Equity

3 Months Ended

May 31, 2023

Equity [Abstract]

Equity

13. Equity

Series A Convertible Preferred Stock

On August 5, 2022, the Company exchanged its $240.0 million aggregate principal amount of 6.0% convertible subordinated notes due June 30, 2030 for 240,000 shares of 6.0% Series A Convertible Preferred Stock, following the receipt of shareholder approval for the issuance of preferred stock. The Series A Convertible Preferred Stock is convertible by the holder at any time into shares of the Company's common stock at a conversion price of $58.30 per common share. The preferred stock accumulates a 6.0% dividend per annum. Dividends are payable quarterly on March 31, June 30, September 30 and December 31 of each year. In addition, the preferred shares are subject to a minimum conversion threshold of 1,000 shares per conversion, and customary anti-dilution and dividend adjustments. The preferred shares have full voting rights as if converted and have a fully participating liquidation preference.

As of May 31, 2023, the 240,000 shares of outstanding Series A Convertible Preferred Stock had accrued dividends of $2.4 million and could be converted into 4.1 million shares of common stock, at the option of the holder.

As of May 31, 2022, there were no shares of outstanding preferred stock and no accrued dividends.

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive gain (loss) ("AOCI"), after tax, for the three months ended May 31, 2023 and 2022 consisted of the following (in thousands):

	Three Months Ended May 31, 2023
	Foreign Currency Translation Gain (Loss)		Net Actuarial Gain (Loss), Net of Tax		Interest Rate Swap, Net of Tax		Total
Balance at February 28, 2023	$	(7,571)	$	119	$	2,879	$	(4,573)
Other comprehensive income before reclassification	1,131		—		(4,647)		(3,516)
Amounts reclassified from AOCI	—		—		549		549
Net change in AOCI	1,131		—		(4,098)		(2,967)
Balance at May 31, 2023	$	(6,440)	$	119	$	(1,219)	$	(7,540)

	Three Months Ended May 31, 2022
	Foreign Currency Translation Gain (Loss)		Net Actuarial Gain (Loss), Net of Tax		Interest Rate Swap, Net of Tax		Total
Balance at February 28, 2022	$	(27,324)	$	—	$	—	$	(27,324)
Other comprehensive income before reclassification	624		—		—		624
Net change in AOCI	624		—		—		624
Balance at May 31, 2022	$	(26,700)	$	—	$	—	$	(26,700)