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Financial Instruments and Risk Management (Tables)

9 Months Ended

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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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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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