Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.24.1.u1
Leases (Tables)
12 Months Ended
Feb. 29, 2024
Leases [Abstract]  
Summary of lease right-of-use assets and liabilities
A summary of lease right-of-use assets and liabilities are as follows:
Balance Sheet Classification February 29,
2024
February 28,
2023
(in millions)
Assets
Operating lease Other assets $ 615.3  $ 442.5 
Finance lease Property, plant, and equipment 18.2  26.9 
Total right-of-use assets $ 633.5  $ 469.4 
Liabilities
Current:
Operating lease Other accrued expenses and liabilities $ 89.6  $ 81.4 
Finance lease Current maturities of long-term debt 7.5  9.5 
Non-current:
Operating lease Deferred income taxes and other liabilities 588.7  417.4 
Finance lease Long-term debt, less current maturities 10.3  16.7 
Total lease liabilities $ 696.1  $ 525.0 
Lease cost components
The components of total lease cost are as follows:
For the Years Ended

February 29,
2024
February 28,
2023
February 28,
2022
(in millions)
Operating lease cost $ 98.2  $ 96.2  $ 89.5 
Finance lease cost:
Amortization of right-of-use assets 9.4  9.2  5.8 
Interest on lease liabilities 1.4  1.1  0.5 
Short-term lease cost 10.5  6.6  8.4 
Variable lease cost 182.1  176.5  202.5 
Total lease cost $ 301.6  $ 289.6  $ 306.7 
Operating lease maturities
As of February 29, 2024, minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows:
Operating Leases Finance Leases
(in millions)
Fiscal 2025 $ 117.2  $ 8.5 
Fiscal 2026 99.8  5.6 
Fiscal 2027 82.4  4.1 
Fiscal 2028 72.6  1.6 
Fiscal 2029 70.2  — 
Thereafter 406.6  0.1 
Total lease payments
848.8  19.9 
Less: Interest (170.5) (2.1)
Total lease liabilities $ 678.3  $ 17.8 
Finance lease maturities
As of February 29, 2024, minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows:
Operating Leases Finance Leases
(in millions)
Fiscal 2025 $ 117.2  $ 8.5 
Fiscal 2026 99.8  5.6 
Fiscal 2027 82.4  4.1 
Fiscal 2028 72.6  1.6 
Fiscal 2029 70.2  — 
Thereafter 406.6  0.1 
Total lease payments
848.8  19.9 
Less: Interest (170.5) (2.1)
Total lease liabilities $ 678.3  $ 17.8 
Supplemental cash flow information

For the Years Ended
February 29,
2024
February 28,
2023
February 28,
2022
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 99.5  $ 99.7  $ 92.7 
Operating cash flows from finance leases $ 1.4  $ 1.1  $ 0.5 
Financing cash flows from finance leases $ 9.7  $ 8.8  $ 5.9 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases $ 268.5  $ 63.2  $ 93.8 
Finance leases $ —  $ 10.1  $ 10.5 
February 29,
2024
February 28,
2023
February 28,
2022
Weighted-average remaining lease term: (1)
Operating leases 10.7 years 11.8 years 12.1 years
Finance leases 2.8 years 3.3 years 3.3 years
Weighted-average discount rate:
Operating leases 4.3  % 3.3  % 3.0  %
Finance leases 7.5  % 6.3  % 3.4  %
(1)Our leases have varying terms with remaining lease terms of up to approximately 29 years. Certain of our lease arrangements provide us with the option to extend or to terminate the lease early.