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Financial Instruments and Risk Management (Tables)

12 Months Ended

Feb. 28, 2021

Financial Instruments, Owned, at Fair Value [Abstract]

Schedule of fair values of derivative instruments

The following tables summarize the fair values of our derivative instruments at the end of fiscal 2021 and 2020:

(in thousands)			February 28, 2021
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
Forward contracts - sell Euro			Cash flow						2/2022						€39,000						—						—						1,851						—
Forward contracts - sell Canadian Dollars			Cash flow						2/2023						$34,000						—						33						1,061						—
Forward contracts - sell Pounds			Cash flow						2/2023						£34,500						—						—						2,026						21
Forward contracts - sell Australian Dollars			Cash flow						11/2021						A$4,000						—						—						18						—
Interest rate swaps			Cash flow						1/2024						$225,000						—						—						4,407						5,534
Subtotal																					—						33						9,363						5,555
Derivatives not designated under hedge accounting
Cross-currency debt swaps - Euro			(1)						04/2022						€6,000						—						—						—						817
Cross-currency debt swaps - Pounds			(1)						04/2022						£4,500						—						—						—						756
Subtotal																					—						—						—						1,573
Total fair value																					$	—					$	33					$	9,363					$	7,128

(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						2/2021						€8,000						$	74					$	—					$	—					$	—
Forward contracts - sell Euro			Cash flow						5/2021						€25,875						837						—						—						15
Forward contracts - sell Canadian Dollars			Cash flow						2/2021						$14,000						202						—						—						—
Zero-cost collar - Pounds			Cash flow						2/2021						£6,500						—						—						144						—
Forward contracts - sell Pounds			Cash flow						5/2021						£13,000						435						23						—						—
Forward 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
Cross-currency debt swaps - Euro			(1)						04/2020						€4,400						473						—						—						—
Cross-currency debt swaps - Pounds			(1)						04/2020						£5,000						27						—						—						—
Subtotal																					500						—						—						—
Total fair value																					$	2,060					$	23					$	3,633					$	7,243

(1)These cross-currency debt swaps, for which we have not elected hedge accounting, 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 effects of derivative instruments designated as cash flow hedges for fiscal 2021 and 2020 were as follows:

						Fiscal Years Ended Last Day of February,
						Gain (Loss) Recognized in OCI												Gain (Loss) Reclassified from AOCI into Income
(in thousands)						2021						2020						Location						2021						2020
Foreign currency contracts - cash flow hedges						$	(7,932)					$	3,198					SG&A						$	(1,564)					$	2,977
Interest rate swaps - cash flow hedges						(3,673)						(11,152)						Interest expense						(4,449)						(262)
Total						$	(11,605)					$	(7,954)											$	(6,013)					$	2,715

The pre-tax effects of derivative instruments not designated under hedge accounting for fiscal 2021 and 2020 were as follows:

						Fiscal Years Ended Last Day of February,
						Gain (Loss)  Recognized in Income
(in thousands)						Location						2021						2020
Cross-currency debt swaps - principal						SG&A						$	(1,432)					$	574
Cross-currency debt swaps - interest						Interest Expense						72						147
Total												$	(1,360)					$	721

Schedule of cash and cash equivalents

The following table summarizes our cash and cash equivalents at the end of fiscal 2021 and 2020:

			Fiscal Years Ended Last Day of February
			2021												2020
(in thousands)			Carrying Amount						Range of Interest Rates						Carrying Amount						Range of Interest Rates
Cash, interest and non-interest-bearing accounts			$	43,489					0.00% to 0.30%						$	21,819					0.00% to 0.30%
Money market accounts			1,631						0.01% to 2.47%						2,648						0.15% to 5.39%
Total cash and cash equivalents			$	45,120											$	24,467

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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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
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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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-Publisher FASB
-Name Accounting Standards Codification
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