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Financial Instruments and Risk Management (Tables)

3 Months Ended

May 31, 2019

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)	May 31, 2019
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
Zero-cost collar - Euro	Cash flow		2/2020		€	9,500			$	105			$	—			$	—			$	—
Foreign currency contracts - sell Euro	Cash flow		1/2020		€	13,500			907				—				—				—
Foreign currency contracts - sell Canadian Dollars	Cash flow		2/2020		$	12,000			282				—				—				—
Zero-cost collar - Pounds	Cash flow		2/2020		£	4,500			52				—				—				—
Foreign currency contracts - sell Pounds	Cash flow		11/2020		£	13,250			797				110				—				—
Foreign currency contracts - sell Mexican Pesos	Cash flow		09/2019		$	20,000			—				—				17				—
Interest rate swaps	Cash flow		1/2024		$	225,000			—				—				997				4,030
Subtotal									2,143				110				1,014				4,030
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swap - Euro	(1)		04/2020		€	5,280			331				—				—				—
Foreign currency contracts - cross-currency debt swaps - Pound	(1)		04/2020		£	6,395			60				—				—				—
Subtotal									391				—				—				—
Total fair value									$	2,534			$	110			$	1,014			$	4,030

(in thousands)	February 28, 2019
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
Zero-cost collar - Euro	Cash flow		02/2020		€	9,500			$	11			$	—			$	—			$	—
Foreign currency contracts - sell Euro	Cash flow		01/2020		€	29,000			1,047				—				—				—
Foreign currency contracts - sell Canadian Dollars	Cash flow		02/2020		$	16,000			168				—				—				—
Zero-cost collar - Pounds	Cash flow		05/2020		£	4,500			—				—				200				—
Foreign currency contracts - sell Pounds	Cash flow		05/2020		£	19,500			248				—				—				13
Foreign currency contracts - sell Mexican Pesos	Cash flow		09/2019		$	30,000			—				—				58				—
Interest rate swaps	Cash flow		01/2024		$	225,000			512				—				—				339
Subtotal									1,986				—				258				352
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swap - Euro	(1)		04/2020		€	5,280			—				218				—				—
Foreign currency contracts - cross-currency debt swaps - Pound	(1)		04/2020		£	6,395			—				—				—				292
Subtotal									—				218				—				292
Total fair value									$	1,986			$	218			$	258			$	644

(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 pre-tax effect of derivative instruments for the periods shown is as follows:

	Three Months Ended May 31,
	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)	2019				2018				Location		2019				2018				Location		2019				2018
Currency contracts - cash flow hedges	$	(186	)		$	4,576			SG&A		$	(1,218	)		$	687					$	—			$	—
Interest rate swaps - cash flow hedges	(5,200		)		(61		)		Interest expense		—				—				Interest expense		154				75
Cross-currency debt swaps - principal	—				—						—				—				SG&A		464				423
Cross-currency debt swaps - interest	—				—						—				—				Interest Expense		74				74
Total	$	(5,386	)		$	4,515					$	(1,218	)		$	687					$	692			$	572

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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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.

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