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Financial Instruments and Risk Management (Tables) | 6 Months Ended
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Aug. 31, 2020
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, 2020 |  |  |  |  |  |
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 | € | 4,000 |  | $ | — |  | $ | — |  | $ | 63 |  | $ | — |
Foreign currency contracts - sell Euro | Cash flow | 02/2022 | € | 47,975 |  | — |  | — |  | 1,802 |  | 845 |
Foreign currency contracts - sell Canadian Dollar | Cash flow | 02/2022 | $ | 28,750 |  | — |  | — |  | 708 |  | 165 |
Zero-cost collar - Pound | Cash flow | 02/2021 | £ | 4,000 |  | — |  | — |  | 266 |  | — |
Foreign currency contracts - sell Pound | Cash flow | 02/2022 | £ | 26,635 |  | — |  | — |  | 621 |  | 526 |
Foreign currency contracts - sell Mexican Peso | Cash flow | 11/2020 | $ | 15,000 |  | — |  | — |  | — |  | — |
Foreign currency contracts - Sell Australian Dollar | Cash flow | 11/2020 | $ | 2,000 |  | — |  | — |  | 110 |  | — |
Interest rate swaps | Cash flow | 01/2024 | $ | 225,000 |  | — |  | — |  | 5,114 |  | 8,052 |
Subtotal |  |  |  | — |  | — |  | 8,684 |  | 9,588 |
Derivatives not designated under hedge accounting |  |  |  |  |  |  |
Foreign currency contracts - cross-currency debt swaps - Euro | (1) | 04/2022 | € | 6,000 |  | — |  | — |  | — |  | 726 |
Foreign currency contracts - cross-currency debt swaps - Pound | (1) | 04/2022 | £ | 4,500 |  | — |  | — |  | — |  | 512 |
Subtotal |  |  |  | — |  | — |  | — |  | 1,238 |
Total fair value |  |  |  | $ | — |  | $ | — |  | $ | 8,684 |  | $ | 10,826 |
(in thousands) | February 29, 2020 |  |  |  |  |  |
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 | € | 8,000 |  | $ | 74 |  | $ | — |  | $ | — |  | $ | — |
Foreign currency contracts - sell Euro | Cash flow | 05/2021 | € | 25,875 |  | 837 |  | — |  | — |  | 15 |
Foreign currency contracts - sell Canadian Dollar | Cash flow | 02/2021 | $ | 14,000 |  | 202 |  | — |  | — |  | — |
Zero-cost collar - Pound | Cash flow | 02/2021 | £ | 6,500 |  | — |  | — |  | 144 |  | — |
Foreign currency contracts - sell Pound | Cash flow | 05/2021 | £ | 13,000 |  | 435 |  | 23 |  | — |  | — |
Foreign currency contracts - sell Mexican Peso | Cash flow | 05/2020 | $ | 10,000 |  | 12 |  | — |  | — |  | — |
Interest rate swaps | Cash flow | 01/2024 | $ | 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 | € | 4,400 |  | 473 |  | — |  | — |  | — |
Foreign currency contracts - cross-currency debt swaps - Pound | (1) | 04/2020 | £ | 5,000 |  | 27 |  | — |  | — |  | — |
Subtotal |  |  |  | 500 |  | — |  | — |  | — |
Total fair value |  |  |  | $ | 2,060 |  | $ | 23 |  | $ | 3,633 |  | $ | 7,243 |
(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) | 2020 |  | 2019 |  | Location |  | 2020 |  | 2019 |  | Location |  | 2020 |  | 2019
Currency contracts - cash flow hedges | $ | (7,277) |  |  | $ | (482) |  |  | SG&A |  | $ | 92 |  |  | $ | (992) |  |  |  |  | $ | — |  |  | $ | — |
Interest rate swaps - cash flow hedges | 957 |  |  | (4,126) |  |  | Interest expense |  | — |  |  | — |  |  | Interest expense |  | (1,207) |  |  | 77 |
Cross-currency debt swaps - principal | — |  |  | — |  |  |  |  | — |  |  | — |  |  | SG&A |  | (949) |  |  | 344 |
Cross-currency debt swaps - interest | — |  |  | — |  |  |  |  | — |  |  | — |  |  | Interest Expense |  | — |  |  | — |
Total | $ | (6,320) |  |  | $ | (4,608) |  |  |  |  | $ | 92 |  |  | $ | (992) |  |  |  |  | $ | (2,156) |  |  | $ | 421 |
| 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) | 2020 |  | 2019 |  | Location |  | 2020 |  | 2019 |  | Location |  | 2020 |  | 2019
Currency contracts - cash flow hedges | $ | (7,203) |  |  | $ | (668) |  |  | SG&A |  | $ | (673) |  |  | $ | (2,210) |  |  |  |  | $ | — |  |  | $ | — |
Interest rate swaps - cash flow hedges | (2,449) |  |  | (9,326) |  |  | Interest expense |  | — |  |  | — |  |  | Interest expense |  | (1,933) |  |  | 231 |
Cross-currency debt swaps - principal | — |  |  | — |  |  |  |  | — |  |  | — |  |  | SG&A |  | (1,098) |  |  | 808 |
Cross-currency debt swaps - interest | — |  |  | — |  |  |  |  | — |  |  | — |  |  | Interest expense |  | 74 |  |  | 74 |
Total | $ | (9,652) |  |  | $ | (9,994) |  |  |  |  | $ | (673) |  |  | $ | (2,210) |  |  |  |  | $ | (2,957) |  |  | $ | 1,113 |

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