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Financial Instruments and Risk Management (Tables)

3 Months Ended

May 31, 2016

Financial Instruments and Risk Management

Schedule of fair values of derivative instruments

FAIR VALUES OF DERIVATIVE INSTRUMENTS

(in thousands)

		May 31, 2016
									Prepaid						Accrued
									Expenses						Expenses
				Final					and Other						and Other			Other
				Settlement		Notional			Current			Other			Current			Liabilities,
Derivatives designated as hedging instruments		Hedge Type		Date		Amount			Assets			Assets			Liabilities			Non-current
Foreign currency contracts - sell Euro		Cash flow		2/2018		€	32,250		$	547		$	175		$	-		$	-
Foreign currency contracts - sell Canadian Dollars		Cash flow		10/2017		$	29,250			-			11			925			-
Foreign currency contracts - sell Pounds		Cash flow		8/2017		£	10,950			-			13			6			-
Foreign currency contracts - sell Australian Dollars		Cash flow		2/2017		$	3,000			-			-			12			-
Subtotal										547			199			943			-
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swaps		(1)		1/2018		$	10,000			-			259			-			-
Total fair value									$	547		$	458		$	943		$	-

FAIR VALUES OF DERIVATIVE INSTRUMENTS

(in thousands)

		February 29, 2016
									Prepaid						Accrued
									Expenses						Expenses
				Final					and Other						and Other			Other
				Settlement		Notional			Current			Other			Current			Liabilities,
Derivatives designated as hedging instruments		Hedge Type		Date		Amount			Assets			Assets			Liabilities			Non-current
Foreign currency contracts - sell Euro		Cash flow		2/2017		€	27,000		$	1,066		$	-		$	-		$	-
Foreign currency contracts - sell Canadian Dollars		Cash flow		6/2017		$	28,000			-			-			495			7
Foreign currency contracts - sell Pounds		Cash flow		2/2017		£	3,450			94			-			-			-
Foreign currency contracts - sell Australian Dollars		Cash flow		8/2016		$	1,650			6			-			-			-
Subtotal										1,166			-			495			7
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swap		(1)		1/2018		$	5,000			-			206			-			-
Total fair value									$	1,166		$	206		$	495		$	7

(1) We have entered into foreign currency contracts referred to as “cross-currency debt swaps”, which in effect adjusts the currency denomination of our 3.90% Senior Notes due January 2018 to the Euro for the notional amounts reported, creating an economic hedge against currency movements. On these contracts, we have not elected hedge accounting.

Schedule of pre-tax effect of derivative instruments

PRE-TAX EFFECT OF DERIVATIVE INSTRUMENTS

(in thousands)

		Three Months Ended May 31,
		Gain / (Loss)						Gain / (Loss) Reclassified
		Recognized in OCI						from Accumulated Other									Gain / (Loss) Recognized
		(effective portion)						Comprehensive Income (Loss) into Income									As Income
		2016			2015			Location		2016			2015				Location			2016				2015
Currency contracts - cash flow hedges		$	(1,019)		$	267		SG&A		$	(158)		$	119						$		-		$	-
Cross-currency debt swaps - principal			-			-					-			-			SG&A					52			-
Total		$	(1,019)		$	267				$	(158)		$	119						$		52		$	-

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- References

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- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

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