Restructuring

3 Months Ended

May 31, 2026

RESTRUCTURING

The 2025 Restructuring Initiative is an enterprise-wide cost savings and restructuring initiative designed to help optimize the performance of our business, including through enhanced organizational efficiency and optimized expenditures across our organization. The majority of the work associated with the 2025 Restructuring Initiative was executed within the year ended February 28, 2026. The 2025 Restructuring Initiative is estimated to result in $130 million of cumulative pre-tax costs once all phases are fully implemented. These costs are expected to be comprised of (i) employee termination costs (50%) and (ii) consulting services as well as other costs, which primarily include contract termination costs (50%).

We recognized pre-tax restructuring costs within selling, general, and administrative expenses in our consolidated results related to the 2025 Restructuring Initiative as follows:


	For the Three Months Ended May 31,
	2026		2025
(in millions)



Consulting services	$	0.5	$	13.3
Other	0.1		—
	$	0.6	$	13.3

Since the inception of the 2025 Restructuring Initiative, we have incurred the following pre-tax restructuring costs:


	Cumulative Costs as of May 31, 2026		Percent of Total Costs
(in millions)


Employee termination	$	62.0	51	%
Consulting services	56.0		46	%
Other	4.5		3	%
	$	122.5	100	%

The activity for the restructuring costs discussed above and the related accruals are as follows:


	Employee Termination		Consulting Services		Other		Total
(in millions)
Balance at February 28, 2026 (1)	$	18.6	$	29.9	$	4.2	$	52.7
Restructuring costs	—		0.5		0.1		0.6
Cash payments	(8.5)		(20.2)		(1.3)		(30.0)

Balance at May 31, 2026 (1)	$	10.1	$	10.2	$	3.0	$	23.3

(1)The total accrual was recorded in accrued restructuring within other accrued expenses and liabilities on our consolidated balance sheets.