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Financial Instruments and Risk Management (Tables) | 9 Months Ended
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Nov. 30, 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) | November 30, 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 | 02/2021 | € | 14,000 |  | $ | 134 |  | $ | 13 |  | $ | — |  | $ | — |
Foreign currency contracts - sell Euro | Cash flow | 2/2021 | € | 22,375 |  | 431 |  | 119 |  | — |  | — |
Foreign currency contracts - sell Canadian Dollars | Cash flow | 01/2021 | $ | 15,500 |  | 82 |  | 5 |  | — |  | — |
Zero-cost collar - Pound | Cash flow | 02/2021 | £ | 9,500 |  | — |  | — |  | 185 |  | 89 |
Foreign currency contracts - sell Pound | Cash flow | 02/2020 | £ | 15,500 |  | 148 |  | — |  | — |  | 8 |
Foreign currency contracts - sell Mexican Pesos | Cash flow | 02/2020 | $ | 20,000 |  | — |  | — |  | 15 |  | — |
Interest rate swaps | Cash flow | 1/2024 | $ | 225,000 |  | — |  | — |  | 2,058 |  | 5,010 |
Subtotal |  |  |  | 795 |  | 137 |  | 2,258 |  | 5,107 |
Derivatives not designated under hedge accounting |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts - cross-currency debt swaps - Euro | (1) | 04/2020 | € | 5,280 |  | 421 |  | — |  | — |  | — |
Foreign currency contracts - cross-currency debt swaps - Pound | (1) | 04/2020 | £ | 6,395 |  | — |  | — |  | 75 |  | — |
Subtotal |  |  |  | 421 |  | — |  | 75 |  | — |
Total fair value |  |  |  | $ | 1,216 |  | $ | 137 |  | $ | 2,333 |  | $ | 5,107 |
(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 - 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 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) | 2019 |  | 2018 |  | Location |  | 2019 |  | 2018 |  | Location |  | 2019 |  | 2018
Currency contracts - cash flow hedges | $ | (2,739 | ) |  | $ | (563 | ) |  | SG&A |  | $ | (630 | ) |  | $ | (1,178 | ) |  |  |  | $ | — |  |  | $ | — |
Interest rate swaps - cash flow hedges | 2,084 |  |  | (4 | ) |  | Interest expense |  | — |  |  | — |  |  | Interest expense |  | (162 | ) |  | 136 |
Cross-currency debt swaps - principal | — |  |  | — |  |  |  |  | — |  |  | — |  |  | SG&A |  | (389 | ) |  | 228 |
Cross-currency debt swaps - interest | — |  |  | — |  |  |  |  | — |  |  | — |  |  | Interest Expense |  | 73 |  |  | 73 |
Total | $ | (655 | ) |  | $ | (567 | ) |  |  |  | $ | (630 | ) |  | $ | (1,178 | ) |  |  |  | $ | (478 | ) |  | $ | 437 |
| 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) | 2019 |  | 2018 |  | Location |  | 2019 |  | 2018 |  | Location |  | 2019 |  | 2018
Currency contracts - cash flow hedges | $ | (3,407 | ) |  | $ | 3,962 |  |  | SG&A |  | $ | (2,840 | ) |  | $ | (1,101 | ) |  |  |  | $ | — |  |  | $ | — |
Interest rate swaps - cash flow hedges | (7,242 | ) |  | 72 |  |  | Interest expense |  | — |  |  | — |  |  | Interest expense |  | 69 |  |  | 347 |
Cross-currency debt swaps - principal | — |  |  | — |  |  |  |  | — |  |  | — |  |  | SG&A |  | 419 |  |  | 894 |
Cross-currency debt swaps - interest | — |  |  | — |  |  |  |  | — |  |  | — |  |  | Interest expense |  | 147 |  |  | 147 |
Total | $ | (10,649 | ) |  | $ | 4,034 |  |  |  |  | $ | (2,840 | ) |  | $ | (1,101 | ) |  |  |  | $ | 635 |  |  | $ | 1,388 |

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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/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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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