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Financial Instruments and Risk Management (Tables)
6 Months Ended
Aug. 31, 2018
Financial Instruments, Owned, at Fair Value [Abstract]  
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
)