XML 35 R23.htm IDEA: XBRL DOCUMENT v3.25.4
Equity
9 Months Ended
Nov. 30, 2025
Equity [Abstract]  
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 reduced 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 nine months ended November 30, 2024, were $3.6 million.
15. Equity
Share Repurchase Program
On November 10, 2020, our Board of Directors authorized a $100 million share repurchase program pursuant to which we may repurchase our common stock (the "2020 Authorization"). Repurchases under the 2020 Authorization will be made through open market or private transactions, in accordance with applicable federal securities laws, and could include repurchases pursuant to Rule 10b5-1 trading plans, which allows stock repurchases when we might otherwise be precluded from doing so. Currently, share repurchases may not exceed 6% of our market capitalization per fiscal year.
During the nine months ended November 30, 2025, we repurchased 201,416 shares of common stock in the amount of $20.0 million at an average purchase price per share of $99.28 under the 2020 Share Authorization. During the nine months ended November 30, 2024, we did not repurchase shares of common stock under the 2020 Share Authorization. As of November 30, 2025, there was $33.2 million remaining to repurchase shares under the 2020 Authorization.
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) ("AOCI"), after tax, for the three and nine months ended November 30, 2025 and 2024, consisted of the following (in thousands):
 Three Months Ended November 30, 2025
Foreign Currency Translation Gain (Loss)Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary,
Net of Tax
Net Actuarial Gain (Loss), Net of TaxInterest Rate Swap, Net of TaxInterest Rate Swap, Net of Tax for Unconsolidated SubsidiaryTotal
Balance as of beginning of period$(8,165)$508 $(587)$(1,430)$— $(9,674)
Other comprehensive income (loss) before reclassification(1,033)(158)— 83 — (1,108)
Amounts reclassified from AOCI — — — (215)— (215)
Net change in AOCI(1,033)(158)— (132)— (1,323)
Balance as of end of period$(9,198)$350 $(587)$(1,562)$— $(10,997)
Nine Months Ended November 30, 2025
Foreign Currency Translation Gain (Loss)Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary,
Net of Tax
Net Actuarial Gain (Loss), Net of TaxInterest Rate Swap, Net of TaxInterest Rate Swap, Net of Tax for Unconsolidated SubsidiaryTotal
Balance as of beginning of period$(10,329)$(388)$(587)$(265)$(11)$(11,580)
Other comprehensive income (loss) before reclassification1,131 738 — (792)11 1,088 
Amounts reclassified from AOCI— — — (505)— (505)
Net change in AOCI1,131 738 — (1,297)11 583 
Balance as of end of period$(9,198)$350 $(587)$(1,562)$— $(10,997)
Three Months Ended November 30, 2024
Foreign Currency Translation Gain (Loss)Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary,
Net of Tax
Net Actuarial Gain (Loss), Net of TaxInterest Rate Swap, Net of TaxInterest Rate Swap, Net of Tax for Unconsolidated SubsidiaryTotal
Balance as of beginning of period$(7,189)$887 $(184)$(523)$114 $(6,895)
Other comprehensive income (loss) before reclassification(1,943)(730)— 1,037 (188)(1,824)
Amounts reclassified from AOCI — — — (663)— (663)
Net change in AOCI(1,943)(730)— 374 (188)(2,487)
Balance as of end of period$(9,132)$157 $(184)$(149)$(74)$(9,382)
Nine Months Ended November 30, 2024
Foreign Currency Translation Gain (Loss)Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary,
Net of Tax
Net Actuarial Gain (Loss), Net of TaxInterest Rate Swap, Net of TaxInterest Rate Swap, Net of Tax for Unconsolidated SubsidiaryTotal
Balance as of beginning of period$(7,628)$1,418 $(184)$2,533 $(33)$(3,894)
Other comprehensive income (loss) before reclassification(1,504)(1,261)— 194 (41)(2,612)
Amounts reclassified from AOCI— — — (2,876)— (2,876)
Net change in AOCI(1,504)(1,261)— (2,682)(41)(5,488)
Balance as of end of period$(9,132)$157 $(184)$(149)$(74)$(9,382)
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.