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Financial Instruments and Risk Management (Tables)

12 Months Ended

Feb. 29, 2024

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 2024 and 2023:

(in thousands)			February 29, 2024
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						2/2025						€36,500						$	377					$	—					$	90					$	—
Forward contracts - sell Canadian Dollars			Cash flow						2/2025						$20,750						151						—						57						—
Forward contracts - sell Pounds			Cash flow						2/2025						£20,250						59						—						234						—
Forward contracts - sell Norwegian Kroner			Cash flow						8/2024						kr	5,000					5						—						—						—
Interest rate swaps			Cash flow						2/2026						$500,000						1,314						1,190						—						—
Subtotal																					1,906						1,190						381						—
Derivatives not designated under hedge accounting
Forward contracts - sell Euro			(1)						3/2024						€430						—						—						3						—
Forward contracts - sell Pounds			(1)						3/2024						£735						—						—						2						—
Subtotal																					—						—						5						—
Total fair value																					$	1,906					$	1,190					$	386					$	—

    

(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

The pre-tax effects of derivative instruments designated as cash flow hedges for fiscal 2024 and 2023 were as follows:

			Fiscal Years Ended Last Day of February,
			Gain (Loss) Recognized in AOCI									Gain (Loss) Reclassified from AOCI into Income
(in thousands)			2024												2023						Location						2024						2023
Foreign currency contracts - cash flow hedges			$	(502)											$	8,289					Sales revenue, net						$	(9)					$	10,390
Interest rate swaps - cash flow hedges			4,373												8,382						Interest expense						7,615						(145)
Total			$	3,871											$	16,671											$	7,606					$	10,245

The pre-tax effects of derivative instruments not designated under hedge accounting for fiscal 2024 and 2023 were as follows:

						Fiscal Years Ended Last Day of February,
						Gain (Loss)  Recognized in Income
(in thousands)						Location						2024						2023
Forward contracts						SG&A						$	(280)					$	(281)
Cross-currency debt swaps - principal						SG&A						—						875
Total												$	(280)					$	594

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

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