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Stock-Based Employee Compensation | 12 Months Ended
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Feb. 28, 2026
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED EMPLOYEE COMPENSATION | STOCK-BASED EMPLOYEE COMPENSATION We have two stock-based employee compensation plans (as further discussed below). Total compensation cost recognized for our stock-based awards and income tax benefits related thereto are as follows:
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
(in millions) |  |  |  |  |
Total compensation cost recognized in our results of operations (1) | $ | 69.2 |  | $ | 72.2 |  | $ | 63.6
Income tax benefit related thereto recognized in our results of operations | $ | 10.2 |  | $ | 10.6 |  | $ | 9.5
(1)The majority is included in selling, general, and administrative expenses. Long-Term Stock Incentive Plan Under our Long-Term Stock Incentive Plan, nonqualified stock options, restricted stock units, performance share units, and other stock-based awards may be granted to our employees, officers, and directors. The aggregate number of shares of our Class A Stock and Class 1 Stock available for awards under our Long-Term Stock Incentive Plan is 108,000,000 shares. The exercise price, vesting period, and term of nonqualified stock options granted are established by the committee administering the plan (the “Committee”). The exercise price of any nonqualified stock option may not be less than the fair market value of our Class A Stock on the date of grant. Nonqualified stock options generally vest and become exercisable over a three-year period from the date of grant and expire as established by the Committee, but not later than 10 years after the grant date. Grants of restricted stock units, performance share units, and other stock-based awards may contain such vesting periods, terms, conditions, and other requirements as the Committee may establish. Restricted stock unit awards are based on service and generally vest over one to three years from the date of grant. Performance share unit awards are based on service and the satisfaction of certain performance conditions, and vest over a required employee service period, generally from one to three years from the date of grant, which closely matches the performance period. The performance conditions include the achievement of specified financial or operational performance metrics, or market conditions which require the achievement of specified levels of stockholder return relative to other companies as defined in the applicable performance share unit agreement. The actual number of shares to be awarded upon vesting of a performance share unit award will range between 0% and 200% of the target award, based upon the measure of performance as certified by the Committee. A summary of stock option activity under our Long-Term Stock Incentive Plan is as follows:
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
| Number of Options |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Exercise Price
Outstanding as of March 1 | 2,258,033 |  |  | $ | 212.95 |  |  | 2,564,288 |  |  | $ | 203.47 |  |  | 3,067,962 |  |  | $ | 194.47 |
Granted | — |  |  | $ | — |  |  | 124,418 |  |  | $ | 260.11 |  |  | 151,848 |  |  | $ | 226.76 |
Exercised | (59,844) |  |  | $ | 141.77 |  |  | (393,016) |  |  | $ | 162.80 |  |  | (584,302) |  |  | $ | 160.41 |
Forfeited | (26,800) |  |  | $ | 248.81 |  |  | (29,237) |  |  | $ | 246.98 |  |  | (55,351) |  |  | $ | 225.04 |
Expired | (168,175) |  |  | $ | 209.04 |  |  | (8,420) |  |  | $ | 245.19 |  |  | (15,869) |  |  | $ | 196.57 |
Outstanding as of last day of February | 2,003,214 |  |  | $ | 214.93 |  |  | 2,258,033 |  |  | $ | 212.95 |  |  | 2,564,288 |  |  | $ | 203.47 |
Exercisable | 1,814,172 |  |  | $ | 211.19 |  |  | 1,761,492 |  |  | $ | 203.26 |  |  | 1,702,984 |  |  | $ | 193.68 |
As of February 28, 2026, the aggregate intrinsic value of our options outstanding and exercisable was $1.9 million each. In addition, the weighted average remaining contractual life for our options outstanding and exercisable was 4.5 years and 4.3 years, respectively. The fair value of stock options vested, and the intrinsic value of and tax benefit realized from the exercise of stock options, are as follows:
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
(in millions) |  |  |  |  |
Fair value of stock options vested | $ | 19.0 |  | $ | 23.6 |  | $ | 27.3
Intrinsic value of stock options exercised | $ | 2.4 |  | $ | 34.6 |  | $ | 54.6
Tax benefit realized from stock options exercised | $ | 0.6 |  | $ | 5.4 |  | $ | 10.4
The weighted average grant-date fair value of stock options granted and the weighted average inputs used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows:
|  |  | For the Years Ended (1)
|  |  | February 28, 2025 |  | February 29, 2024
Grant-date fair value |  |  | $ | 78.32 |  | $ | 64.75
Expected life (2) |  |  | 5.8 years |  | 5.8 years
Expected volatility (3) |  |  | 27.8% |  | 28.8%
Risk-free interest rate (4) |  |  | 4.7% |  | 3.6%
Expected dividend yield (5) |  |  | 1.6% |  | 1.6%
(1)No stock options were granted for the year ended February 28, 2026. (2)Based on historical experience of employees’ exercise behavior for similar type awards. (3)Based primarily on historical volatility levels of our Class A Stock. (4)Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life. (5)Based on the calculated yield on our Class A Stock at date of grant using the current fiscal year projected annualized dividend distribution rate. A summary of restricted stock unit and performance share unit activity under our Long-Term Stock Incentive Plan is as follows:
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
| Number |  | Weighted Average Grant-Date Fair Value |  | Number |  | Weighted Average Grant-Date Fair Value |  | Number |  | Weighted Average Grant-Date Fair Value
Restricted Stock Units |  |  |  |  |  |  |  |  |  |  |
Outstanding balance as of March 1, Nonvested | 333,985 |  |  | $ | 246.73 |  |  | 335,614 |  |  | $ | 228.75 |  |  | 291,859 |  |  | $ | 223.75 |
Granted | 327,972 |  |  | $ | 183.23 |  |  | 171,601 |  |  | $ | 260.44 |  |  | 192,300 |  |  | $ | 227.30 |
Vested | (155,194) |  |  | $ | 243.70 |  |  | (139,589) |  |  | $ | 220.63 |  |  | (116,937) |  |  | $ | 213.83 |
Forfeited | (94,902) |  |  | $ | 211.26 |  |  | (33,641) |  |  | $ | 245.56 |  |  | (31,608) |  |  | $ | 228.90 |
Outstanding balance as of last day of February, Nonvested | 411,861 |  |  | $ | 205.48 |  |  | 333,985 |  |  | $ | 246.73 |  |  | 335,614 |  |  | $ | 228.75 |
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
| Number |  | Weighted Average Grant-Date Fair Value |  | Number |  | Weighted Average Grant-Date Fair Value |  | Number |  | Weighted Average Grant-Date Fair Value
Performance Share Units |  |  |  |  |  |  |  |  |  |  |
Outstanding balance as of March 1, Nonvested | 140,072 |  |  | $ | 289.31 |  |  | 110,061 |  |  | $ | 292.78 |  |  | 85,649 |  |  | $ | 302.06 |
Granted | 83,741 |  |  | $ | 192.64 |  |  | 57,804 |  |  | $ | 290.73 |  |  | 67,734 |  |  | $ | 238.01 |
Performance achievement (1) | (26,457) |  |  | $ | 395.57 |  |  | (6,366) |  |  | $ | 318.71 |  |  | (10,725) |  |  | $ | 202.53 |
Vested | — |  |  | $ | — |  |  | (14,485) |  |  | $ | 318.71 |  |  | (21,848) |  |  | $ | 202.53 |
Forfeited | (17,717) |  |  | $ | 247.48 |  |  | (6,942) |  |  | $ | 267.90 |  |  | (10,749) |  |  | $ | 295.07 |
Outstanding balance as of last day of February, Nonvested | 179,639 |  |  | $ | 232.72 |  |  | 140,072 |  |  | $ | 289.31 |  |  | 110,061 |  |  | $ | 292.78 |
(1)Reflects the net number of awards achieved above (below) target levels based on actual performance measured at the end of the performance period. The fair value of shares vested for our restricted stock unit and performance share unit awards is as follows:
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
(in millions) |  |  |  |  |
Restricted stock units | $ | 28.7 |  | $ | 35.4 |  | $ | 27.0
Performance share units | $ | — |  | $ | 3.7 |  | $ | 5.0
The weighted average grant-date fair value of performance share units granted with a market condition and the weighted average inputs used to estimate the fair value on the date of grant using the Monte Carlo Simulation model are as follows:
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
Grant-date fair value | $ | 192.64 |  | $ | 324.98 |  | $ | 251.63
Grant-date price | $ | 183.61 |  | $ | 261.71 |  | $ | 224.38
Performance period | 2.8 years |  | 2.9 years |  | 2.9 years
Expected volatility (1) | 24.5 | % |  | 20.4 | % |  | 23.8 | %
Risk-free interest rate (2) | 3.7 | % |  | 4.7 | % |  | 3.8 | %
Expected dividend yield (3) | 0.0 | % |  | 0.0 | % |  | 0.0 | %
(1)Based primarily on historical volatility levels of our Class A Stock. (2)Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the performance period. (3)No expected dividend yield as units granted earn dividend equivalents. Employee Stock Purchase Plan We have an Employee Stock Purchase Plan under which 9,000,000 shares of Class A Stock may be issued. Under the terms of the plan, eligible employees may purchase shares of our Class A Stock through payroll deductions. The purchase price is the lower of 85% of the fair market value of the stock on the first or last day of the purchase period. For the years ended February 28, 2026, February 28, 2025, and February 29, 2024, employees purchased 66,110 shares, 67,405 shares, and 59,408 shares, respectively, under this plan. Other As of February 28, 2026, there was $45.0 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under our stock-based employee compensation plans. This cost is expected to be recognized in our results of operations over a weighted-average period of 1.7 years. With respect to the issuance of shares under any of our stock-based compensation plans, we have the option to issue authorized but unissued shares or treasury shares.

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