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Financial Instruments and Risk Management (Tables) | 9 Months Ended
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Nov. 30, 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) | November 30, 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 |  | € | 30,500 |  |  | $ | 1,494 |  |  | $ | 157 |  |  | $ | — |  |  | $ | — |
Forward contracts - sell Canadian Dollars | Cash flow |  | 2/2023 |  | $ | 34,700 |  |  | 344 |  |  | 148 |  |  | — |  |  | — |
Forward contracts - sell Pounds | Cash flow |  | 2/2023 |  | £ | 28,250 |  |  | 953 |  |  | 352 |  |  | — |  |  | — |
Interest rate swaps | Cash flow |  | 1/2024 |  | $ | 225,000 |  |  | — |  |  | — |  |  | 2,411 |  |  | 2,775 |
Subtotal |  |  |  |  |  |  | 2,791 |  |  | 657 |  |  | 2,411 |  |  | 2,775 |
Derivatives not designated under hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency debt swaps - Euro | (1) |  | 4/2022 |  | € | 6,000 |  |  | — |  |  | — |  |  | 272 |  |  | — |
Cross-currency debt swaps - Pounds | (1) |  | 4/2022 |  | £ | 4,500 |  |  | — |  |  | — |  |  | 386 |  |  | — |
Subtotal |  |  |  |  |  |  | — |  |  | — |  |  | 658 |  |  | — |
Total fair value |  |  |  |  |  |  | $ | 2,791 |  |  | $ | 657 |  |  | $ | 3,069 |  |  | $ | 2,775 |
(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 November 30,
| Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income
(in thousands) | 2021 |  |  |  | Location |  | 2021 |  |
Foreign currency contracts - cash flow hedges | $ | 3,686 |  |  |  |  | Sales revenue, net |  | $ | (354) |  |  |
Interest rate swaps - cash flow hedges | 1,045 |  |  |  |  | Interest expense |  | (1,300) |  |  |
Total | $ | 4,731 |  |  |  |  |  |  | $ | (1,654) |  |  |
|  |  | Three Months Ended November 30,
|  |  | Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income
(in thousands) |  |  | 2020 |  | Location |  |  |  |  | 2020
Foreign currency contracts - cash flow hedges |  |  | $ | 452 |  |  | SG&A |  |  |  |  | $ | (549) |
Interest rate swaps - cash flow hedges |  |  | 250 |  |  | Interest expense |  |  |  |  | (1,289) |
Total |  |  | $ | 702 |  |  |  |  |  |  |  | $ | (1,838) |
| Nine Months Ended November 30,
| Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income
(in thousands) | 2021 |  |  |  | Location |  | 2021 |  |
Foreign currency contracts - cash flow hedges | $ | 5,951 |  |  |  |  | Sales revenue, net |  | $ | (2,441) |  |  |
Interest rate swaps - cash flow hedges | 821 |  |  |  |  | Interest expense |  | (3,934) |  |  |
Total | $ | 6,772 |  |  |  |  |  |  | $ | (6,375) |  |  |
|  |  | Nine Months Ended November 30,
|  |  | Gain (Loss) Recognized in AOCI |  | Gain (Loss) Reclassified from AOCI into Income
(in thousands) |  |  | 2020 |  | Location |  |  |  |  | 2020
Foreign currency contracts - cash flow hedges |  |  | $ | (5,405) |  |  | SG&A |  |  |  |  | $ | 124 |
Interest rate swaps - cash flow hedges |  |  | (4,132) |  |  | Interest expense |  |  |  |  | (3,222) |
Total |  |  | $ | (9,537) |  |  |  |  |  |  |  | $ | (3,098) |
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 November 30, |  | Nine Months Ended November 30,
(in thousands) | Location |  | 2021 |  | 2020 |  | 2021 |  | 2020
Cross-currency debt swaps - principal | SG&A |  | $ | 575 |  |  | $ | 23 |  |  | $ | 915 |  |  | $ | (1,075) |
Cross-currency debt swaps - interest | Interest expense |  | (1) |  |  | (2) |  |  | (3) |  |  | 72 |
Total |  |  | $ | 574 |  |  | $ | 21 |  |  | $ | 912 |  |  | $ | (1,003) |

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