The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use in pricing the asset or liability, such as inherent risk, non-performance risk and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:

•Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

The Company’s cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities are carried at amounts that approximate their fair values (Level 2 measurement) due to their short maturities.

In determining the fair value of investments, the Company primarily relies on an independent third-party valuator for the fair valuation of securities. The Company also reviews the inputs used in the valuation process and assesses the pricing of the securities for reasonableness after conducting its own internal collection of quoted prices from brokers. Fair values for all investment categories provided by the independent third-party valuator that are in excess of 0.5% from the fair values determined by the Company are communicated to the independent third-party valuator for consideration of reasonableness. The independent third-party valuator considers the information provided by the Company before determining whether a change in their original pricing is warranted.

When the Company concludes that there is a significant financing component included within a contract with a customer due to timing differences between the fulfillment of certain performance obligations and the receipt of payment for those performance obligations, the Company determines the present value of the future consideration utilizing the discount rate that would be reflected in a separate financing transaction between the customer and the Company at contract inception based upon the credit characteristics of the customer receiving financing in the contract.

Upon the occurrence of certain events, the Company re-measures the fair value of non-marketable equity investments for which it utilizes the measurement alternative, and long-lived assets, including property, plant and equipment, operating lease ROU assets, intangible assets and goodwill if an impairment or observable price adjustment is recognized in the current period.

Non-marketable equity investments measured using the measurement alternative include investments in privately-held companies without readily determinable fair values in which the Company does not own a controlling interest or have significant influence. Investments in privately-held companies are recorded at fair value on a non-recurring basis. The fair values of non-marketable equity investments are classified as Level 3 when the Company estimates fair value using significant unobservable inputs, such as when the investment is remeasured due to impairment or observable price

During the three months ended May 31, 2026, the Company recorded a pre-tax and after-tax impairment charge of $0.1 million, relating to property, plant and equipment associated with exiting certain leased facilities (three months ended May 31, 2025 - $0.1 million). The impairment was determined by comparing the fair value of the impacted long-lived assets to the carrying value of the asset as of the impairment measurement date, as required under ASC Topic 360, Property, Plant, and Equipment, using Level 3 inputs. The fair value of the ROU asset was based on the estimated sublease income for certain facilities taking into consideration the estimated time period it will take to obtain a sublessor, the applicable discount rate and the sublease rate, which are considered unobservable inputs. The Company conducts an evaluation of the related liabilities and expenses and revises its assumptions and estimates as appropriate as new or updated information becomes available. The fair value measurement of ROU impaired assets is classified as Level 3 of the fair value hierarchy.


	Cost Basis (1)		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments		Long-term Investments		Restricted Cash and Cash Equivalents
Bank balances	$	82.8	$	—	$	—	$	82.8	$	82.8	$	—	$	—	$	—
Investments in privately-held companies	48.8		6.7		—		55.5		—		—		55.5		—
	131.6		6.7		—		138.3		82.8		—		55.5		—





Level 2:
Term deposits, and certificates of deposits	59.8		—		—		59.8		50.2		—		—		9.6
Bearer deposit notes	50.5		—		—		50.5		50.5		—		—		—
Commercial paper	119.0		—		(0.1)		118.9		32.8		81.5		—		4.6
Non-U.S. promissory notes	53.1		—		—		53.1		40.5		12.6		—		—





	282.4		—		(0.1)		282.3		174.0		94.1		—		14.2

Level 3:

Investments in privately-held companies	4.1		—		(1.8)		2.3		—		—		2.3		—

	$	418.1	$	6.7	$	(1.9)	$	422.9	$	256.8	$	94.1	$	57.8	$	14.2


	Cost Basis (1)		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments		Long-term Investments		Restricted Cash and Cash Equivalents
Bank balances	$	168.6	$	—	$	—	$	168.6	$	168.6	$	—	$	—	$	—
Investments in privately-held companies	51.5		2.4		(1.2)		52.7		—		—		52.7		—
	220.1		2.4		(1.2)		221.3		168.6		—		52.7		—



Level 2:
Term deposits, and certificates of deposits	49.7		—		—		49.7		20.1		20.0		—		9.6
Bearer deposit notes	24.9		—		—		24.9		11.0		13.9		—		—
Commercial paper	93.2		—		—		93.2		37.3		51.3		—		4.6
Non-U.S. promissory notes	24.4		—		—		24.4		24.4				—		—


Non-U.S. treasury bills/notes	13.3		—		—		13.3		13.3		—		—		—


	205.5		—		—		205.5		106.1		85.2		—		14.2
Level 3:

Investments in privately-held companies	1.3		4.3		—		5.6		—		—		5.6		—

	$	426.9	$	6.7	$	(1.2)	$	432.4	$	274.7	$	85.2	$	58.3	$	14.2

As at May 31, 2026, the Company had non-marketable equity investments without readily determinable fair value of $57.8 million (February 28, 2026 - $58.3 million) including common shares of Arctic Wolf Networks, Inc. (“Arctic Wolf”) received as partial consideration for the sale of its Cylance endpoint security assets and liabilities to Arctic Wolf in the fourth quarter of fiscal 2025.

During the three months ended May 31, 2026, the Company did not record any observable price adjustments to the carrying value of non-marketable equity investments without readily determinable fair value resulting from observable price changes in orderly transactions for identical or similar securities which have been included in investment income, net on the Company’s consolidated statements of operations (three months ended May 31, 2025 - nil). During the three months ended May 31, 2026, the Company recorded a $0.5 million impairment to non-marketable equity investments without readily determinable fair value (three months ended May 31, 2025 - nil). As of May 31, 2026, the Company has recorded a cumulative impairment of $5.8 million to the carrying value of the non-marketable equity investments without readily determinable fair value (February 28, 2026 - $5.3 million).

The Company has restricted cash and cash equivalents, consisting of cash and securities pledged as collateral to major banking partners in support of the Company’s requirements for letters of credit and a performance bond that the Company was required to post to support a government contract. These letters of credit support certain leasing arrangements entered in the ordinary course of business and are for terms ranging from one month to approximately five years. The Company is contractually restricted from accessing these funds during the term of the leases for which the letters of credit have been issued and during the term of the government contract; however, the Company can continue to invest the funds and receive investment income thereon.

The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents as at May 31, 2026 and February 28, 2026 from the consolidated balance sheets to the consolidated statements of cash flows:


	As at
	May 31, 2026		February 28, 2026
Cash and cash equivalents	$	256.8	$	274.7
Restricted cash and cash equivalents	14.2		14.2
Total cash, cash equivalents, restricted cash, and restricted cash equivalents presented in the consolidated statements of cash flows	$	271.0	$	288.9