Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.24.2
Stockholders' Equity
 3 Months Ended
May 31, 2024
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:
Class A
Stock
Class 1
Stock
Class A
Stock in
Treasury
Balance at February 29, 2024
 212,698,298  23,661  29,809,881 
Share repurchases —  —  775,334 
Exercise of stock options —  1,880  (149,324)
Vesting of restricted stock units (1)
—  —  (85,650)
Vesting of performance share units (1)
—  —  (8,757)
Balance at May 31, 2024
 212,698,298  25,541  30,341,484 
Class A
Stock
Class 1
Stock
Class A
Stock in
Treasury
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 (1)
—  —  (71,189)
Vesting of performance share units (1)
—  —  (13,113)
Balance at May 31, 2023
 212,697,508  23,425  29,438,466 
(1)Net of the following shares withheld to satisfy tax withholding requirements:
For the Three
Months Ended
May 31,
2024
Restricted Stock Units 48,501 
Performance Share Units 5,728 
2023
Restricted Stock Units 39,839 
Performance Share Units 8,735 

Stock repurchases
In each of January 2021 and November 2023, 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 these authorizations would expire. Shares repurchased under these authorizations become treasury shares.

For the three months ended May 31, 2024, we repurchased 775,334 shares of Class A Stock pursuant to the 2021 Authorization through open market transactions at an aggregate cost of $200.0 million. Beginning May 31, 2024, we repurchased 187,843 shares of Class A Stock pursuant to the 2021 Authorization at an aggregate cost of $47.0 million through open market transactions made pursuant to a Rule 10b5-1 trading plan.

As of July 3, 2024, total shares repurchased under our board authorizations are as follows:
Class A Stock
Repurchase
Authorization		 Dollar Value
of Shares
Repurchased		 Number of
Shares
Repurchased
(in millions, except share data)
2021 Authorization (1)
$ 2,000.0  $ 1,633.3  6,838,453
2023 Authorization (1)
$ 2,000.0  $ —  —
(1)As of July 3, 2024, $2,366.7 million remains available for future share repurchases, excluding the impact of Federal excise tax owed pursuant to the IRA.