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Financial Instruments and Risk Management (Tables)

12 Months Ended

Feb. 29, 2020

Financial Instruments, Owned, at Fair Value [Abstract]

Schedule of fair values of derivative instruments

The following table summarizes the fair values of our various derivative instruments at the end of fiscal 2020 and 2019:

		February 29, 2020
(in thousands) 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		2/2021		€8,000		$	74			$	—			$	—			$	—
Foreign currency contracts - sell Euro		Cash flow		5/2021		€25,875		837				—				—				15
Foreign currency contracts - sell Canadian Dollars		Cash flow		2/2021		$14,000		202				—				—				—
Zero-cost collar - Pounds		Cash flow		2/2021		£6,500		—				—				144				—
Foreign currency contracts - sell Pounds		Cash flow		5/2021		£13,000		435				23				—				—
Foreign currency contracts - sell Mexican Pesos		Cash flow		5/2020		$10,000		12				—				—				—
Interest rate swaps		Cash flow		1/2024		$225,000		—				—				3,489				7,228
Subtotal								1,560				23				3,633				7,243
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swaps - Euro		(1)		04/2020		€5,280		473				—				—				—
Foreign currency contracts - cross-currency debt swaps - Pound		(1)		04/2020		£6,395		27				—				—				—
Subtotal								500				—				—				—
Total fair value								$	2,060			$	23			$	3,633			$	7,243

		February 28, 2019
(in thousands) 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		$	11			$	—			$	—			$	—
Foreign currency contracts - sell Euro		Cash flow		2/2020		€29,000		1,047				—				—				—
Foreign currency contracts - sell Canadian Dollars		Cash flow		2/2020		$16,000		168				—				—				—
Zero-cost collar - Pounds		Cash flow		5/2020		£4,500		—				—				200				—
Foreign currency contracts - sell Pounds		Cash flow		5/2020		£19,500		248				—				—				13
Foreign currency contracts - sell Mexican Pesos		Cash flow		9/2019		$30,000		—				—				58				—
Interest rate swaps		Cash flow		1/2024		$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 fiscal 2020 and 2019 is as follows:

		Years Ended Last Day of February,
		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)		2020				2019				Location		2020				2019				Location		2020				2019
Currency contracts - cash flow hedges		$	(2,756	)		$	(94	)		SG&A		$	(2,977	)		$	(2,488	)				$	—			$	—
Interest rate swaps - cash flow hedges		(10,890		)		(2,308		)		Interest expense		—				—				Interest expense		(262		)		515
Cross-currency debt swaps - principal		—				—						—				—				SG&A		574				700
Cross-currency debt swaps - interest		—				—						—				—				Interest Expense		147				147
Total		$	(13,646	)		$	(2,402	)				$	(2,977	)		$	(2,488	)				$	459			$	1,362

Schedule of cash and cash equivalents

The following table summarizes our cash and cash equivalents at the end of fiscal 2020 and 2019:

	Fiscal Years Ended Last Day of February
	2020					2019
(in thousands)	Carrying Amount			Range of Interest Rates		Carrying Amount			Range of Interest Rates
Cash, interest and non-interest-bearing accounts	$	21,819		0.00 to 0.30%		$	10,956		0.00 to 0.30%
Money market funds	2,648			0.15% to 5.39%		915			0.00 to 1.25%
Total cash and cash equivalents	$	24,467				$	11,871

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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.

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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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