v3.25.2
Equity
 3 Months Ended
May 31, 2025
Equity [Abstract]  
Equity
13. Mezzanine Equity
Series A Convertible Preferred Stock
On May 9, 2024, we fully redeemed our 240,000 shares of 6.0% Series A Convertible Preferred Stock for $308.9 million. The payment was calculated as the face value of the Series A Preferred Stock of $240.0 million, multiplied by the Return Factor of 1.4, less dividends paid to date of $27.1 million. The redemption premium of $75.2 million, which was calculated as the difference between the redemption amount and the book value of $233.7 million, was recorded as a deemed dividend, and reduces net income available to common shareholders. The Series A Preferred Stock was redeemed using proceeds from the April 2024 Secondary Public Offering. See Note 14.
Dividends
The Series A Preferred Stock accumulated a 6.0% dividend per annum, or $15.00 per share per quarter. Dividends were payable in cash or in kind, by accreting and increasing the Series A Base Amount (“PIK Dividends”). Dividends were payable on the sum of (i) the aggregate liquidation preference amount of $240.0 million plus (ii) any PIK Dividends. Dividends were accrued daily and paid quarterly in arrears, on March 31, June 30, September 30 and December 31 of each year. Following the calendar quarter ending June 30, 2027, we were not able to elect PIK Dividends and dividends on the Series A Preferred Stock were required to be paid in cash. All dividends were paid in cash through May 9, 2024, at which time the Series A Preferred Stock was redeemed. The dividend would have increased annually by one percentage point, beginning with the dividend payable for the calendar quarter ending September 30, 2028. Dividends declared and paid for the three months ended May 31, 2024 were $3.6 million.
14. Equity
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) ("AOCI"), after tax, for the three months ended May 31, 2025 and May 31, 2024 consisted of the following (in thousands):
 Three Months Ended May 31, 2025
Foreign Currency Translation Gain (Loss)Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary,
Net of Tax		Net Actuarial Gain (Loss), Net of TaxInterest Rate Swap, Net of TaxInterest Rate Swap, Net of Tax for Unconsolidated SubsidiaryTotal
Balance as of beginning of period$(10,329)$(388)$(587)$(265)$(11)$(11,580)
Other comprehensive income before reclassification1,956 241 — 339 3 2,539 
Amounts reclassified from AOCI — — — (48)— (48)
Net change in AOCI1,956 241 — 291 3 2,491 
Balance as of end of period$(8,373)$(147)$(587)$26 $(8)$(9,089)

Three Months Ended May 31, 2024
Foreign Currency Translation Gain (Loss)Foreign Currency Translation Gain (Loss) for Unconsolidated Subsidiary,
Net of Tax		Net Actuarial Gain (Loss), Net of TaxInterest Rate Swap, Net of TaxInterest Rate Swap, Net of Tax for Unconsolidated SubsidiaryTotal
Balance as of beginning of period$(7,628)$1,418 $(184)$2,533 $(33)$(3,894)
Other comprehensive income before reclassification(425)— — 2,219 141 1,935 
Amounts reclassified from AOCI — — — (1,100)— (1,100)
Net change in AOCI(425)— — 1,119 141 835 
Balance as of end of period$(8,053)$1,418 $(184)$3,652 $108 $(3,059)

April 2024 Secondary Public Offering
On April 30, 2024, we completed a secondary public offering in which we sold 4.6 million shares of our common stock at $70.00 per share (the "April 2024 Secondary Public Offering"). We received gross proceeds of $322.0 million, and paid offering expenses of $13.3 million, for net proceeds of $308.7 million. The proceeds from the April 2024 Offering were used to redeem the Series A Preferred Stock.