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Financial Instruments and Risk Management (Tables)
6 Months Ended
Aug. 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)August 31, 2020

Derivatives designated as hedging instruments
Hedge
Type
Final
Settlement Date
Notional AmountPrepaid
Expenses
and Other
Current Assets
Other AssetsAccrued
Expenses
and Other
Current Liabilities
Other
Liabilities, Non- current
Zero-cost collar - EuroCash flow02/20214,000 $ $ $63 $ 
Foreign currency contracts - sell EuroCash flow02/202247,975   1,802 845 
Foreign currency contracts - sell Canadian DollarCash flow02/2022$28,750   708 165 
Zero-cost collar - PoundCash flow02/2021£4,000   266  
Foreign currency contracts - sell PoundCash flow02/2022£26,635   621 526 
Foreign currency contracts - sell Mexican PesoCash flow11/2020$15,000     
Foreign currency contracts - Sell Australian DollarCash flow11/2020$2,000   110  
Interest rate swapsCash flow01/2024$225,000   5,114 8,052 
Subtotal     8,684 9,588 
Derivatives not designated under hedge accounting       
Foreign currency contracts - cross-currency debt swaps - Euro(1)04/20226,000    726 
Foreign currency contracts - cross-currency debt swaps - Pound(1)04/2022£4,500    512 
Subtotal      1,238 
Total fair value$ $ $8,684 $10,826 
(in thousands)February 29, 2020

Derivatives designated as hedging instruments
Hedge TypeFinal
Settlement Date
Notional AmountPrepaid
Expenses
and Other
Current Assets
Other AssetsAccrued
Expenses
and Other
Current Liabilities
Other
Liabilities, Non- current
Zero-cost collar - EuroCash flow02/20218,000 $74 $— $— $— 
Foreign currency contracts - sell EuroCash flow05/202125,875 837 — — 15 
Foreign currency contracts - sell Canadian DollarCash flow02/2021$14,000 202 — — — 
Zero-cost collar - PoundCash flow02/2021£6,500 — — 144 — 
Foreign currency contracts - sell PoundCash flow05/2021£13,000 435 23 — — 
Foreign currency contracts - sell Mexican PesoCash flow05/2020$10,000 12 — — — 
Interest rate swapsCash flow01/2024$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)04/20204,400 473 — — — 
Foreign currency contracts - cross-currency debt swaps - Pound(1)04/2020£5,000 27 — — — 
Subtotal   500 — — — 
Total fair value   $2,060 $23 $3,633 $7,243 
(1)These are foreign currency contracts for which we have not elected hedge accounting.  We refer to them as “cross-currency debt swaps”. They, in effect, adjust the currency denomination of a portion of our outstanding debt to the Euro and British Pound, as applicable, for the notional amounts reported, creating an economic hedge against currency movements.
Schedule of pre-tax effect of derivative instruments
The following table summarizes the pre-tax effect of derivative instruments for the periods shown:
 Three Months Ended August 31,
 Gain (Loss)
Recognized in OCI
(effective portion)
Gain (Loss) Reclassified from
Accumulated Other Comprehensive
Income (Loss) into Income
Gain (Loss) Recognized
As Income
(in thousands)20202019Location20202019Location20202019
Currency contracts - cash flow hedges$(7,277)$(482)SG&A$92 $(992) $ $— 
Interest rate swaps - cash flow hedges957 (4,126)Interest expense — Interest expense(1,207)77 
Cross-currency debt swaps - principal— —  — — SG&A(949)344 
Cross-currency debt swaps - interest— —  — — Interest Expense — 
Total$(6,320)$(4,608) $92 $(992) $(2,156)$421 

 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)20202019Location20202019Location20202019
Currency contracts - cash flow hedges$(7,203)$(668)SG&A$(673)$(2,210) $ $— 
Interest rate swaps - cash flow hedges(2,449)(9,326)Interest expense — Interest expense(1,933)231 
Cross-currency debt swaps - principal— —  — — SG&A(1,098)808 
Cross-currency debt swaps - interest— —  — — Interest expense74 74 
Total$(9,652)$(9,994) $(673)$(2,210) $(2,957)$1,113