Schedule of fair values of derivative instruments |
The following table summarizes the fair values of our derivative instruments as of the end of the periods shown: | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | August 31, 2018 |
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 | Foreign currency contracts - sell Euro | Cash flow | | 11/2019 | | € | 28,250 |
| | $ | 1,447 |
| | $ | — |
| | $ | — |
| | $ | 20 |
| Foreign currency contracts - sell Canadian Dollars | Cash flow | | 01/2020 | | $ | 21,000 |
| | 580 |
| | — |
| | — |
| | 19 |
| Foreign currency contracts - sell Pounds | Cash flow | | 02/2020 | | £ | 19,750 |
| | 1,275 |
| | 11 |
| | — |
| | — |
| Foreign currency contracts - sell Mexican Pesos | Cash flow | | 09/2019 | | $ | 60,000 |
| | — |
| | — |
| | 16 |
| | 1 |
| Interest rate swap | Cash flow | | 12/2021 | | $ | 100,000 |
| | 791 |
| | 1,766 |
| | — |
| | — |
| Subtotal | | | | | | | 4,093 |
| | 1,777 |
| | 16 |
| | 40 |
| | | | | | | | | | | | | | | Derivatives not designated under hedge accounting | | | | | |
| | |
| | |
| | |
| | |
| Foreign currency contracts - cross-currency debt swap - Euro | (1) | | 04/2020 | | $ | 5,280 |
| | — |
| | 63 |
| | — |
| | — |
| Foreign currency contracts - cross-currency debt swaps - Pound | (1) | | 04/2020 | | $ | 6,395 |
| | — |
| | — |
| | — |
| | 171 |
| Subtotal | | | | | | | — |
| | 63 |
| | — |
| | 171 |
| Total fair value | | | | | | | 4,093 |
|
| 1,840 |
|
| 16 |
|
| 211 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | February 28, 2018 |
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 | Foreign currency contracts - sell Euro | Cash flow | | 07/2019 | | € | 38,000 |
| | $ | — |
| | $ | 102 |
| | $ | 1,320 |
| | $ | — |
| Foreign currency contracts - sell Canadian Dollars | Cash flow | | 06/2019 | | $ | 27,750 |
| | 378 |
| | 101 |
| | — |
| | — |
| Foreign currency contracts - sell Pounds | Cash flow | | 04/2019 | | £ | 19,500 |
| | — |
| | 56 |
| | 513 |
| | — |
| Foreign currency contracts - sell Mexican Pesos | Cash flow | | 05/2018 | | $ | 20,000 |
| | 5 |
| | — |
| | — |
| | — |
| Interest rate swap | Cash flow | | 12/2021 | | $ | 100,000 |
| | 539 |
| | 1,942 |
| | — |
| | — |
| Subtotal | | | | | | | 922 |
| | 2,201 |
| | 1,833 |
| | — |
| Derivatives not designated under hedge accounting | | | | | |
| | |
| | |
| | |
| | |
| Foreign currency contracts - cross-currency debt swap - Euro | (1) | | 04/2020 | | $ | 5,280 |
| | — |
| | — |
| | — |
| | 208 |
| Foreign currency contracts - cross-currency debt swaps - Pound | (1) | | 04/2020 | | $ | 6,395 |
| | — |
| | — |
| | — |
| | 565 |
| Subtotal | | | | | | | — |
|
| — |
|
| — |
|
| 773 |
| Total fair value | | | | | | | $ | 922 |
|
| $ | 2,201 |
|
| $ | 1,833 |
|
| $ | 773 |
|
| | (1) | These are foreign currency contracts for which we have not elected hedge accounting. We refer to them as “cross-currency debt swaps”. They, in effect, 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 following table summarizes the pre-tax effect of derivative instruments for the periods shown: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended August 31, | | Gain (Loss) Recognized in OCI (effective portion) | | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income | | Gain (Loss) Recognized As Income | (in thousands) | 2018 | | 2017 | | Location | | 2018 | | 2017 | | Location | | 2018 | | 2017 | Currency contracts - cash flow hedges | $ | (51 | ) | | $ | (1,958 | ) | | SG&A | | $ | (610 | ) | | $ | 578 |
| | | | $ | — |
| | $ | — |
| Interest rate swaps - cash flow hedges | 137 |
| | — |
| | Interest expense | | — |
| | — |
| | Interest expense | | 136 |
| | — |
| Cross-currency debt swaps - principal | — |
| | — |
| | | | — |
| | — |
| | SG&A | | 243 |
| | (215 | ) | Cross-currency debt swaps - interest | — |
| | — |
| | | | — |
| | — |
| | Interest Expense | | — |
| | — |
| Total | $ | 86 |
| | $ | (1,958 | ) | | | | $ | (610 | ) | | $ | 578 |
| | | | $ | 379 |
| | $ | (215 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended August 31, | | Gain (Loss) Recognized in OCI (effective portion) | | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income | | Gain (Loss) Recognized As Income | (in thousands) | 2018 | | 2017 | | Location | | 2018 | | 2017 | | Location | | 2018 | | 2017 | Currency contracts - cash flow hedges | $ | 4,525 |
| | $ | (4,203 | ) | | SG&A | | $ | 77 |
| | $ | 880 |
| | | | $ | — |
| | $ | — |
| Interest rate swaps - cash flow hedges | 76 |
| | — |
| | Interest expense | | — |
| | — |
| | Interest expense | | 211 |
| | — |
| Cross-currency debt swaps - principal | — |
| | — |
| | | | — |
| | — |
| | SG&A | | 666 |
| | (764 | ) | Cross-currency debt swaps - interest | — |
| | — |
| | | | — |
| | — |
| | Interest Expense | | 74 |
| | — |
| Total | $ | 4,601 |
| | $ | (4,203 | ) | | | | $ | 77 |
| | $ | 880 |
| | | | $ | 951 |
| | $ | (764 | ) |
|