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Financial Instruments and Risk Management (Tables) | 6 Months Ended
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Aug. 31, 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 as of the end of the periods presented:
(in thousands) | August 31, 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 |  | € | 21,500 |  |  | $ | 67 |  |  | $ | — |  |  | $ | 165 |  |  | $ | — |
Forward contracts - sell Canadian Dollars | Cash flow |  | 12/2024 |  | $ | 25,250 |  |  | 370 |  |  | 77 |  |  | — |  |  | — |
Forward contracts - sell Pounds | Cash flow |  | 2/2024 |  | £ | 20,925 |  |  | — |  |  | — |  |  | 949 |  |  | — |
Forward contracts - sell Norwegian Kroner | Cash flow |  | 2/2024 |  | kr | 20,000 |  |  | 103 |  |  | — |  |  | — |  |  | — |
Interest rate swaps | Cash flow |  | 2/2026 |  | $ | 625,000 |  |  | 3,582 |  |  | 1,740 |  |  | — |  |  | — |
Subtotal |  |  |  |  |  |  | 4,122 |  |  | 1,817 |  |  | 1,114 |  |  | — |
Derivatives not designated under hedge accounting |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts - buy Euro | (1) |  | 9/2023 |  | € | 2,200 |  |  | — |  |  | — |  |  | 33 |  |  | — |
Forward contracts - buy Pounds | (1) |  | 9/2023 |  | £ | 1,100 |  |  | — |  |  | — |  |  | 6 |  |  | — |
Subtotal |  |  |  |  |  |  | — |  |  | — |  |  | 39 |  |  | — |
Total fair value |  |  |  |  |  |  | $ | 4,122 |  |  | $ | 1,817 |  |  | $ | 1,153 |  |  | $ | — |
(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 |  |  | $ | — |
(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.
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) | 2023 |  | 2022 |  | Location |  | 2023 |  | 2022
Foreign currency contracts - cash flow hedges | $ | (779) |  |  | $ | 6,226 |  |  | Sales revenue, net |  | $ | (383) |  |  | $ | 2,715 |
Interest rate swaps - cash flow hedges | 5,644 |  |  | 1,423 |  |  | Interest expense |  | 2,027 |  |  | (281) |
Total | $ | 4,865 |  |  | $ | 7,649 |  |  |  |  | $ | 1,644 |  |  | $ | 2,434 |
| Six Months Ended August 31,
| 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 | $ | (1,246) |  |  | $ | 8,545 |  |  | Sales revenue, net |  | $ | (45) |  |  | $ | 3,911 |
Interest rate swaps - cash flow hedges | 3,010 |  |  | 3,629 |  |  | Interest expense |  | 3,434 |  |  | (961) |
Total | $ | 1,764 |  |  | $ | 12,174 |  |  |  |  | $ | 3,389 |  |  | $ | 2,950 |
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 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Forward contracts | SG&A |  | $ | (16) |  |  | $ | (250) |  |  | $ | (40) |  |  | $ | (250) |
Cross-currency debt swaps - principal | SG&A |  | — |  |  | — |  |  | — |  |  | 875 |
Total |  |  | $ | (16) |  |  | $ | (250) |  |  | $ | (40) |  |  | $ | 625 |

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