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Financial Instruments and Risk Management (Tables)

12 Months Ended

Feb. 28, 2022

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 2022 and 2021:

(in thousands)			February 28, 2022
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						€17,000						$	1,224					$	—					$	—					$	—
Forward contracts - sell Canadian Dollars			Cash flow						2/2023						$40,000						475						—						—						—
Forward contracts - sell Pounds			Cash flow						2/2023						£24,000						1,219						—						—						—
Forward contracts - sell Australian Dollars			Cash flow						12/2022						A$5,700						—						—						113						—
Interest rate swaps			Cash flow						1/2024						$125,000						—						—						1,446						1,335
Subtotal																					2,918						—						1,559						1,335
Derivatives not designated under hedge accounting
Cross-currency debt swaps - Euro			(1)						04/2022						€6,000						—						—						244						—
Cross-currency debt swaps - Pounds			(1)						04/2022						£4,500						—						—						468						—
Subtotal																					—						—						712						—
Total fair value																					$	2,918					$	—					$	2,271					$	1,335

(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

The pre-tax effects of derivative instruments designated as cash flow hedges for fiscal 2022 and 2021 were as follows:

						Fiscal Year Ended Last Day of February,
						Gain (Loss) Recognized in AOCI						Gain (Loss) Reclassified from AOCI into Income
(in thousands)						2022												Location						2022
Foreign currency contracts - cash flow hedges						$	5,509											Sales revenue, net						$	(2,240)
Interest rate swaps - cash flow hedges						2,403												Interest expense						(4,757)
Total						$	7,912																	$	(6,997)

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

The pre-tax effects of derivative instruments not designated under hedge accounting for fiscal 2022 and 2021 were as follows:

						Fiscal Years Ended Last Day of February,
						Gain (Loss)  Recognized in Income
(in thousands)						Location						2022						2021
Cross-currency debt swaps - principal						SG&A						$	861					$	(1,432)
Cross-currency debt swaps - interest						Interest Expense						(3)						72
Total												$	858					$	(1,360)

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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.

+ 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

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-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

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-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

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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.

+ 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
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