Financial Instruments and Risk Management (Tables)

9 Months Ended

Nov. 30, 2015

Financial Instruments and Risk Management

Schedule of fair values of derivative instruments

FAIR VALUES OF DERIVATIVE INSTRUMENTS

(in thousands)

	November 30, 2015
					Prepaid				Accrued
					Expenses				Expenses
		Final			andOther				andOther
		Settlement	Notional		Current		Other		Current
Derivatives designated as hedging instruments	HedgeType	Date	Amount		Assets		Assets		Liabilities
Foreign currency contracts - sell Canadian Dollars	Cash flow	8/2016	$	8,250	$	387	$	-	$	-
Foreign currency contracts - sell Euro	Cash flow	2/2017	€	23,250		1,511		147		-
Foreign currency contracts - sell Pounds	Cash flow	2/2016	£	3,000		-		-		7
Subtotal						1,898		147		7
Derivatives not designated under hedge accounting
Foreign currency contracts - cross-currency debt swap	(1)	1/2018	$	5,000		-		324		-
Total fair value					$	1,898	$	471	$	7

(1)   During the fiscal quarter ended November 30, 2015 we entered into a foreign currency contract referred to above as a “cross-currency debt swap”, which in effect adjusts the currency denomination of $5 million of our 3.90% Senior Notes due January 2018 to the Euro, creating an economic hedge against currency movements. On this contract, we have not elected hedge accounting.

(1)

	February 28, 2015
					Prepaid				Accrued
					Expenses				Expenses
		Final			and Other				and Other
		Settlement	Notional		Current		Other		Current
Derivatives designated as hedging instruments	Hedge Type	Date	Amount		Assets		Assets		Liabilities
Foreign currency contracts - sell Euro	Cash flow	1/2016	€	10,000	$	129	$	-	$	-
Foreign currency contracts - sell Pounds	Cash flow	2/2016	£	6,900		-		-		240
Total fair value					$	129	$	-	$	240

Schedule of pre-tax effect of derivative instruments

PRE-TAX EFFECT OF DERIVATIVE INSTRUMENTS

(in thousands)

	Three Months Ended November 30,
	Gain/(Loss)				Gain/(Loss)Reclassified
	RecognizedinOCI				fromAccumulatedOther					Gain/(Loss)Recognized
	(effectiveportion)				ComprehensiveIncome(Loss)intoIncome					As Income
	2015		2014		Location	2015		2014		Location	2015		2014
Currency contracts - cash flow hedges	$	1,841	$	301	SG&A	$	263	$	201		$	-	$	-
Interest rate swaps - cash flow hedges		-		-			-		-			-		-
Currency contracts - cross-currency debt swaps		-		-			-		-	SG&A		324		-
Total	$	1,841	$	301		$	263	$	201		$	324	$	-
	Nine Months Ended November 30,
	Gain/(Loss)				Gain/(Loss)Reclassified
	RecognizedinOCI				fromAccumulatedOther					Gain/(Loss)Recognized
	(effectiveportion)				ComprehensiveIncome(Loss)intoIncome					As Income
	2015		2014		Location	2015		2014		Location	2015		2014
Currency contracts - cash flow hedges	$	2,653	$	515	SG&A	$	503	$	(15)		$	-	$		-
Interest rate swaps - cash flow hedges		-		28	Interestexpense		-		(1,199)			-			-
Currency contracts - cross-currency debt swaps		-		-			-		-	SG&A		324			-
Total	$	2,653	$	543		$	503	$	(1,214)		$	324	$		-