XML 41 R30.htm IDEA: XBRL DOCUMENT v3.21.2

Financial Instruments and Risk Management (Tables)

6 Months Ended

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)

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=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

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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=125515794&loc=SL5624163-113959

+ Details

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

X

- Definition

Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CC
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959

+ Details

Name:	us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration