Derivative Instruments (Tables)

6 Months Ended

Aug. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Aggregate notional value of outstanding derivative instruments

The aggregate notional value of outstanding derivative instruments is as follows:


	August 31, 2026		February 28, 2026
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts	$	2,651.5	$	2,080.9
Net investment hedge contracts	$	145.5	$	145.5


Pre-issuance hedge contracts	$	—	$	50.0

Derivative instruments not designated as hedging instruments
Foreign currency contracts	$	533.2	$	522.2
Commodity derivative contracts	$	358.9	$	335.5

Schedule of derivative interest income

Accordingly, interest income recognized in interest expense, net related to these cross-currency swaps was as follows:


	For the Six Months Ended August 31,				For the Three Months Ended August 31,
	2026		2025		2026		2025
(in millions)
Interest income	$	1.1	$	0.8	$	0.5	$	0.5

Fair value and location of derivative instruments on our balance sheets

The estimated fair value and location of our derivative instruments on our balance sheets are as follows (see Note 5):


Assets					Liabilities
	August 31, 2026		February 28, 2026			August 31, 2026		February 28, 2026
(in millions)
Derivative instruments designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	140.9	$	156.7	Other accrued expenses and liabilities	$	0.5	$	0.1
Other assets	$	202.4	$	177.6	Deferred income taxes and other liabilities	$	0.3	$	0.1








Net investment hedge contracts:

Other assets	$	—	$	—	Deferred income taxes and other liabilities	$	4.8	$	6.7
Derivative instruments not designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other	$	1.0	$	0.4	Other accrued expenses and liabilities	$	1.8	$	0.9


Assets					Liabilities
	August 31, 2026		February 28, 2026			August 31, 2026		February 28, 2026
(in millions)
Commodity derivative contracts:
Prepaid expenses and other	$	45.1	$	22.4	Other accrued expenses and liabilities	$	7.8	$	5.3
Other assets	$	15.3	$	8.8	Deferred income taxes and other liabilities	$	2.0	$	2.1

Effect of derivative instruments on our results of operations and OCI

The principal effect of our derivative instruments designated in cash flow hedging relationships on our results of operations, as well as OCI, net of income tax effect, is as follows:


Derivative Instruments in Designated Cash Flow Hedging Relationships	Net Gain (Loss) Recognized in OCI		Location of Net Gain (Loss) Reclassified from AOCI to Income (Loss)	Net Gain (Loss) Reclassified from AOCI to Income (Loss)
(in millions)
For the Six Months Ended August 31, 2026
Foreign currency contracts	$	81.0	Sales	$	0.2
			Cost of product sold	72.6

Pre-issuance hedge contracts	1.8		Interest expense, net	(0.2)
	$	82.8		$	72.6
For the Six Months Ended August 31, 2025
Foreign currency contracts	$	202.7	Sales	$	0.6
			Cost of product sold	23.0
			Selling, general, and administrative expenses	0.2
Pre-issuance hedge contracts	(3.4)		Interest expense, net	(0.1)
	$	199.3		$	23.7
For the Three Months Ended August 31, 2026
Foreign currency contracts	$	72.6	Sales	$	0.1
			Cost of product sold	38.4

Pre-issuance hedge contracts	—		Interest expense, net	(0.1)
	$	72.6		$	38.4
For the Three Months Ended August 31, 2025
Foreign currency contracts	$	79.1	Sales	$	0.3
			Cost of product sold	17.8

Pre-issuance hedge contracts	—		Interest expense, net	(0.1)
	$	79.1		$	18.0

The effect of our undesignated derivative instruments on our results of operations is as follows:


Derivative Instruments Not Designated as Hedging Instruments	Location of Net Gain (Loss) Recognized in Income (Loss)	Net Gain (Loss) Recognized in Income (Loss)
(in millions)
For the Six Months Ended August 31, 2026
Commodity derivative contracts	Cost of product sold	$	52.7
Foreign currency contracts	Selling, general, and administrative expenses	(7.8)

		$	44.9

For the Six Months Ended August 31, 2025
Commodity derivative contracts	Cost of product sold	$	(4.7)
Foreign currency contracts	Selling, general, and administrative expenses	7.3
		$	2.6
For the Three Months Ended August 31, 2026
Commodity derivative contracts	Cost of product sold	$	3.4
Foreign currency contracts	Selling, general, and administrative expenses	(4.9)

		$	(1.5)
For the Three Months Ended August 31, 2025
Commodity derivative contracts	Cost of product sold	$	13.0
Foreign currency contracts	Selling, general, and administrative expenses	2.3
		$	15.3