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Financial Instruments and Risk Management (Tables) | 6 Months Ended
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Aug. 31, 2016
Financial Instruments and Risk Management |
Schedule of fair values of derivative instruments | FAIR VALUES OF DERIVATIVE INSTRUMENTS (in thousands)
|  | August 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 |  | € | 24,000 |  | $ | 413 |  | $ | 101 |  | $ | - |  | $ | -
Foreign currency contracts - sell Canadian Dollars |  | Cash flow |  | 10/2017 |  | $ | 23,500 |  |  | - |  |  | 14 |  |  | 743 |  |  | -
Foreign currency contracts - sell Pounds |  | Cash flow |  | 8/2017 |  | £ | 9,000 |  |  | 1,207 |  |  | - |  |  | - |  |  | -
Foreign currency contracts - sell Australian Dollars |  | Cash flow |  | 2/2017 |  | $ | 1,350 |  |  | - |  |  | - |  |  | 41 |  |  | -
Subtotal |  |  |  |  |  |  |  |  |  | 1,620 |  |  | 115 |  |  | 784 |  |  | -
Derivatives not designated under hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts - cross-currency debt swaps |  | (1) |  | 1/2018 |  | $ | 10,000 |  |  | - |  |  | 241 |  |  | - |  |  | -
Total fair value |  |  |  |  |  |  |  |  | $ | 1,620 |  | $ | 356 |  | $ | 784 |  | $ | -
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 August 31,
|  | Gain / (Loss) |  | Gain / (Loss) Reclassified from |  |
|  | Recognized in OCI |  | Accumulated Other Comprehensive |  | Gain / (Loss) Recognized
|  | (effective portion) |  | Income (Loss) into Income |  | As Income
|  | 2016 |  | 2015 |  | Location |  | 2016 |  | 2015 |  | Location |  | 2016 |  | 2015
Currency contracts - cash flow hedges |  | $ | 1,289 |  | $ | 545 |  | SG&A |  | $ | 141 |  | $ | 121 |  |  |  | $ | - |  | $ | -
Cross-currency debt swaps - principal |  |  | - |  |  | - |  |  |  |  | - |  |  | - |  | SG&A |  |  | (17) |  |  | -
Cross-currency debt swaps - interest |  |  | - |  |  | - |  |  |  |  | - |  |  | - |  | Interest Expense |  |  | 35 |  |  | -
Total |  | $ | 1,289 |  | $ | 545 |  |  |  | $ | 141 |  | $ | 121 |  |  |  | $ | 18 |  | $ | -
|  | Six Months Ended August 31,
|  | Gain / (Loss) |  | Gain / (Loss) Reclassified from |  |
|  | Recognized in OCI |  | Accumulated Other Comprehensive |  | Gain / (Loss) Recognized
|  | (effective portion) |  | Income (Loss) into Income |  | As Income
|  | 2016 |  | 2015 |  | Location |  | 2016 |  | 2015 |  | Location |  | 2016 |  | 2015
Currency contracts - cash flow hedges |  | $ | 270 |  | $ | 812 |  | SG&A |  | $ | (17) |  | $ | 240 |  |  |  | $ | - |  | $ | -
Cross-currency debt swaps - principal |  |  | - |  |  | - |  |  |  |  | - |  |  | - |  | SG&A |  |  | 35 |  |  | -
Cross-currency debt swaps - interest |  |  | - |  |  | - |  |  |  |  | - |  |  | - |  | Interest Expense |  |  | 35 |  |  | -
Total |  | $ | 270 |  | $ | 812 |  |  |  | $ | (17) |  | $ | 240 |  |  |  | $ | 70 |  | $ | -

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