XML 49 R38.htm IDEA: XBRL DOCUMENT v3.20.4

Financial Instruments and Risk Management (Tables)

9 Months Ended

Nov. 30, 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)			November 30, 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			€	2,000					$	—					$	—					$	15					$	—
Foreign currency contracts - sell Euro			Cash flow			02/2022			€	46,000					—						—						1,758						433
Foreign currency contracts - sell Canadian Dollar			Cash flow			02/2022			$	26,000					—						—						763						93
Zero-cost collar - Pound			Cash flow			02/2021			£	2,000					—						—						122						—
Foreign currency contracts - sell Pound			Cash flow			02/2022			£	23,790					—						—						662						266
Foreign currency contracts - sell Mexican Peso			Cash flow			02/2021			$	30,000					7						—						—						—
Interest rate swaps			Cash flow			01/2024			$	225,000					—						—						4,986						6,641
Subtotal															7						—						8,306						7,433
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swaps - Euro			(1)			04/2022			€	6,000					—						—						—						732
Foreign currency contracts - cross-currency debt swaps - Pound			(1)			04/2022			£	4,500					—						—						—						484
Subtotal															—						—						—						1,216
Total fair value															$	7					$	—					$	8,306					$	8,649

(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 November 30,
			Gain (Loss) Recognized in AOCI												Gain (Loss) Reclassified from AOCI into Income																		Gain (Loss) Recognized in Income
(in thousands)			2020						2019						Location						2020						2019						Location						2020						2019
Currency contracts - cash flow hedges			$	1,550					$	(2,739)					SG&A						$	549					$	(630)											$	—					$	—
Interest rate swaps - cash flow hedges			1,539						2,084						Interest expense						—						—						Interest expense						(1,289)						(162)
Cross-currency debt swaps - principal			—						—												—						—						SG&A						23						(389)
Cross-currency debt swaps - interest			—						—												—						—						Interest Expense						(2)						73
Total			$	3,089					$	(655)											$	549					$	(630)											$	(1,268)					$	(478)

			Nine Months Ended November 30,
			Gain (Loss) Recognized in AOCI												Gain (Loss) Reclassified from AOCI into Income																		Gain (Loss) Recognized in Income
(in thousands)			2020						2019						Location						2020						2019						Location						2020						2019
Currency contracts - cash flow hedges			$	(5,653)					$	(3,407)					SG&A						$	(124)					$	(2,840)											$	—					$	—
Interest rate swaps - cash flow hedges			(910)						(7,242)						Interest expense						—						—						Interest expense						(3,222)						69
Cross-currency debt swaps - principal			—						—												—						—						SG&A						(1,075)						419
Cross-currency debt swaps - interest			—						—												—						—						Interest expense						72						147
Total			$	(6,563)					$	(10,649)											$	(124)					$	(2,840)											$	(4,225)					$	635

X

- References

No definition available.

+ Details

Name:	us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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=121590274&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=121590274&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=121590274&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=121590274&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration