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Stockholders' Equity | 12 Months Ended
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Feb. 28, 2026
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Common stock We have one class of common stock with a material number of shares outstanding: Class A Stock. Holders of Class A Stock are entitled to one vote per share. In addition, we have a class of common stock with an immaterial number of shares outstanding: Class 1 Stock. Shares of Class 1 Stock generally have no voting rights. Class 1 Stock shares are convertible into shares of Class A Stock on a one-to-one basis at any time at the option of the holder, provided that the holder immediately sells the Class A Stock acquired upon conversion. Because shares of Class 1 Stock are convertible into shares of Class A Stock, for each share of Class 1 Stock issued, we must reserve one share of Class A Stock for issuance upon the conversion of the share of Class 1 Stock. Holders of Class 1 Stock do not have any preference as to dividends, but may participate in any dividend if and when declared by the Board of Directors. If we pay a cash dividend on Class 1 Stock, each share of Class A Stock will receive an amount at least 10% greater than the amount of cash dividend per share paid on Class 1 Stock. In addition, the Board of Directors may declare and pay a dividend on Class A Stock without paying a dividend on Class 1 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 28, 2023 | 212,697,428 |  |  | 22,705 |  |  | 29,498,426 |
Share repurchases | — |  |  | — |  |  | 1,043,366 |
Conversion of shares | 870 |  |  | (870) |  |  | — |
Exercise of stock options | — |  |  | 1,826 |  |  | (582,476) |
Employee stock purchases | — |  |  |  |  | (59,408) |
Vesting of restricted stock units (1) | — |  |  |  |  | (76,914) |
Vesting of performance share units (1) | — |  |  |  |  | (13,113) |
Balance at February 29, 2024 | 212,698,298 |  |  | 23,661 |  |  | 29,809,881 |
Share repurchases | — |  |  | — |  |  | 5,252,003 |
Exercise of stock options |  |  | 3,376 |  |  | (389,640) |
Employee stock purchases | — |  |  | — |  |  | (67,405) |
Vesting of restricted stock units (1) | — |  |  | — |  |  | (90,941) |
Vesting of performance share units (1) | — |  |  | — |  |  | (8,757) |
Balance at February 28, 2025 | 212,698,298 |  |  | 27,037 |  |  | 34,505,141 |
Share repurchases | — |  |  | — |  |  | 5,652,107 |
Conversion of shares | 1,244 |  |  | (1,244) |  |  | — |
Exercise of stock options | — |  |  | 130 |  |  | (59,714) |
Employee stock purchases | — |  |  | — |  |  | (66,110) |
Vesting of restricted stock units (1) | — |  |  | — |  |  | (104,328) |
Balance at February 28, 2026 | 212,699,542 |  |  | 25,923 |  |  | 39,927,096 |
(1)Net of the following shares withheld to satisfy tax withholding requirements:
| For the Years Ended
| February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
Restricted Stock Units | 50,866 |  | 48,648 |  | 40,023
Performance Share Units | — |  | 5,728 |  | 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 2021 Authorization was fully utilized as of November 30, 2024. In April 2025, our Board of Directors authorized the repurchase of up to $4.0 billion of our publicly traded common stock under the 2025 Authorization, which expires in February 2028. The 2025 Authorization replaced the 2023 Authorization in its entirety. Shares repurchased under these authorizations become treasury shares. A summary of share repurchase activity is as follows:
|  |  | For the Years Ended
|  | February 28, 2026 |  | February 28, 2025 |  | February 29, 2024
|  |  |  |  | Dollar Value |  | Number of Shares |  | Dollar Value |  | Number of Shares |  | Dollar Value |  | Number of Shares
(in millions, except share data)
2021 Authorization |  |  |  |  | $ | — |  |  | — |  |  | $ | 613.7 |  |  | 2,462,271 |  |  | $ | 249.7 |  |  | 1,043,366 |
2023 Authorization |  |  |  |  | — |  |  | — |  |  | 510.1 |  |  | 2,789,732 |  |  | — |  |  | — |
2025 Authorization |  |  |  |  | 924.1 |  |  | 5,652,107 |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  | $ | 924.1 |  |  | 5,652,107 |  |  | $ | 1,123.8 |  |  | 5,252,003 |  |  | $ | 249.7 |  |  | 1,043,366 |
Subsequent to February 28, 2026, we repurchased 641,481 shares of Class A Stock pursuant to the 2025 Authorization at an aggregate cost of $98.7 million (excluding Federal excise tax owed pursuant to the IRA) through open market transactions and a 10b5-1 Trading Plan. As of April 17, 2026, 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 | $ | 2,000.0 |  |  | $ | 2,000.0 |  | 8,337,547
2023 Authorization | $ | 2,000.0 |  |  | $ | 510.1 |  | 2,789,732
2025 Authorization (1) | $ | 4,000.0 |  |  | $ | 1,022.8 |  | 6,293,588
(1)As of April 17, 2026, $2,977.2 million remains available for future share repurchases, excluding the impact of Federal excise tax owed pursuant to the IRA. Common stock dividends In April 2026, our Board of Directors declared a quarterly cash dividend of $1.03 per share of Class A Stock and $0.93 per share of Class 1 Stock payable in the first quarter of Fiscal 2027. 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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