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Financial Instruments and Risk Management (Tables) | 9 Months Ended
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Nov. 30, 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) | November 30, 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 |  | 11/2023 |  | € | 17,670 |  |  | $ | 483 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Forward contracts - sell Canadian Dollars | Cash flow |  | 2/2024 |  | $ | 40,450 |  |  | 1,243 |  |  | — |  |  | — |  |  | 24 |
Forward contracts - sell Pounds | Cash flow |  | 1/2024 |  | £ | 25,225 |  |  | 775 |  |  | — |  |  | 34 |  |  | 145 |
Forward contracts - sell Australian Dollars | Cash flow |  | 12/2022 |  | A$ | 250 |  |  | 7 |  |  | — |  |  | — |  |  | — |
Forward contracts - sell Norwegian Kroner | Cash flow |  | 10/2023 |  | kr | 40,000 |  |  | — |  |  | — |  |  | 35 |  |  | — |
Interest rate swaps | Cash flow |  | 1/2024 |  | $ | 125,000 |  |  | 2,660 |  |  | 452 |  |  | — |  |  | — |
Subtotal |  |  |  |  |  |  | 5,168 |  |  | 452 |  |  | 69 |  |  | 169 |
Derivatives not designated under hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts - buy Euro | (1) |  | 12/2022 |  | € | 606 |  |  | 3 |  |  | — |  |  | — |  |  | — |
Forward contracts - buy Pounds | (1) |  | 12/2022 |  | £ | 2,152 |  |  | — |  |  | — |  |  | 55 |  |  | — |
Subtotal |  |  |  |  |  |  | 3 |  |  | — |  |  | 55 |  |  | — |
Total fair value |  |  |  |  |  |  | $ | 5,171 |  |  | $ | 452 |  |  | $ | 124 |  |  | $ | 169 |
(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 November 30,
| 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 | $ | (685) |  |  | $ | 3,686 |  |  | Sales revenue, net |  | $ | 4,484 |  |  | $ | (354) |
Interest rate swaps - cash flow hedges | 1,471 |  |  | 1,045 |  |  | Interest expense |  | 168 |  |  | (1,300) |
Total | $ | 786 |  |  | $ | 4,731 |  |  |  |  | $ | 4,652 |  |  | $ | (1,654) |
| Nine Months Ended November 30,
| 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 | $ | 7,860 |  |  | $ | 5,951 |  |  | Sales revenue, net |  | $ | 8,395 |  |  | $ | (2,441) |
Interest rate swaps - cash flow hedges | 5,100 |  |  | 821 |  |  | Interest expense |  | (793) |  |  | (3,934) |
Total | $ | 12,960 |  |  | $ | 6,772 |  |  |  |  | $ | 7,602 |  |  | $ | (6,375) |
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 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Forward contracts | SG&A |  | $ | (12) |  |  | $ | — |  |  | $ | (262) |  |  | $ | — |
Cross-currency debt swaps - principal | SG&A |  | — |  |  | 575 |  |  | 875 |  |  | 915 |
Cross-currency debt swaps - interest | Interest expense |  | — |  |  | (1) |  |  | — |  |  | (3) |
Total |  |  | $ | (12) |  |  | $ | 574 |  |  | $ | 613 |  |  | $ | 912 |

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