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Leases (Notes)
 6 Months Ended
Aug. 31, 2026
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block] (Deprecated 2026) Leases
Our leases primarily consist of operating and finance leases related to retail stores, office space, land and equipment. We also have stores subject to sale-leaseback transactions that do not qualify for sale accounting and are accounted for as financing obligations. For more information on these financing obligations see Note 9.
The initial term for real property leases is typically 5 to 20 years. For equipment leases, the initial term generally ranges from 3 to 8 years. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 20 years or more. We include options to renew (or terminate) in our lease term, and as part of our right-of-use (“ROU”) assets and lease liabilities, when it is reasonably certain that we will exercise that option.
ROU assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We include variable lease payments in the initial measurement of ROU assets and lease liabilities only to the extent they depend on an index or rate. Changes in such indices or rates are accounted for in the period the change occurs, and do not result in the remeasurement of the ROU asset or liability. We are also responsible for payment of certain real estate taxes, insurance and other expenses on our leases. These amounts are generally considered to be variable and are not included in the measurement of the ROU asset and lease liability. We generally account for non-lease components, such as maintenance, separately from lease components. For certain equipment leases, we apply a portfolio approach to account for the lease assets and liabilities.
Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases with a term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.
The components of lease expense were as follows:
Three Months Ended August 31Six Months Ended August 31
(In thousands)2026202520262025
Operating lease cost (1)
$21,556 $24,436 $43,501 $48,870 
Finance lease cost:
Depreciation of lease assets4,581 4,623 9,104 9,224 
Interest on lease liabilities5,712 6,207 11,556 12,499 
Total finance lease cost10,293 10,830 20,660 21,723 
Total lease cost$31,849 $35,266 $64,161 $70,593 
(1)    Includes short-term leases and variable lease costs, which are immaterial.

Supplemental balance sheet information related to leases was as follows:
As of August 31As of February 28
(In thousands)Classification20262026
Assets:
Operating lease assetsOperating lease assets$440,965 $459,514 
Finance lease assets
Property and equipment, net (1)
150,898 145,179 
Total lease assets$591,863 $604,693 
Liabilities:
Current:
Operating leasesCurrent portion of operating lease liabilities$56,969 $57,341 
Finance leasesAccrued expenses and other current liabilities18,263 16,779 
Long-term:
Operating leasesOperating lease liabilities, excluding current portion439,000 464,696 
Finance leasesOther liabilities180,810 175,548 
Total lease liabilities$695,042 $714,364 
(1)    Finance lease assets are recorded net of accumulated depreciation of $83.7 million as of August 31, 2026 and $74.6 million as of February 28, 2026.
Lease term and discount rate information related to leases was as follows:
As of August 31As of February 28
Lease Term and Discount Rate20262026
Weighted Average Remaining Lease Term (in years)
Operating leases15.6815.56
Finance leases14.2813.99
Weighted Average Discount Rate
Operating leases5.43 %5.37 %
Finance leases15.24 %16.44 %
Supplemental cash flow information related to leases was as follows:
Six Months Ended August 31
(In thousands)20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$51,019 $51,869 
Operating cash flows from finance leases$11,418 $12,162 
Financing cash flows from finance leases$8,442 $7,105 
Lease assets obtained in exchange for lease obligations:
Operating leases$2,493 $10,709 
Finance leases$14,823 $1,171 
Maturities of lease liabilities were as follows:
As of August 31, 2026
(In thousands)Operating Leases Finance Leases
Fiscal 2027, remaining$41,280 $20,285 
Fiscal 202879,973 36,477 
Fiscal 202958,260 39,328 
Fiscal 203048,769 28,950 
Fiscal 203141,736 25,648 
Thereafter499,985 236,270 
Total lease payments770,003 386,958 
Less: interest(274,034)(187,885)
Present value of lease liabilities$495,969 $199,073