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Leases (Notes) | 9 Months Ended
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Nov. 30, 2025
Leases [Abstract] |
Leases of Lessee Disclosure [Text Block] | Leases Our leases primarily consist of operating and finance leases related to retail stores, office space, land and equipment. We also have stores subject to sale-leaseback transactions that do not qualify for sale accounting and are accounted for as financing obligations. For more information on these financing obligations see Note 9. The initial term for real property leases is typically 5 to 20 years. For equipment leases, the initial term generally ranges from 3 to 8 years. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 20 years or more. We include options to renew (or terminate) in our lease term, and as part of our right-of-use (“ROU”) assets and lease liabilities, when it is reasonably certain that we will exercise that option. ROU assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We include variable lease payments in the initial measurement of ROU assets and lease liabilities only to the extent they depend on an index or rate. Changes in such indices or rates are accounted for in the period the change occurs, and do not result in the remeasurement of the ROU asset or liability. We are also responsible for payment of certain real estate taxes, insurance and other expenses on our leases. These amounts are generally considered to be variable and are not included in the measurement of the ROU asset and lease liability. We generally account for non-lease components, such as maintenance, separately from lease components. For certain equipment leases, we apply a portfolio approach to account for the lease assets and liabilities. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases with a term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The components of lease expense were as follows:
| Three Months Ended November 30 |  | Nine Months Ended November 30
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost (1) | $ | 24,341 |  |  | $ | 22,934 |  |  | $ | 73,211 |  |  | $ | 69,035 |
Finance lease cost: |  |  |  |  |  |  |
Depreciation of lease assets | 4,634 |  |  | 5,132 |  |  | 13,858 |  |  | 15,980 |
Interest on lease liabilities | 6,034 |  |  | 6,589 |  |  | 18,533 |  |  | 20,180 |
Total finance lease cost | 10,668 |  |  | 11,721 |  |  | 32,391 |  |  | 36,160 |
Total lease cost | $ | 35,009 |  |  | $ | 34,655 |  |  | $ | 105,602 |  |  | $ | 105,195 |
(1) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to leases was as follows:
|  | As of November 30 |  | As of February 28
(In thousands) | Classification | 2025 |  | 2025
Assets: |  |  |  |
Operating lease assets | Operating lease assets | $ | 475,078 |  |  | $ | 493,355 |
Finance lease assets | Property and equipment, net (1) | 150,811 |  |  | 160,535 |
Total lease assets |  | $ | 625,889 |  |  | $ | 653,890 |
Liabilities: |  |  |  |
Current: |  |  |  |
Operating leases | Current portion of operating lease liabilities | $ | 57,173 |  |  | $ | 59,335 |
Finance leases | Accrued expenses and other current liabilities | 16,926 |  |  | 15,015 |
Long-term: |  |  |  |
Operating leases | Operating lease liabilities, excluding current portion | 462,391 |  |  | 481,963 |
Finance leases | Other liabilities | 180,660 |  |  | 189,216 |
Total lease liabilities |  | $ | 717,150 |  |  | $ | 745,529 |
(1) Finance lease assets are recorded net of accumulated depreciation of $81.5 million as of November 30, 2025 and $67.6 million as of February 28, 2025. Lease term and discount rate information related to leases was as follows:
| As of November 30 |  | As of February 28
Lease Term and Discount Rate | 2025 |  | 2025
Weighted Average Remaining Lease Term (in years) |  |  |
Operating leases | 15.56 |  | 15.49
Finance leases | 13.94 |  | 14.31
Weighted Average Discount Rate |  |  |
Operating leases | 5.33 | % |  | 5.21 | %
Finance leases | 16.44 | % |  | 16.78 | %
Supplemental cash flow information related to leases was as follows:
| Nine Months Ended November 30
(In thousands) | 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 77,149 |  |  | $ | 70,954 |
Operating cash flows from finance leases | $ | 18,062 |  |  | $ | 18,515 |
Financing cash flows from finance leases | $ | 11,002 |  |  | $ | 13,146 |
Lease assets obtained in exchange for lease obligations: |  |
Operating leases | $ | 22,951 |  |  | $ | 27,982 |
Finance leases | $ | 4,134 |  |  | $ | 5,442 |
Maturities of lease liabilities were as follows:
| As of November 30, 2025
(In thousands) | Operating Leases |  | Finance Leases
Fiscal 2026, remaining | $ | 20,998 |  |  | $ | 9,768 |
Fiscal 2027 | 82,161 |  |  | 39,870 |
Fiscal 2028 | 78,031 |  |  | 35,990 |
Fiscal 2029 | 56,200 |  |  | 38,623 |
Fiscal 2030 | 46,362 |  |  | 28,645 |
Thereafter | 520,122 |  |  | 252,991 |
Total lease payments | 803,874 |  |  | 405,887 |
Less: interest | (284,310) |  |  | (208,301) |
Present value of lease liabilities | $ | 519,564 |  |  | $ | 197,586 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/840/tableOfContent + Details
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