Financial Instruments and Risk Management (Tables)

6 Months Ended

Aug. 31, 2023

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)	August 31, 2023
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	2/2024	€	21,500	$	67	$	—	$	165	$	—
Forward contracts - sell Canadian Dollars	Cash flow	12/2024	$	25,250	370		77		—		—
Forward contracts - sell Pounds	Cash flow	2/2024	£	20,925	—		—		949		—
Forward contracts - sell Norwegian Kroner	Cash flow	2/2024	kr	20,000	103		—		—		—
Interest rate swaps	Cash flow	2/2026	$	625,000	3,582		1,740		—		—
Subtotal					4,122		1,817		1,114		—
Derivatives not designated under hedge accounting
Forward contracts - buy Euro	(1)	9/2023	€	2,200	—		—		33		—
Forward contracts - buy Pounds	(1)	9/2023	£	1,100	—		—		6		—
Subtotal					—		—		39		—
Total fair value					$	4,122	$	1,817	$	1,153	$	—

(in thousands)	February 28, 2023
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	2/2024	€	29,310	$	257	$	—	$	—	$	—
Forward contracts - sell Canadian Dollars	Cash flow	2/2024	$	30,000	962		11		—		—
Forward contracts - sell Pounds	Cash flow	1/2024	£	19,400	—		—		711		—
Forward contracts - sell Norwegian Kroner	Cash flow	2/2024	kr	40,000	185		—		—		—
Interest rate swaps	Cash flow	2/2026	$	425,000	3,941		1,805		—		—
Subtotal					5,345		1,816		711		—
Derivatives not designated under hedge accounting
Forward contracts - buy Euro	(1)	3/2023	€	500	6		—		—		—
Forward contracts - buy Pounds	(1)	3/2023	£	400	2		—		—		—
Subtotal					8		—		—		—
Total fair value					$	5,353	$	1,816	$	711	$	—

(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 August 31,
	Gain (Loss) Recognized in AOCI				Gain (Loss) Reclassified from AOCI into Income
(in thousands)	2023		2022		Location	2023		2022
Foreign currency contracts - cash flow hedges	$	(779)	$	6,226	Sales revenue, net	$	(383)	$	2,715
Interest rate swaps - cash flow hedges	5,644		1,423		Interest expense	2,027		(281)
Total	$	4,865	$	7,649		$	1,644	$	2,434

	Six Months Ended August 31,
	Gain (Loss) Recognized in AOCI				Gain (Loss) Reclassified from AOCI into Income
(in thousands)	2023		2022		Location	2023		2022
Foreign currency contracts - cash flow hedges	$	(1,246)	$	8,545	Sales revenue, net	$	(45)	$	3,911
Interest rate swaps - cash flow hedges	3,010		3,629		Interest expense	3,434		(961)
Total	$	1,764	$	12,174		$	3,389	$	2,950

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 August 31,				Six Months Ended August 31,
(in thousands)	Location	2023		2022		2023		2022
Forward contracts	SG&A	$	(16)	$	(250)	$	(40)	$	(250)
Cross-currency debt swaps - principal	SG&A	—		—		—		875
Total		$	(16)	$	(250)	$	(40)	$	625