| STOCKHOLDERS' EQUITY |
STOCKHOLDERS’ EQUITY Common stock
The number of shares of common stock issued and treasury stock, and associated share activity, are as follows:
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Class A
Stock
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Class 1
Stock
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Class A
Stock in
Treasury
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Balance at February 29, 2024 |
212,698,298 |
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23,661 |
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29,809,881 |
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| Share repurchases |
— |
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— |
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775,334 |
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| Exercise of stock options |
— |
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1,880 |
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(149,324) |
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Vesting of restricted stock units (1)
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— |
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— |
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(85,650) |
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Vesting of performance share units (1)
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— |
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— |
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(8,757) |
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Balance at May 31, 2024 |
212,698,298 |
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25,541 |
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30,341,484 |
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Class A
Stock
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Class 1
Stock
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Class A
Stock in
Treasury
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| Share repurchases |
— |
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— |
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1,002,947 |
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| Exercise of stock options |
— |
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— |
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(103,561) |
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| Employee stock purchases |
— |
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— |
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(28,472) |
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Vesting of restricted stock units (1)
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— |
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— |
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(5,204) |
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Balance at August 31, 2024 |
212,698,298 |
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25,541 |
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31,207,194 |
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| Share repurchases |
— |
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— |
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914,167 |
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| Exercise of stock options |
— |
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236 |
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(126,416) |
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Balance at November 30, 2024 |
212,698,298 |
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25,777 |
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31,994,945 |
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Balance at February 28, 2023 |
212,697,428 |
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22,705 |
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29,498,426 |
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| Share repurchases |
— |
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— |
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153,937 |
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| Conversion of shares |
80 |
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(80) |
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— |
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| Exercise of stock options |
— |
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800 |
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(129,595) |
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Vesting of restricted stock units (1)
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— |
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— |
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(71,189) |
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Vesting of performance share units (1)
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— |
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— |
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(13,113) |
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Balance at May 31, 2023 |
212,697,508 |
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23,425 |
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29,438,466 |
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| Conversion of shares |
220 |
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(220) |
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— |
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| Exercise of stock options |
— |
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606 |
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(364,530) |
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| Employee stock purchases |
— |
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— |
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(30,172) |
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Vesting of restricted stock units (1)
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— |
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— |
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(5,172) |
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Balance at August 31, 2023 |
212,697,728 |
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23,811 |
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29,038,592 |
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| Share repurchases |
— |
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— |
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889,429 |
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| Conversion of shares |
570 |
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(570) |
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— |
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| Exercise of stock options |
— |
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— |
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(22,587) |
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Vesting of restricted stock units (1)
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— |
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— |
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(68) |
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Balance at November 30, 2023 |
212,698,298 |
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23,241 |
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29,905,366 |
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(1)Net of the following shares withheld to satisfy tax withholding requirements:
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For the Three
Months Ended
May 31, |
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For the Three
Months Ended
August 31, |
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For the Three
Months Ended
November 30, |
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For the Nine
Months Ended
November 30, |
| 2024 |
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| Restricted Stock Units |
48,501 |
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147 |
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— |
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48,648 |
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| Performance Share Units |
5,728 |
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— |
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— |
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5,728 |
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| 2023 |
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| Restricted Stock Units |
39,839 |
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170 |
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— |
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40,009 |
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| Performance Share Units |
8,735 |
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— |
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— |
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8,735 |
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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. The 2021 Authorization was fully utilized during the three months ended November 30, 2024.
For the nine months ended November 30, 2024, through open market transactions, we repurchased 2,462,271 shares of Class A Stock pursuant to the 2021 Authorization at an aggregate cost of $613.7 million and 230,177 shares of Class A Stock pursuant to the 2023 Authorization at an aggregate cost of $54.4 million.
As of November 30, 2024, total shares repurchased under our board authorizations are as follows:
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Class A Stock |
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Repurchase
Authorization |
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Dollar Value
of Shares
Repurchased |
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Number of
Shares
Repurchased |
| (in millions, except share data) |
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2021 Authorization |
$ |
2,000.0 |
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$ |
2,000.0 |
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8,337,547 |
2023 Authorization (1)
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$ |
2,000.0 |
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$ |
54.4 |
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230,177 |
(1)As of November 30, 2024, $1,945.6 million remains available for future share repurchases, excluding the impact of Federal excise tax owed pursuant to the IRA.
Purchase of noncontrolling interest
In October 2024, we purchased the remaining 25% noncontrolling interest in Nelson’s Green Brier, a portfolio of Tennessee-based craft bourbon and whiskey products.
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