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Financial Instruments and Risk Management (Tables)

6 Months Ended

Aug. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [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, 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						6/2023						€	20,900					$	2,489					$	—					$	—					$	—
Forward contracts - sell Canadian Dollars			Cash flow						11/2023						$	39,050					1,204						149						—						—
Forward contracts - sell Pounds			Cash flow						6/2023						£	18,410					3,444						—						—						—
Forward contracts - sell Australian Dollars			Cash flow						12/2022						A$	800					18						—						—						—
Forward contracts - sell Norwegian Kroner			Cash flow						6/2023						kr	36,180					135						—						—						—
Interest rate swaps			Cash flow						1/2024						$	125,000					1,275						534						—						—
Subtotal																					8,565						683						—						—
Derivatives not designated under hedge accounting
Forward contracts - buy Euro			(1)						9/2022						€	4,532					—						—						74						—
Forward contracts - buy Pounds			(1)						9/2022						£	2,291					—						—						119						—
Subtotal																					—						—						193						—
Total fair value																					$	8,565					$	683					$	193					$	—

(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			(2)						4/2022						€	6,000					—						—						244						—
Cross-currency debt swaps - Pounds			(2)						4/2022						£	4,500					—						—						468						—
Subtotal																					—						—						712						—
Total fair value																					$	2,918					$	—					$	2,271					$	1,335

(1)These forward contracts, for which we have not elected hedge accounting, hedge monetary net asset and liability positions for the notional amounts reported, creating an economic hedge against currency movements.

(2)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)			2022						2021						Location						2022						2021
Foreign currency contracts - cash flow hedges			$	6,226					$	5,456					Sales revenue, net						$	2,715					$	(861)
Interest rate swaps - cash flow hedges			1,423						66						Interest expense						(281)						(1,350)
Total			$	7,649					$	5,522											$	2,434					$	(2,211)

			Six Months Ended August 31,
			Gain (Loss) Recognized in AOCI												Gain (Loss) Reclassified from AOCI into Income
(in thousands)			2022						2021						Location						2022						2021
Foreign currency contracts - cash flow hedges			$	8,545					$	2,265					Sales revenue, net						$	3,911					$	(2,087)
Interest rate swaps - cash flow hedges			3,629						(224)						Interest expense						(961)						(2,634)
Total			$	12,174					$	2,041											$	2,950					$	(4,721)

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						2022						2021						2022						2021
Forward contracts			SG&A						$	(250)					$	—					$	(250)					$	—
Cross-currency debt swaps - principal			SG&A						—						469						875						340
Cross-currency debt swaps - interest			Interest expense						—						—						—						(2)
Total									$	(250)					$	469					$	625					$	338

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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 https://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
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-Name Accounting Standards Codification
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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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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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

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-Publisher FASB
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-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL109998890-113959

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