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Financial Instruments and Risk Management (Tables)

6 Months Ended

Aug. 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)	August 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 dollar - Euro	Cash flow	02/2021	€	16,000		$	207		$	31		$	—		$	—
Foreign currency contracts - sell Euro	Cash flow	12/2020	€	12,750		661			89			—			—
Foreign currency contracts - sell Canadian Dollars	Cash flow	01/2021	$	14,250		125			8			—			—
Zero-cost dollar - Pound	Cash flow	02/2021	£	10,250		237			49			—			—
Foreign currency contracts - sell Pound	Cash flow	02/2021	£	13,500		1,086			195			—			—
Foreign currency contracts - sell Mexican Pesos	Cash flow	02/2020	$	40,000		13			—			—			—
Foreign currency contracts - Sell Australian Dollars	Cash flow	10/2019	$	2,000		46			—			—			—
Interest rate swaps	Cash flow	01/2024	$	225,000		—			—			2,513			6,639
Subtotal						2,375			372			2,513			6,639
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swaps - Euro	(1)	04/2020	€	5,280		431			—			—			—
Foreign currency contracts - cross-currency debt swaps - Pound	(1)	04/2020	£	6,395		304			—			—			—
Subtotal						735			—			—			—
Total fair value						$	3,110		$	372		$	2,513		$	6,639

(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 dollar - 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 dollar - Pound	Cash flow	05/2020	£	4,500		—			—			200			—
Foreign currency contracts - sell Pound	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 swaps - 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 following table summarizes the pre-tax effect of derivative instruments for the periods shown:

	Three Months Ended August 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	$	(482	)		$	(51	)		SG&A		$	(992	)		$	(610	)				$	—			$	—
Interest rate swaps - cash flow hedges	(4,126		)		137				Interest expense		—				—				Interest expense		77				136
Cross-currency debt swaps - principal	—				—						—				—				SG&A		344				243
Cross-currency debt swaps - interest	—				—						—				—				Interest Expense		—				—
Total	$	(4,608	)		$	86					$	(992	)		$	(610	)				$	421			$	379

	Six Months Ended August 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	$	(668	)		$	4,525			SG&A		$	(2,210	)		$	77					$	—			$	—
Interest rate swaps - cash flow hedges	(9,326		)		76				Interest expense		—				—				Interest expense		231				211
Cross-currency debt swaps - principal	—				—						—				—				SG&A		808				666
Cross-currency debt swaps - interest	—				—						—				—				Interest expense		74				74
Total	$	(9,994	)		$	4,601					$	(2,210	)		$	77					$	1,113			$	951

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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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4C
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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