Leases (Tables)

12 Months Ended

Feb. 28, 2023

Leases [Abstract]

Summary of lease right-of-use assets and liabilities

A summary of lease right-of-use assets and liabilities are as follows:

	Balance Sheet Classification	February 28, 2023		February 28, 2022
(in millions)
Assets
Operating lease	Other assets	$	442.5	$	478.9
Finance lease	Property, plant, and equipment	26.9		21.8
Total right-of-use assets		$	469.4	$	500.7
Liabilities
Current:
Operating lease	Other accrued expenses and liabilities	$	81.4	$	80.4
Finance lease	Current maturities of long-term debt	9.5		6.3
Non-current:
Operating lease	Deferred income taxes and other liabilities	417.4		457.3
Finance lease	Long-term debt, less current maturities	16.7		13.6
Total lease liabilities		$	525.0	$	557.6

Lease cost components

The components of total lease cost are as follows:

	For the Years Ended
	February 28, 2023		February 28, 2022		February 28, 2021
(in millions)
Operating lease cost	$	96.2	$	89.5	$	93.4
Finance lease cost:
Amortization of right-of-use assets	9.2		5.8		11.0
Interest on lease liabilities	1.1		0.5		0.5
Short-term lease cost	6.6		8.4		9.2
Variable lease cost	176.5		202.5		216.5
Total lease cost	$	289.6	$	306.7	$	330.6

Operating lease maturities

As of February 28, 2023, minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows:

	Operating Leases		Finance Leases
(in millions)
Fiscal 2024	$	96.3	$	10.9
Fiscal 2025	83.1		8.1
Fiscal 2026	58.8		5.2
Fiscal 2027	48.2		3.8
Fiscal 2028	40.5		1.4
Thereafter	272.8		0.1
Total lease payments (1)	599.7		29.5
Less: Interest	(100.9)		(3.3)
Total lease liabilities	$	498.8	$	26.2

(1)Excludes $282.2 million of lease payments, primarily for a warehouse lease, that has been signed but not yet commenced as of February 28, 2023.

Related party transaction

We have a lease for office space with an affiliate of a director.

Finance lease maturities

As of February 28, 2023, minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows:

	Operating Leases		Finance Leases
(in millions)
Fiscal 2024	$	96.3	$	10.9
Fiscal 2025	83.1		8.1
Fiscal 2026	58.8		5.2
Fiscal 2027	48.2		3.8
Fiscal 2028	40.5		1.4
Thereafter	272.8		0.1
Total lease payments (1)	599.7		29.5
Less: Interest	(100.9)		(3.3)
Total lease liabilities	$	498.8	$	26.2

(1)Excludes $282.2 million of lease payments, primarily for a warehouse lease, that has been signed but not yet commenced as of February 28, 2023.

Related party transaction

We have a lease for office space with an affiliate of a director.

Supplemental cash flow information

	For the Years Ended
	February 28, 2023		February 28, 2022		February 28, 2021
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	99.7	$	92.7	$	93.9
Operating cash flows from finance leases	$	1.1	$	0.5	$	0.5
Financing cash flows from finance leases	$	8.8	$	5.9	$	10.5

	For the Years Ended
	February 28, 2023			February 28, 2022			February 28, 2021
(in millions)
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	63.2		$	93.8		$	66.3
Finance leases	$	10.1		$	10.5		$	11.6
	February 28, 2023			February 28, 2022			February 28, 2021
Weighted-average remaining lease term: (1)
Operating leases	11.8 years			12.1 years			12.8 years
Finance leases	3.3 years			3.3 years			2.9 years
Weighted-average discount rate:
Operating leases	3.3		%	3.0		%	3.2		%
Finance leases	6.3		%	3.4		%	1.2		%

(1)Our leases have varying terms with remaining lease terms of up to approximately 30 years. Certain of our lease arrangements provide us with the option to extend or to terminate the lease early.