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Financial Instruments and Risk Management (Tables)

9 Months Ended

Nov. 30, 2018

Financial Instruments, Owned, at Fair Value [Abstract]

Schedule of fair values of derivative instruments

The following table summarizes the fair values of our derivative instruments as of the end of the periods shown:

(in thousands)	November 30, 2018
Derivatives designated as hedging instruments	Hedge Type		Final Settlement Date		Notional Amount				Prepaid Expenses and Other Current Assets				Other Assets				Accrued Expenses and Other Current Liabilities				Other Liabilities, Non-current
Foreign currency contracts - sell Euro	Cash flow		11/2019		€	20,500			$	1,759			$	—			$	—			$	—
Foreign currency contracts - sell Canadian Dollars	Cash flow		01/2020		$	16,000			477				26				—				—
Foreign currency contracts - sell Pounds	Cash flow		02/2020		£	18,500			1,490				81				—				—
Foreign currency contracts - sell Mexican Pesos	Cash flow		09/2019		$	40,000			39				—				—				—
Interest rate swap	Cash flow		12/2021		$	100,000			901				1,652				—				—
Subtotal									4,666				1,759				—				—
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swap - Euro	(1)		04/2020		$	5,280			—				185				—				—
Foreign currency contracts - cross-currency debt swaps - Pound	(1)		04/2020		$	6,395			—				—				—				64
Subtotal									—				185				—				64
Total fair value									$	4,666			$	1,944			$	—			$	64

(in thousands)	February 28, 2018
Derivatives designated as hedging instruments	Hedge Type		Final Settlement Date		Notional Amount				Prepaid Expenses and Other Current Assets				Other Assets				Accrued Expenses and Other Current Liabilities				Other Liabilities, Non-current
Foreign currency contracts - sell Euro	Cash flow		07/2019		€	38,000			$	—			$	102			$	1,320			$	—
Foreign currency contracts - sell Canadian Dollars	Cash flow		06/2019		$	27,750			378				101				—				—
Foreign currency contracts - sell Pounds	Cash flow		04/2019		£	19,500			—				56				513				—
Foreign currency contracts - sell Mexican Pesos	Cash flow		05/2018		$	20,000			5				—				—				—
Interest rate swap	Cash flow		12/2021		$	100,000			539				1,942				—				—
Subtotal									922				2,201				1,833				—
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swap - Euro	(1)		04/2020		$	5,280			—				—				—				208
Foreign currency contracts - cross-currency debt swaps - Pound	(1)		04/2020		$	6,395			—				—				—				565
Subtotal									—				—				—				773
Total fair value									$	922			$	2,201			$	1,833			$	773

(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, as applicable, for the notional amounts reported, creating an economic hedge against currency movements.

Schedule of pre-tax effect of derivative instruments

The following table summarizes the pre-tax effect of derivative instruments for the periods shown:

	Three Months Ended November 30,
	Gain (Loss) Recognized in OCI (effective portion)								Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income										Gain (Loss) Recognized As Income
(in thousands)	2018				2017				Location		2018				2017				Location		2018				2017
Currency contracts - cash flow hedges	$	(563	)		$	2,928			SG&A		$	(1,178	)		$	1,328					$	—			$	—
Interest rate swaps - cash flow hedges	(4		)		753				Interest expense		—				—				Interest expense		136				(48		)
Cross-currency debt swaps - principal	—				—						—				—				SG&A		228				(419		)
Cross-currency debt swaps - interest	—				—						—				—				Interest Expense		73				74
Total	$	(567	)		$	3,681					$	(1,178	)		$	1,328					$	437			$	(393	)

	Nine Months Ended November 30,
	Gain (Loss) Recognized in OCI (effective portion)								Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income										Gain (Loss) Recognized As Income
(in thousands)	2018				2017				Location		2018				2017				Location		2018				2017
Currency contracts - cash flow hedges	$	3,962			$	(1,275	)		SG&A		$	(1,101	)		$	2,208					$	—			$	—
Interest rate swaps - cash flow hedges	72				753				Interest expense		—				—				Interest expense		347				(48		)
Cross-currency debt swaps - principal	—				—						—				—				SG&A		894				(1,183		)
Cross-currency debt swaps - interest	—				—						—				—				Interest Expense		147				74
Total	$	4,034			$	(522	)				$	(1,101	)		$	2,208					$	1,388			$	(1,157	)

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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=84234895&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=84234895&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=84234895&loc=SL5624163-113959

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