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Financial Instruments and Risk Management (Tables)

3 Months Ended

May 31, 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 as of the end of the periods presented:

(in thousands)			May 31, 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						€	29,000					$	249					$	—					$	87					$	—
Forward contracts - sell Canadian Dollars			Cash flow						2/2025						$	18,350					153						—						34						—
Forward contracts - sell Pounds			Cash flow						11/2025						£	21,750					16						—						375						2
Forward contracts - sell Norwegian Kroner			Cash flow						2/2025						kr	15,000					—						—						1						—
Interest rate swaps			Cash flow						2/2026						$	300,000					2,127						1,585						—						—
Subtotal																					2,545						1,585						497						2
Derivatives not designated under hedge accounting
Forward contracts - sell Euro			(1)						6/2024						€	1,000					—						—						6						—
Forward contracts - buy Pounds			(1)						6/2024						£	700					14						—						—						—
Subtotal																					14						—						6						—
Total fair value																					$	2,559					$	1,585					$	503					$	2

(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					$	—

(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 May 31,
			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			$	(108)					$	(467)					Sales revenue, net						$	184					$	338
Interest rate swaps - cash flow hedges			2,292						(2,634)						Interest expense						1,084						1,407
Total			$	2,184					$	(3,101)											$	1,268					$	1,745

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 May 31,
(in thousands)			Location						2024						2023
Forward contracts			SG&A						$	22					$	(24)
Total									$	22					$	(24)

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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
-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

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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.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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