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Income Taxes (Tables) | 12 Months Ended
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Feb. 28, 2026
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Before Taxes | Our components of (loss) income before income tax were as follows:
| Fiscal Years Ended Last Day of February,
(in thousands) | 2026 |  | 2025 |  | 2024
U.S. | $ | (341,573) |  |  | $ | 19,827 |  |  | $ | 68,957 |
Non-U.S. | (497,265) |  |  | 71,837 |  |  | 140,085 |
Total | $ | (838,838) |  |  | $ | 91,664 |  |  | $ | 209,042 |
Schedule of Components of Income Tax Expense (Benefit) | Our components of income tax expense (benefit) were as follows:
| Fiscal Years Ended Last Day of February,
(in thousands) | 2026 |  | 2025 |  | 2024
Current: |  |  |  |  |
U.S. federal | $ | 14,263 |  |  | $ | 9,570 |  |  | $ | 9,259 |
State | 3,880 |  |  | 5,046 |  |  | 2,704 |
Non-U.S. | 3,992 |  |  | 29,279 |  |  | 15,275 |
| 22,135 |  |  | 43,895 |  |  | 27,238 |
Deferred: |  |  |  |  |
U.S. federal | (15,584) |  |  | (2,287) |  |  | 9,449 |
State | (3,539) |  |  | 614 |  |  | 3,252 |
Non-U.S. | 57,132 |  |  | (74,309) |  |  | 509 |
| 38,009 |  |  | (75,982) |  |  | 13,210 |
Total | $ | 60,144 |  |  | $ | (32,087) |  |  | $ | 40,448 |
Schedule of Effective Income Tax Rate Reconciliation | Our income tax rate reconciliation for fiscal 2026 was as follows:
| Fiscal Year Ended February 28, 2026
| (in thousands) |  | Percent
Tax at U.S. federal statutory tax rate | $ | (176,156) |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect (1) | 411 |  |  | — | %
Foreign tax effects: |  |  |
Switzerland |  |  |
Statutory tax rate difference | 47,502 |  |  | (5.7) | %
Cantonal and local taxes (2) |  |  |
Vaud changes in valuation allowances | 42,030 |  |  | (5.0) | %
Vaud asset impairment | 10,124 |  |  | (1.2) | %
Vaud taxes and other | (28,901) |  |  | 3.4 | %
Changes in valuation allowances | 64,603 |  |  | (7.7) | %
Asset impairment | 15,561 |  |  | (1.9) | %
Other | (6,892) |  |  | 0.8 | %
United Kingdom |  |  |
Asset impairment | 26,984 |  |  | (3.2) | %
Other | (5,639) |  |  | 0.7 | %
Other foreign jurisdictions | 2,707 |  |  | (0.3) | %
Effect of cross-border tax laws | 1,437 |  |  | (0.2) | %
Nontaxable or nondeductible items: |  |  |
Asset impairment | 63,732 |  |  | (7.6) | %
Other | 4,071 |  |  | (0.5) | %
Changes in unrecognized tax benefits | (2,529) |  |  | 0.3 | %
Other items | 1,099 |  |  | (0.1) | %
Effective income tax rate | $ | 60,144 |  |  | (7.2) | %
(1)State taxes in Mississippi and Texas made up the majority of the tax effect in this category. (2)Cantonal taxes in Vaud made up the majority of the tax effect in this category. Our income tax rate reconciliations for prior periods have not been adjusted and continue to reflect the presentation requirements in effect before the adoption of ASU 2023-09.
|  |  | Fiscal Years Ended Last Day of February,
|  |  | 2025 |  | 2024
Effective income tax rate at the U.S. statutory rate |  |  | 21.0 | % |  | 21.0 | %
Impact of U.S. state income taxes |  |  | 5.6 | % |  | 2.2 | %
Effect of statutory tax rate in Macau |  |  | (3.5) | % |  | (4.0) | %
Effect of statutory tax rate in Barbados |  |  | (1.6) | % |  | (2.4) | %
Effect of statutory tax rate in Switzerland |  |  | (0.3) | % |  | (1.8) | %
Effect of income from other non-U.S. operations subject to varying rates |  |  | 2.4 | % |  | 2.3 | %
Effect of foreign exchange fluctuations |  |  | 3.2 | % |  | (0.3) | %
Effect of stock compensation |  |  | 2.3 | % |  | 1.2 | %
Effect of uncertain tax positions |  |  | (7.7) | % |  | 0.4 | %
Effect of non-deductible executive compensation |  |  | 1.5 | % |  | 1.9 | %
Effect of intangible asset reorganization |  |  | (70.5) | % |  | — | %
Effect of asset impairment |  |  | 2.2 | % |  | — | %
Effect of changes in valuation allowance |  |  | 2.5 | % |  | 3.9 | %
Effect of base erosion and anti-abuse tax |  |  | 0.9 | % |  | — | %
Effect of changes in tax rates |  |  | 6.8 | % |  | (4.4) | %
Other items |  |  | 0.2 | % |  | (0.7) | %
Effective income tax rate |  |  | (35.0) | % |  | 19.3 | %
Schedule of Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows:
(in thousands) | February 28, 2026 |  | February 28, 2025
Deferred tax assets, gross: |  |  |
Operating loss carryforwards and tax credits | $ | 46,700 |  |  | $ | 22,436 |
Accounts receivable | 6,650 |  |  | 5,976 |
Inventories | 17,264 |  |  | 18,373 |
Operating lease liabilities | 13,913 |  |  | 10,448 |
Research and development expenditures | 3,901 |  |  | 4,911 |
Interest limitation | 15,904 |  |  | 13,616 |
Accrued expenses and other | 7,403 |  |  | 5,613 |
Amortization | 55,705 |  |  | 14,033 |
Total gross deferred tax assets | 167,440 |  |  | 95,406 |
Valuation allowance | (129,240) |  |  | (21,374) |
Deferred tax liabilities: |  |  |
Operating lease assets | (11,446) |  |  | (7,844) |
Depreciation | (25,229) |  |  | (27,811) |
Total deferred tax assets, net | $ | 1,525 |  |  | $ | 38,377 |
Schedule of Operating Loss Carryforwards | The composition of our operating loss carryforwards and tax credits at the end of fiscal 2026 was as follows:
|  | February 28, 2026
(in thousands) | Tax Year Expiration Date Range | Deferred Tax Assets |  | Operating Loss Carryforward
U.S. state operating loss carryforwards | 2036-2047 | $ | 2,156 |  |  | $ | 43,850 |
Non-U.S. operating loss carryforwards with definite carryover periods | 2028-2046 | 24,344 |  |  | 183,569 |
Non-U.S. operating loss carryforwards with indefinite carryover periods | Indefinite | 20,200 |  |  | 115,628 |
Subtotal |  | 46,700 |  |  | $ | 343,047 |
Less portion of valuation allowance established for operating loss carryforwards |  | (43,895) |  |  |
Total operating loss carryforwards, net of valuation allowance |  | $ | 2,805 |  |  |
Schedule of Unrecognized Tax Benefits | During fiscal 2026, 2025 and 2024, changes in the total amount of unrecognized tax benefits (excluding interest and penalties) were as follows:
| Fiscal Years Ended Last Day of February,
(in thousands) | 2026 |  | 2025 |  | 2024
Total unrecognized tax benefits, beginning balance | $ | 605 |  |  | $ | 6,824 |  |  | $ | 6,018 |
Tax positions taken during the current period | — |  |  | 894 |  |  | 806 |
Tax positions taken during the prior period | 184 |  |  | — |  |  | — |
Lapse in statute of limitations | (605) |  |  | — |  |  | — |
Settlements | — |  |  | (7,113) |  |  | — |
Total unrecognized tax benefits, ending balance | 184 |  |  | 605 |  |  | 6,824 |
Less current unrecognized tax benefits | — |  |  | — |  |  | — |
Non-current unrecognized tax benefits | $ | 184 |  |  | $ | 605 |  |  | $ | 6,824 |
Schedule of Material Tax Years Under Examination or Still Subject to Examination by Major Tax Jurisdictions | As of February 28, 2026, tax years under examination or still subject to examination by material tax jurisdictions were as follows:
Jurisdiction |  | Tax Years Under Examination |  | Open Tax Years
Barbados |  | - None - |  | 2021 | — | 2026
China |  | 2009-2018 |  | 2009 | — | 2026
Macao |  | - None - |  | 2021 | — | 2026
Switzerland |  | - None - |  | 2021 | — | 2026
United Kingdom |  | - None - |  | 2025 | — | 2026
U.S. |  | - None - |  | 2022 | — | 2026
Schedule of Income Tax Paid | Following the adoption of ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, our cash income taxes paid, net of refunds, were as follows:
(in thousands) | Fiscal Year Ended February 28, 2026 |  |
U.S. Federal | $ | 14,817 |  |  |
Other | 2,648 |  |  |
Total U.S. | 17,465 |  |  |
Hong Kong | (2,962) |  |  |
Macao | 6,152 |  |  |
United Kingdom | 2,707 |  |  |
Other | 3,163 |  |  |
Total Non-U.S. | $ | 9,060 |  |  |
Total | $ | 26,525 |  |  |

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