Mezzanine Equity

6 Months Ended

Aug. 31, 2025

Equity [Abstract]

Mezzanine Equity

14. Mezzanine Equity

Series A Convertible Preferred Stock

On May 9, 2024, we fully redeemed our 240,000 shares of 6.0% Series A Convertible Preferred Stock for $308.9 million. The payment was calculated as the face value of the Series A Preferred Stock of $240.0 million, multiplied by the Return Factor of 1.4, less dividends paid to date of $27.1 million. The redemption premium of $75.2 million, which was calculated as the difference between the redemption amount and the book value of $233.7 million, was recorded as a deemed dividend, and reduces net income available to common shareholders. The Series A Preferred Stock was redeemed using proceeds from the April 2024 Secondary Public Offering. See Note 15.

Dividends

The Series A Preferred Stock accumulated a 6.0% dividend per annum, or $15.00 per share per quarter. Dividends were payable in cash or in kind, by accreting and increasing the Series A Base Amount ("PIK Dividends"). Dividends were payable on the sum of (i) the aggregate liquidation preference amount of $240.0 million plus (ii) any PIK Dividends. Dividends were accrued daily and paid quarterly in arrears, on March 31, June 30, September 30 and December 31 of each year. Following the calendar quarter ending June 30, 2027, we were not able to elect PIK Dividends and dividends on the Series A Preferred Stock were required to be paid in cash. All dividends were paid in cash through May 9, 2024, at which time the Series A Preferred Stock was redeemed. The dividend would have increased annually by one percentage point, beginning with the dividend payable for the calendar quarter ending September 30, 2028. Dividends declared and paid for the six months ended August 31, 2024, were $3.6 million.

15. Equity

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) ("AOCI"), after tax, for the three and six months ended August 31, 2025, and August 31, 2024, consisted of the following (in thousands):

	Three Months Ended August 31, 2025
	Foreign Currency Translation Gain (Loss)		Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax		Net Actuarial Gain (Loss), Net of Tax		Interest Rate Swap, Net of Tax		Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary		Total
Balance as of beginning of period	$	(8,373)	$	(147)	$	(587)	$	26	$	(8)	$	(9,089)
Other comprehensive income (loss) before reclassification	208		655		—		(1,214)		8		(343)
Amounts reclassified from AOCI	—		—		—		(242)		—		(242)
Net change in AOCI	208		655		—		(1,456)		8		(585)
Balance as of end of period	$	(8,165)	$	508	$	(587)	$	(1,430)	$	—	$	(9,674)

	Six Months Ended August 31, 2025
	Foreign Currency Translation Gain (Loss)		Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax		Net Actuarial Gain (Loss), Net of Tax		Interest Rate Swap, Net of Tax		Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary		Total
Balance as of beginning of period	$	(10,329)	$	(388)	$	(587)	$	(265)	$	(11)	$	(11,580)
Other comprehensive income (loss) before reclassification	2,164		896		—		(875)		11		2,196
Amounts reclassified from AOCI	—		—		—		(290)		—		(290)
Net change in AOCI	2,164		896		—		(1,165)		11		1,906
Balance as of end of period	$	(8,165)	$	508	$	(587)	$	(1,430)	$	—	$	(9,674)

	Three Months Ended August 31, 2024
	Foreign Currency Translation Gain (Loss)		Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax		Net Actuarial Gain (Loss), Net of Tax		Interest Rate Swap, Net of Tax		Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary		Total
Balance as of beginning of period	$	(8,053)	$	1,418	$	(184)	$	3,652	$	108	$	(3,059)
Other comprehensive income (loss) before reclassification	864		(531)		—		(3,062)		6		(2,723)
Amounts reclassified from AOCI	—		—		—		(1,113)		—		(1,113)
Net change in AOCI	864		(531)		—		(4,175)		6		(3,836)
Balance as of end of period	$	(7,189)	$	887	$	(184)	$	(523)	$	114	$	(6,895)

	Six Months Ended August 31, 2024
	Foreign Currency Translation Gain (Loss)		Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary, Net of Tax		Net Actuarial Gain (Loss), Net of Tax		Interest Rate Swap, Net of Tax		Interest Rate Swap, Net of Tax for Unconsolidated Subsidiary		Total
Balance as of beginning of period	$	(7,628)	$	1,418	$	(184)	$	2,533	$	(33)	$	(3,894)
Other comprehensive income (loss) before reclassification	439		(531)		—		(842)		147		(787)
Amounts reclassified from AOCI	—		—		—		(2,214)		—		(2,214)
Net change in AOCI	439		(531)		—		(3,056)		147		(3,001)
Balance as of end of period	$	(7,189)	$	887	$	(184)	$	(523)	$	114	$	(6,895)

April 2024 Secondary Public Offering

On April 30, 2024, we completed a secondary public offering in which we sold 4.6 million shares of our common stock at $70.00 per share (the "April 2024 Secondary Public Offering"). We received gross proceeds of $322.0 million, and paid offering expenses of $13.3 million, for net proceeds of $308.7 million. The proceeds from the April 2024 Offering were used to redeem the Series A Preferred Stock.