v3.26.1
Income Taxes (Tables)
 12 Months Ended
Feb. 28, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the provision for income taxes to the amount computed by applying the 15%(1) statutory Canadian federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
 For the Year Ended
February 28, 2026
AmountPercent
Tax at Canadian Statutory Rate $8.9 15.0 %
Provincial taxes, net of federal tax effect (2)
(0.1)(0.2)%
Foreign Tax Effects
    United States
       Foreign federal rate differences0.4 0.7 %
       State and local income taxes(0.5)(0.8)%
       Prior period adjustment0.4 0.7 %
       Non-deductible compensation1.1 1.9 %
       Research and development tax credits(0.1)(0.2)%
       Other(0.2)(0.3)%
        Valuation allowance(2.1)(3.6)%
    Germany
       Foreign federal rate differences(0.3)(0.5)%
       State and local income taxes1.4 2.4 %
    Korea0.5 0.8 %
    Other foreign jurisdictions0.4 0.7 %
Changes in Valuation Allowances(3.4)(5.8)%
Investment Tax credits(3.3)(5.6)%
Nontaxable and Nondeductible items
     Share-based payment awards2.3 4.0 %
     Others0.2 0.3 %
Changes in Unrecognized Tax Benefits0.2 0.3 %
Other Adjustments— — %
Effective Tax Rate$5.8 9.8 %
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(1) This represents the Canadian federal statutory income tax rate, which is 15% after a 13% general tax reduction and 10% federal tax abatement are applied to the 38% basic rate.
(2) Provincial taxes in Ontario made up the majority of the tax effect in this category.
The difference between the amount of the provision for (recovery of) income taxes and the amount computed by multiplying income (loss) before income taxes by the statutory Canadian tax rate is reconciled for the year ended February 28, 2025 and February 29, 2024 as follows:
 For the Years Ended
 February 28, 2025February 29, 2024
Statutory Canadian tax rate (1)
26.5 %26.5 %
Expected provision for (recovery of) income taxes$2.3 $7.9 
Differences in income taxes resulting from:
Valuation allowance1.6 (3.3)
Investment tax credits(8.1)(10.0)
Change in unrecognized income tax benefits(0.1)(1.1)
Foreign tax rate differences5.9 4.5 
Non-deductible permanent differences8.8 7.7 
Goodwill de-recognition— 4.2 
Prior period adjustments(0.4)8.6 
Other differences7.0 5.7 
$17.0 $24.2 
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(1) This tax rate represents a basic Part I federal tax rate of 38%, net 15% after federal tax abatement and general tax reduction, plus the additional provincial tax of 11.5%.
Income (Loss) from Continuing Operations Before Income Taxes
 For the Years Ended
 February 28, 2026February 28, 2025February 29, 2024
Income (loss) before income taxes:
Canadian$29.2 $(9.1)$(18.3)
Foreign29.8 17.6 48.1 
$59.0 $8.5 $29.8 
Provision for Income Taxes from Continuing Operations
The provision for (recovery of) income taxes consists of the following:
 For the Years Ended
 February 28, 2026February 28, 2025February 29, 2024
Current
Canadian$(0.2)$(0.4)$(0.8)
Foreign6.0 17.4 25.0 
$5.8 $17.0 $24.2 
Components of Deferred Income Tax Assets and Liabilities
Deferred income tax assets and liabilities consist of the following temporary differences:
 As at
 February 28, 2026February 28, 2025
Assets
Property, plant, equipment and intangibles assets$267.2 $263.3 
Non-deductible reserves19.5 21.3 
Minimum taxes206.7 206.7 
Research and development386.4 410.5 
Tax loss carryforwards499.6 474.7 
Other133.4 141.3 
Deferred income tax assets1,512.8 1,517.8 
Valuation allowance1,512.8 1,517.2 
Deferred income tax assets net of valuation allowance— 0.6 
Liabilities
Property, plant, equipment and intangibles assets— 0.6 
Deferred income tax liabilities— 0.6 
Net deferred income tax asset (liability)$— $— 
Reconciliation of Beginning and Ending Amount of Unrecognized Income Tax Benefits
The Company’s total unrecognized income tax benefits as at February 28, 2026 and February 28, 2025 were $19.7 million and $19.5 million, respectively. A reconciliation of the beginning and ending amount of unrecognized income tax benefits that, if recognized, would affect the Company’s effective income tax rate is as follows:
For the Years Ended
February 28, 2026February 28, 2025February 29, 2024
Unrecognized income tax benefits, opening balance$19.5 $19.6 $20.6 
Increase for income tax positions of current year0.2 0.2 1.0 
Settlement of tax positions— (0.3)(2.0)
Unrecognized income tax benefits, ending balance$19.7 $19.5 $19.6 
Summary of Open Tax Years by Major Jurisdiction
A summary of open tax years by major jurisdiction is presented below:
Jurisdiction
Canada (1)
Fiscal 2016 - 2026
United States (2)
Fiscal 2023 - 2026
United Kingdom
Fiscal 2025 - 2026
Germany
Fiscal 2021 - 2026
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(1)    Includes federal as well as provincial jurisdictions, as applicable.
(2)     Pertains to federal tax years. Certain state jurisdictions remain open from fiscal 2022 through fiscal 2026.
Schedule of Cash Flow Taxes, Supplemental Disclosures
We adopted ASU 2023-09 on a prospective basis for the year ended February 28, 2026 and have included the following table as a result of our adoption, which presents income taxes paid (net of refunds received) for the year ended February 28, 2026:
 For the Year Ended
February 28, 2026
Canadian Federal$— 
Provincial(0.3)
Foreign
     Germany19.1 
      India0.9 
     All other foreign1.8 
Income taxes, net of amounts refunded$21.5 
Summary of Net Operating Losses and Tax Credits Carryforward
As at February 28, 2026, the Company has the following net operating loss carryforwards and tax credits, which are scheduled to expire in the following years:
Year of ExpiryNet Operating Losses
Research and Development Tax Credits (1)
Minimum Taxes
2029$— $— $1.1 
2030— — 107.8 
2031— — 71.7 
203227.5 — 22.2 
203380.5 111.8 0.2 
203485.5 124.1 0.1 
203581.0 52.1 3.6 
2036308.9 39.8 — 
2037492.5 23.7 — 
2038199.3 17.3 — 
203913.1 14.6 — 
20403.3 12.9 — 
2041— 7.7 — 
2042— 11.0 — 
2043181.6 13.6 — 
2044— 12.8 — 
2045— 8.2 — 
2046— 5.2 — 
Indefinite432.1 21.2 — 
$1,905.3 $476.0 $206.7 
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(1)    Includes federal, provincial and state balances.