Restructuring

3 Months Ended

May 31, 2025

Restructuring and Related Activities Disclosure

RESTRUCTURING

The 2025 Restructuring Initiative is an enterprise-wide cost savings and restructuring initiative designed to help optimize the performance of our business, including through enhanced organizational efficiency and optimized expenditures across our organization. The majority of the work associated with the 2025 Restructuring Initiative is expected to be completed within the year ending February 28, 2026, and is estimated to result in $80 million to $100 million of cumulative pre-tax costs once all phases are fully implemented. This range is estimated to be comprised of (i) employee termination costs (60%) and (ii) consulting services as well as other costs, which primarily include contract termination costs (40%).

We recognized pre-tax restructuring costs in connection with the 2025 Restructuring Initiative as follows:


	Results of Operations Location	For the Three Months Ended May 31, 2025
(in millions)



Consulting services	Selling, general, and administrative expenses	$	13.3

Since the inception of the 2025 Restructuring Initiative, we have incurred the following pre-tax restructuring costs:


	Cumulative Costs as of May 31, 2025		Percent of Total Costs
(in millions)


Employee termination	$	46.9	74	%
Consulting services	16.1		26	%

	$	63.0	100	%

The activity for the restructuring costs discussed above and the related accruals is as follows:


	Employee Termination		Consulting Services		Total
(in millions)
Balance at February 28, 2025	$	46.9	$	2.8	$	49.7
Restructuring costs	—		13.3		13.3
Cash payments	(3.3)		(10.6)		(13.9)

Balance at May 31, 2025 (1)	$	43.6	$	5.5	$	49.1

(1)The total accrual was recorded in accrued restructuring within other accrued expenses and liabilities in our consolidated balance sheets.