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Financial Instruments and Risk Management (Tables) | 6 Months Ended
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Aug. 31, 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 as of the end of the periods presented:
(in thousands) | August 31, 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 |  | 2/2023 |  | € | 37,250 |  |  | $ | — |  |  | $ | 81 |  |  | $ | 76 |  |  | $ | — |
Forward contracts - sell Canadian Dollars | Cash flow |  | 2/2023 |  | $ | 36,500 |  |  | — |  |  | 136 |  |  | 208 |  |  | — |
Forward contracts - sell Pounds | Cash flow |  | 2/2023 |  | £ | 32,800 |  |  | — |  |  | 249 |  |  | 844 |  |  | — |
Forward contracts - sell Australian Dollars | Cash flow |  | 11/2021 |  | A$ | 2,000 |  |  | 69 |  |  | — |  |  | — |  |  | — |
Interest rate swaps | Cash flow |  | 1/2024 |  | $ | 225,000 |  |  | — |  |  | — |  |  | 3,429 |  |  | 4,102 |
Subtotal |  |  |  |  |  |  | 69 |  |  | 466 |  |  | 4,557 |  |  | 4,102 |
Derivatives not designated under hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency debt swaps - Euro | (1) |  | 4/2022 |  | € | 6,000 |  |  | — |  |  | — |  |  | 596 |  |  | — |
Cross-currency debt swaps - Pounds | (1) |  | 4/2022 |  | £ | 4,500 |  |  | — |  |  | — |  |  | 637 |  |  | — |
Subtotal |  |  |  |  |  |  | — |  |  | — |  |  | 1,233 |  |  | — |
Total fair value |  |  |  |  |  |  | $ | 69 |  |  | $ | 466 |  |  | $ | 5,790 |  |  | $ | 4,102 |
(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) |  | 4/2022 |  | € | 6,000 |  |  | — |  |  | — |  |  | — |  |  | 817 |
Cross-currency debt swaps - Pounds | (1) |  | 4/2022 |  | £ | 4,500 |  |  | — |  |  | — |  |  | — |  |  | 756 |
Subtotal |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 1,573 |
Total fair value |  |  |  |  |  |  | $ | — |  |  | $ | 33 |  |  | $ | 9,363 |  |  | $ | 7,128 |
(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 designated as hedges | The pre-tax effects of derivative instruments designated as cash flow hedges were as follows for the periods presented:
| Three Months Ended August 31,
| Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income
(in thousands) | 2021 |  |  |  | Location |  | 2021 |  |
Foreign currency contracts - cash flow hedges | $ | 5,456 |  |  |  |  | Sales revenue, net |  | $ | (861) |  |  |
Interest rate swaps - cash flow hedges | 66 |  |  |  |  | Interest expense |  | (1,350) |  |  |
Total | $ | 5,522 |  |  |  |  |  |  | $ | (2,211) |  |  |
|  |  | Three Months Ended August 31,
|  |  | Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income
(in thousands) |  |  | 2020 |  | Location |  |  |  |  | 2020
Foreign currency contracts - cash flow hedges |  |  | $ | (7,461) |  |  | SG&A |  |  |  |  | $ | (92) |
Interest rate swaps - cash flow hedges |  |  | (249) |  |  | Interest expense |  |  |  |  | (1,207) |
Total |  |  | $ | (7,710) |  |  |  |  |  |  |  | $ | (1,299) |
| Six Months Ended August 31,
| Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income
(in thousands) | 2021 |  |  |  | Location |  | 2021 |  |
Foreign currency contracts - cash flow hedges | $ | 2,265 |  |  |  |  | Sales revenue, net |  | $ | (2,087) |  |  |
Interest rate swaps - cash flow hedges | (224) |  |  |  |  | Interest expense |  | (2,634) |  |  |
Total | $ | 2,041 |  |  |  |  |  |  | $ | (4,721) |  |  |
|  |  | Six Months Ended August 31,
|  |  | Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income
(in thousands) |  |  | 2020 |  | Location |  |  |  |  | 2020
Foreign currency contracts - cash flow hedges |  |  | $ | (5,857) |  |  | SG&A |  |  |  |  | $ | 673 |
Interest rate swaps - cash flow hedges |  |  | (4,382) |  |  | Interest expense |  |  |  |  | (1,933) |
Total |  |  | $ | (10,239) |  |  |  |  |  |  |  | $ | (1,260) |
Schedule of pre-tax effect of derivative instruments not designated as hedges | The pre-tax effects of derivative instruments not designated under hedge accounting were as follows for the periods presented:
| Gain (Loss) Recognized in Income
|  |  | Three Months Ended August 31, |  | Six Months Ended August 31,
(in thousands) | Location |  | 2021 |  | 2020 |  | 2021 |  | 2020
Cross-currency debt swaps - principal | SG&A |  | $ | 469 |  |  | $ | (949) |  |  | $ | 340 |  |  | $ | (1,098) |
Cross-currency debt swaps - interest | Interest expense |  | — |  |  | — |  |  | (2) |  |  | 74 |
Total |  |  | $ | 469 |  |  | $ | (949) |  |  | $ | 338 |  |  | $ | (1,024) |

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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=125515794&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=125515794&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=125515794&loc=SL5624171-113959 + Details
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