Financial Instruments and Risk Management (Tables)

3 Months Ended

May 31, 2020

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)	May 31, 2020
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
Zero-cost collar - Euro	Cash flow	02/2021	€	6,500	$	58	$	—	$	—	$	—
Foreign currency contracts - sell Euro	Cash flow	02/2022	€	34,125	708		102		—		—
Foreign currency contracts - sell Canadian Dollar	Cash flow	09/2021	$	21,250	310		—		—		47
Zero-cost collar - Pound	Cash flow	02/2021	£	5,500	69		—		—		—
Foreign currency contracts - sell Pound	Cash flow	02/2022	£	15,935	945		181		—		—
Foreign currency contracts - sell Mexican Peso	Cash flow	08/2020	$	10,000	—		—		45		—
Foreign currency contracts - sell Australian Dollar	Cash flow	08/2020	$	1,000	—		—		18		—
Interest rate swaps	Cash flow	01/2024	$	225,000	—		—		5,045		9,078
Subtotal					2,090		283		5,108		9,125
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swaps - Euro	(1)	04/2022	€	6,000	—		—		—		237
Foreign currency contracts - cross-currency debt swaps - Pound	(1)	04/2022	£	4,500	—		—		—		53
Subtotal					—		—		—		290
Total fair value					$	2,090	$	283	$	5,108	$	9,415

(in thousands)	February 29, 2020
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
Zero-cost collar - Euro	Cash flow	02/2021	€	8,000	$	74	$	—	$	—	$	—
Foreign currency contracts - sell Euro	Cash flow	05/2021	€	25,875	837		—		—		15
Foreign currency contracts - sell Canadian Dollar	Cash flow	02/2021	$	14,000	202		—		—		—
Zero-cost collar - Pound	Cash flow	02/2021	£	6,500	—		—		144		—
Foreign currency contracts - sell Pound	Cash flow	05/2021	£	13,000	435		23		—		—
Foreign currency contracts - sell Mexican Peso	Cash flow	05/2020	$	10,000	12		—		—		—
Interest rate swaps	Cash flow	01/2024	$	225,000	—		—		3,489		7,228
Subtotal					1,560		23		3,633		7,243
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swaps - Euro	(1)	04/2020	€	4,400	473		—		—		—
Foreign currency contracts - cross-currency debt swaps - Pound	(1)	04/2020	£	5,000	27		—		—		—
Subtotal					500		—		—		—
Total fair value					$	2,060	$	23	$	3,633	$	7,243

(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 May 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)	2020		2019		Location	2020		2019		Location	2020		2019
Currency contracts - cash flow hedges	$	74	$	(186)	SG&A	$	(765)	$	(1,218)		$	—	$	—
Interest rate swaps - cash flow hedges	(3,407)		(5,200)		Interest expense	—		—		Interest expense	(726)		154
Cross-currency debt swaps - principal	—		—			—		—		SG&A	(149)		464
Cross-currency debt swaps - interest	—		—			—		—		Interest Expense	74		74
Total	$	(3,333)	$	(5,386)		$	(765)	$	(1,218)		$	(801)	$	692