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OTHER COMPREHENSIVE INCOME
 12 Months Ended
Feb. 29, 2012
OTHER COMPREHENSIVE INCOME  
OTHER COMPREHENSIVE INCOME

NOTE 17 – OTHER COMPREHENSIVE INCOME

 

The components of comprehensive income, net of tax, for each of the years covered by this report are as follows:

 

COMPONENTS OF OTHER COMPREHENSIVE INCOME

(in thousands)

 

 

Fiscal Years Ended the Last Day of February,

 

 

 

2012

 

2011

 

2010

 

 

 

Before

 

 

 

Net of

 

Before

 

 

 

Net of

 

Before

 

 

 

Net of

 

 

 

Tax

 

Tax

 

Tax

 

Tax

 

Tax

 

Tax

 

Tax

 

Tax

 

Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedge activity - interest rate swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in fair market value

 

$

(3,353

)

$

1,430

 

$

(1,923

)

$

(3,600

)

$

1,224

 

$

(2,376

)

$

(4,661

)

$

1,586

 

$

(3,075

)

Interest rate settlements reclassified to income

 

4,424

 

(1,709

)

2,715

 

5,997

 

(2,039

)

3,958

 

6,510

 

(2,215

)

4,295

 

Subtotal

 

1,071

 

(279

)

792

 

2,397

 

(815

)

1,582

 

1,849

 

(629

)

1,220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow hedge activity - foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in fair market value

 

563

 

(188

)

375

 

(1,556

)

483

 

(1,073

)

7

 

-   

 

7

 

Ineffectiveness recorded in income

 

63

 

(19

)

44

 

16

 

(5

)

11

 

(12

)

-   

 

(12

)

Settlement gains reclassified to income

 

244

 

(78

)

166

 

(209

)

65

 

(144

)

(31

)

1

 

(30

)

Subtotal

 

870

 

(285

)

585

 

(1,749

)

543

 

(1,206

)

(36

)

1

 

(35

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auction rate security activity, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in fair market value

 

1,465

 

(520

)

945

 

562

 

(191

)

371

 

852

 

(289

)

563

 

Settlement gains reclassified to income

 

(126

)

65

 

(61

)

(35

)

12

 

(23

)

(42

)

14

 

(28

)

Subtotal

 

1,339

 

(455

)

884

 

527

 

(179

)

348

 

810

 

(275

)

535

 

Other comprehensive income

 

$

3,280

 

$

(1,019

)

$

2,261

 

$

1,175

 

$

(451

)

$

724

 

$

2,623

 

$

(903

)

$

1,720

 

 

The components of accumulated other comprehensive loss, net of tax at the end of fiscal 2012 and 2011 are as follows:

 

COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS

(in thousands)

 

 

February 29,

 

February 28,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Unrealized holding losses on cash flow hedges - interest rate swaps, net of tax (1)

 

$

(5,559

)

$

(6,352

)

Unrealized holding losses on cash flow hedges - foreign currency, net of tax (2)

 

(30

)

(614

)

Temporary impairment loss on auction rate securities, net of tax (3)

 

-   

 

(884

)

Total accumulated other comprehensive loss

 

$

(5,589

)

$

(7,850

)

 

(1)

The unrealized holding losses on interest rate swap cash flow hedges included in accumulated other comprehensive loss, includes net deferred tax benefits of $2.99 and $3.27 million at the end of fiscal 2012 and 2011, respectively.

 

 

(2)

The unrealized holding losses on foreign currency cash flow hedges included in accumulated other comprehensive loss, includes net deferred tax benefits of $0.02 and $0.30 million at the end of fiscal 2012 and 2011, respectively.

 

 

(3)

The temporary impairment loss on auction rate securities included in accumulated other comprehensive loss, includes net deferred tax benefits of $0.46 million at the end of fiscal 2011.