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Financial Instruments and Risk Management (Tables)

6 Months Ended

Aug. 31, 2017

Financial Instruments and Risk Management

Schedule of fair values of derivative instruments

FAIR VALUES OF DERIVATIVE INSTRUMENTS

		August 31, 2017
									Prepaid						Accrued
									Expenses						Expenses
				Final					and Other						and Other			Other
(in thousands)				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		12/2018		€	36,500		$	-		$	-		$	2,283		$	2
Foreign currency contracts - sell Canadian Dollars		Cash flow		12/2018		$	27,000			-			-			719			23
Foreign currency contracts - sell Pounds		Cash flow		8/2018		£	15,500			-			-			174			-
Foreign currency contracts - sell Mexican Pesos		Cash flow		5/2018		$	70,000			-			-			467			-
Subtotal										-			-			3,643			25
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swaps - Euro		(1)		4/2020		$	5,280			-			19			-			-
Foreign currency contracts - cross-currency debt swaps - Pound		(1)		4/2020		$	6,395			-			-			-			78
Subtotal										-			19			-			78
Total fair value									$	-		$	19		$	3,643		$	103

		February 28, 2017
									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		€	27,500		$	727		$	-		$	-		$	-
Foreign currency contracts - sell Canadian Dollars		Cash flow		6/2018		$	26,000			155			32			-			-
Foreign currency contracts - sell Pounds		Cash flow		2/2018		£	13,500			548			-			-			-
Foreign currency contracts - sell Mexican Pesos		Cash flow		2/2018		$	59,600			-			-			47			-
Subtotal										1,430			32			47			-
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swap - Euro		(1)		1/2018		$	10,000			705			-			-			-
Total fair value									$	2,135		$	32		$	47		$	-

(1) These are foreign currency contracts for which we have not elected hedge accounting.  We refer to them as “cross-currency debt swaps”. They in effect adjust the currency denomination of a portion of our outstanding debt to the Euro and British Pound for the notional amounts reported, creating an economic hedge against currency movements. 

Schedule of pre-tax effect of derivative instruments

PRE-TAX EFFECT OF DERIVATIVE INSTRUMENTS

		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
(in thousands)		2017			2016			Location		2017			2016			Location		2017			2016
Currency contracts - cash flow hedges		$	(1,958)		$	1,289		SG&A		$	578		$	141				$	-		$	-
Cross-currency debt swaps - principal			-			-					-			-		SG&A			(215)			(17)
Cross-currency debt swaps - interest			-			-					-			-		Interest Expense			-			35
Total		$	(1,958)		$	1,289				$	578		$	141				$	(215)		$	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
(in thousands)		2017			2016			Location		2017			2016			Location		2017			2016
Currency contracts - cash flow hedges		$	(4,203)		$	270		SG&A		$	880		$	(17)				$	-		$	-
Cross-currency debt swaps - principal			-			-					-			-		SG&A			(764)			35
Cross-currency debt swaps - interest			-			-					-			-		Interest Expense			-			35
Total		$	(4,203)		$	270				$	880		$	(17)				$	(764)		$	70

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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=64837297&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=64837297&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=64837297&loc=SL5624163-113959

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