Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.23.2
Stockholders' Equity
 3 Months Ended
May 31, 2023
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Common stock
The number of shares of common stock issued and treasury stock, and associated share activity, are as follows:
Common Stock Treasury Stock
Class A
Class B (1)
Class 1 Class A
Class B (1)
Balance at February 28, 2023 212,697,428  —  22,705  29,498,426  — 
Share repurchases —  —  —  153,937  — 
Conversion of shares 80  —  (80) —  — 
Exercise of stock options —  —  800  (129,595) — 
Vesting of restricted stock units (2)
—  —  —  (71,189) — 
Vesting of performance share units (2)
—  —  —  (13,113) — 
Balance at May 31, 2023 212,697,508  —  23,425  29,438,466  — 
Common Stock Treasury Stock
Class A
Class B (1)
Class 1 Class A
Class B (1)
Balance at February 28, 2022 187,263,859  28,212,340  2,248,679  22,824,607  5,005,800 
Share repurchases —  —  —  4,065,508  — 
Conversion of shares 655  (655) —  —  — 
Exercise of stock options —  —  35  (108,228) — 
Vesting of restricted stock units (2)
—  —  —  (71,064) — 
Vesting of performance share units (2)
—  —  —  (16,326) — 
Balance at May 31, 2022 187,264,514  28,211,685  2,248,714  26,694,497  5,005,800 
(1)Prior to the Reclassification, we had an additional class of common stock with a material number of shares outstanding: Class B Stock. Shares of Class B Stock were convertible into shares of Class A Stock on a one-to-one basis at any time at the option of the holder. In November 2022, we completed the Reclassification at the Effective Time as contemplated by the Reclassification Agreement. Pursuant to the Reclassification, each share of Class B Stock issued and outstanding immediately prior to the Effective Time was reclassified, exchanged, and converted into one share of Class A Stock and the right to receive $64.64 in cash, without interest. The aggregate cash payment to holders of Class B Stock at the Effective Time was $1.5 billion.
(2)Net of the following shares withheld to satisfy tax withholding requirements:
For the Three
Months Ended
May 31,
2023
Restricted Stock Units 39,839 
Performance Share Units 8,735 
2022
Restricted Stock Units 37,308 
Performance Share Units 4,919 

Stock repurchases
In January 2021, our Board of Directors authorized the repurchase of up to $2.0 billion of our publicly traded common stock. The Board of Directors did not specify a date upon which this authorization would expire. Shares repurchased under the 2021 Authorization become treasury shares. For the three months ended May 31, 2023, we repurchased 153,937 shares of Class A Stock through open market transactions pursuant to this authorization at an aggregate cost of $35.0 million.

As of May 31, 2023, total shares repurchased under the 2021 Authorization are as follows:
Class A Common Shares
Repurchase
Authorization		 Dollar Value
of Shares
Repurchased		 Number of
Shares
Repurchased
(in millions, except share data)
2021 Authorization $ 2,000.0  $ 1,171.6  4,985,847