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Financial Instruments and Risk Management (Tables)

12 Months Ended

Feb. 28, 2023

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 at the end of fiscal 2023 and 2022:

(in thousands)			February 28, 2023
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						2/2024						€29,310						$	257					$	—					$	—					$	—
Forward contracts - sell Canadian Dollars			Cash flow						2/2024						$30,000						962						11						—						—
Forward contracts - sell Pounds			Cash flow						1/2024						£19,400						—						—						711						—
Forward contracts - sell Norwegian Kroner			Cash flow						2/2024						kr	40,000					185						—						—						—
Interest rate swaps			Cash flow						2/2026						$425,000						3,941						1,805						—						—
Subtotal																					5,345						1,816						711						—
Derivatives not designated under hedge accounting
Forward contracts - buy Euro			(1)						3/2023						€500						6						—						—						—
Forward contracts - buy Pounds			(1)						3/2023						£400						2						—						—						—
Subtotal																					8						—						—						—
Total fair value																					$	5,353					$	1,816					$	711					$	—

(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)						04/2022						€6,000						—						—						244						—
Cross-currency debt swaps - Pounds			(2)						04/2022						£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

The pre-tax effects of derivative instruments designated as cash flow hedges for fiscal 2023 and 2022 were as follows:

			Fiscal Years Ended Last Day of February,
			Gain (Loss) Recognized in AOCI									Gain (Loss) Reclassified from AOCI into Income
(in thousands)			2023												2022						Location						2023						2022
Foreign currency contracts - cash flow hedges			$	8,289											$	5,509					Sales revenue, net						$	10,390					$	(2,240)
Interest rate swaps - cash flow hedges			8,382												2,403						Interest expense						(145)						(4,757)
Total			$	16,671											$	7,912											$	10,245					$	(6,997)

The pre-tax effects of derivative instruments not designated under hedge accounting for fiscal 2023 and 2022 were as follows:

						Fiscal Years Ended Last Day of February,
						Gain (Loss)  Recognized in Income
(in thousands)						Location						2023						2022
Forward contracts						SG&A						$	(281)					$	—
Cross-currency debt swaps - principal						SG&A						875						861
Cross-currency debt swaps - interest						Interest Expense						—						(3)
Total												$	594					$	858

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- References

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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- 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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