3 valuations contain significant unobservable inputs. See “Aircraft Valuation” below for further information.
We account for our unconsolidated equity method investment under the equity method of accounting. Our investment is recorded at cost and is adjusted by undistributed earnings and losses and the distributions of dividends and capital. This investment is reviewed for impairment whenever events or changes in circumstances indicate the fair value is less than its carrying value and the decline is other-than-temporary.
Financial Instruments
Our financial instruments, other than cash, consist principally of cash equivalents, accounts receivable, investments in debt and equity securities, accounts payable and secured and unsecured financings. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximates the carrying value of these financial instruments because of their short-term nature.
The fair value of our investments, which consist of debt and equity securities, is determined using quoted market prices for those securities that are traded in an active markets (Level 1), or using the income approach for those securities which there is no active market or where market data is limited (Level 3). The fair value of our senior notes is estimated using quoted market prices (Level 1). The fair value of all other secured and unsecured financings is estimated using a discounted cash flow analysis based on our current incremental borrowing rates for similar types of borrowing arrangements (Level 2).
The carrying amounts and fair values of our financial instruments at February 28, 2026 and 2025, were as follows:
February 28,
20262025
AssetsCarrying Amount
of Asset		Fair Value
of Asset		Carrying Amount
of Asset		Fair Value
of Asset
Investments, at fair value(1)
$5,704 $5,704 $9,912 $9,912 
Other investments, net728 728 4,916 4,916 
LiabilitiesCarrying Amount
of Liability		Fair Value
of Liability		Carrying Amount
of Liability		Fair Value
of Liability
Credit Facilities$240,000 $240,000 $150,000 $150,000 
Unsecured Term Loan600,000 604,385 — — 
Other Financings114,177 107,299 509,104 513,161 
Senior Notes4,350,000 4,452,826 4,350,000 4,387,341 
_______________
(1)See Assets Measured at Fair Value on a Recurring Basis.

Aircraft Valuation
Impairment of Flight Equipment
During the year ended February 28, 2026, the Company recorded total impairment charges of $53.3 million. This amount includes $35.9 million related to aircraft leased to 2 customers that filed for bankruptcy protection. For these aircraft, the Company recognized $11.5 million of maintenance and lease rentals received in advance into revenue during the same period.
The remaining $17.4 million of impairment charges were primarily transaction-related, including aircraft and engine redeliveries, and also related to other flight equipment recorded within other assets that is subject to tear-down and parts sales programs. For these items, the Company recognized $25.0 million of revenue related to maintenance, security deposits and the reversal of lease incentive liabilities during the year ended February 28, 2026.
During the year ended February 28, 2025, the Company recorded impairment charges totaling $19.4 million, including $11.0 million of transactional impairments related to a scheduled lease expiration and an aircraft lease
amendment. The Company recognized $24.0 million of maintenance revenue for these aircraft during the year ended February 28, 2025. Total impairment charges also included $8.4 million related to flight equipment that was recorded as a component of other assets and subject to tear-down and parts sales programs.
Recoverability Assessment
We perform recoverability assessments of all our aircraft and other flight equipment at least annually, and more frequently when events or changes in circumstances indicate the carrying amount or net book value of an aircraft or other flight equipment may not be recoverable. We completed our annual recoverability assessment during the third quarter of fiscal year 2025.
For assets with indicators of impairment, we assess whether the estimated future undiscounted net cash flows expected to be generated by the asset exceed its net book value. These undiscounted cash flows include cash flows from currently contracted lease rentals and maintenance payments, future projected lease rates and maintenance payments, transition costs, estimated down time, and estimated residual or scrap values for an aircraft. If an aircraft does not meet the recoverability test, the aircraft will be written down to its estimated fair value, resulting in an impairment charge.
Our estimates and assumptions are based on current and future expectations of the global demand for a particular aircraft type and historical experience in the aircraft leasing market and aviation industry, as well as information received from third-party industry sources. The factors considered in estimating the undiscounted cash flows are subject to change in future periods and may be affected by changes in projected lease rental and maintenance payments, residual values, economic conditions, technology, airline demand for a particular aircraft type and other factors, such as the location of the aircraft and accessibility to records and technical documentation.
If our estimates or assumptions change, including those related to our customers that have entered judicial insolvency proceedings or similar-type proceedings or restructurings, we may revise our cash flow assumptions and record future impairment charges. While we believe that the estimates and related assumptions used in our recoverability assessments are appropriate, actual results could differ from those estimates.