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Derivative Instruments (Tables) | 6 Months Ended
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Aug. 31, 2023
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, 2023 |  | February 28, 2023
(in millions) |  |  |
Derivative instruments designated as hedging instruments |  |  |
Foreign currency contracts | $ | 1,904.9 |  |  | $ | 1,969.5 |
Derivative instruments not designated as hedging instruments |  |  |
Foreign currency contracts | $ | 810.9 |  |  | $ | 831.7 |
Commodity derivative contracts | $ | 344.6 |  |  | $ | 416.5 |
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 4):
Assets |  | Liabilities
| August 31, 2023 |  | February 28, 2023 |  |  | August 31, 2023 |  | February 28, 2023
(in millions) |  |  |  |  |  |  |  |
Derivative instruments designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other | $ | 156.0 |  |  | $ | 109.1 |  |  | Other accrued expenses and liabilities | $ | 7.6 |  |  | $ | 9.8 |
Other assets | $ | 173.8 |  |  | $ | 134.5 |  |  | Deferred income taxes and other liabilities | $ | 2.0 |  |  | $ | 3.5 |
Derivative instruments not designated as hedging instruments
Foreign currency contracts:
Prepaid expenses and other | $ | 5.0 |  |  | $ | 5.9 |  |  | Other accrued expenses and liabilities | $ | 2.7 |  |  | $ | 3.9 |
Commodity derivative contracts:
Prepaid expenses and other | $ | 14.6 |  |  | $ | 21.2 |  |  | Other accrued expenses and liabilities | $ | 22.2 |  |  | $ | 19.5 |
Other assets | $ | 3.3 |  |  | $ | 4.6 |  |  | Deferred income taxes and other liabilities | $ | 6.2 |  |  | $ | 8.3 |
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, 2023 |  |  |  |  |  |
Foreign currency contracts |  | $ | 149.9 |  |  | Sales |  | $ | (0.2) |
|  |  |  | Cost of product sold |  | 65.7 |
Pre-issuance hedge contracts |  | 0.6 |  |  | Interest expense |  | (0.3) |
|  | $ | 150.5 |  |  |  |  | $ | 65.2 |
For the Six Months Ended August 31, 2022 |  |  |  |  |  |
Foreign currency contracts |  | $ | 71.3 |  |  | Sales |  | $ | (1.2) |
|  |  |  | Cost of product sold |  | 21.9 |
Pre-issuance hedge contracts |  | 15.7 |  |  | Interest expense |  | (0.6) |
|  | $ | 87.0 |  |  |  |  | $ | 20.1 |
For the Three Months Ended August 31, 2023 |  |  |  |  |  |
Foreign currency contracts |  | $ | 70.6 |  |  | Sales |  | $ | (0.2) |
|  |  |  | Cost of product sold |  | 39.3 |
Pre-issuance hedge contracts |  | — |  |  | Interest expense |  | (0.1) |
|  | $ | 70.6 |  |  |  |  | $ | 39.0 |
For the Three Months Ended August 31, 2022 |  |  |  |  |  |
Foreign currency contracts |  | $ | (8.2) |  |  | Sales |  | $ | (0.6) |
|  |  |  | Cost of product sold |  | 10.8 |
Pre-issuance hedge contracts |  | — |  |  | Interest expense |  | (0.1) |
|  | $ | (8.2) |  |  |  |  | $ | 10.1 |
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, 2023 |  |  |  |  |  |
Commodity derivative contracts |  |  |  | Cost of product sold |  | $ | (15.6) |
Foreign currency contracts |  |  |  | Selling, general, and administrative expenses |  | 22.5 |
|  |  |  |  |  | $ | 6.9 |
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, 2022 |  |  |  |  |  |
Commodity derivative contracts |  |  |  | Cost of product sold |  | $ | 33.1 |
Foreign currency contracts |  |  |  | Selling, general, and administrative expenses |  | (2.6) |
|  |  |  |  |  | $ | 30.5 |
For the Three Months Ended August 31, 2023 |  |  |  |  |  |
Commodity derivative contracts |  |  |  | Cost of product sold |  | $ | 19.1 |
Foreign currency contracts |  |  |  | Selling, general, and administrative expenses |  | 9.8 |
|  |  |  |  |  | $ | 28.9 |
For the Three Months Ended August 31, 2022 |  |  |  |  |  |
Commodity derivative contracts |  |  |  | Cost of product sold |  | $ | (15.4) |
Foreign currency contracts |  |  |  | Selling, general, and administrative expenses |  | (8.8) |
|  |  |  |  |  | $ | (24.2) |

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