| Schedule of fair values of derivative instruments |
The following tables summarize the fair values of our derivative instruments at the end of fiscal 2025 and 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | February 28, 2025 |
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 | | 2/2026 | | €35,000 | | $ | 1,266 | | | $ | — | | | $ | — | | | $ | — | | | Forward contracts - sell Canadian Dollars | Cash flow | | 2/2026 | | $8,000 | | 38 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | Forward contracts - sell Pounds | Cash flow | | 2/2026 | | £24,950 | | 788 | | | — | | | 99 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Forward contracts - sell Norwegian Kroner | Cash flow | | 8/2025 | | kr | 10,000 | | | 71 | | | — | | | — | | | — | | | Interest rate swaps | Cash flow | | 8/2026 | | $550,000 | | 763 | | | 302 | | | 221 | | | — | | | Subtotal | | | | | | | 2,926 | | | 302 | | | 320 | | | — | | | | | | | | | | | | | | | | | Derivatives not designated under hedge accounting | | | | | | | | | | | | | | Forward contracts - sell Euro | (1) | | 3/2025 | | €680 | | — | | | — | | | 2 | | | — | | Forward contracts - sell Pounds | (1) | | 3/2025 | | £1,280 | | — | | | — | | | 18 | | | — | | | Subtotal | | | | | | | — | | | — | | | 20 | | | — | | | Total fair value | | | | | | | $ | 2,926 | | | $ | 302 | | | $ | 340 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | February 29, 2024 |
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 | | 2/2025 | | €36,500 | | $ | 377 | | | $ | — | | | $ | 90 | | | $ | — | | | Forward contracts - sell Canadian Dollars | Cash flow | | 2/2025 | | $20,750 | | 151 | | | — | | | 57 | | | — | | | | | | | | | | | | | | | | | Forward contracts - sell Pounds | Cash flow | | 2/2025 | | £20,250 | | 59 | | | — | | | 234 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Forward contracts - sell Norwegian Kroner | Cash flow | | 8/2024 | | kr | 5,000 | | | 5 | | | — | | | — | | | — | | | Interest rate swaps | Cash flow | | 2/2026 | | $500,000 | | 1,314 | | | 1,190 | | | — | | | — | | | Subtotal | | | | | | | 1,906 | | | 1,190 | | | 381 | | | — | | | | | | | | | | | | | | | | | Derivatives not designated under hedge accounting | | | | | | | | | | | | | | Forward contracts - sell Euro | (1) | | 3/2024 | | €430 | | — | | | — | | | 3 | | | — | | Forward contracts - sell Pounds | (1) | | 3/2024 | | £735 | | — | | | — | | | 2 | | | — | | | Subtotal | | | | | | | — | | | — | | | 5 | | | — | | | Total fair value | | | | | | | $ | 1,906 | | | $ | 1,190 | | | $ | 386 | | | $ | — | |
(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.
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| Schedule of pre-tax effect of derivative instruments |
The pre-tax effects of derivative instruments designated as cash flow hedges for fiscal 2025 and 2024 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fiscal Years Ended Last Day of February, | | | Gain (Loss) Recognized in AOCI | Gain (Loss) Reclassified
from AOCI into Income | | (in thousands) | 2025 | | | | 2024 | | Location | | 2025 | | 2024 | | | | Foreign currency contracts - cash flow hedges | $ | 3,294 | | | | | $ | (502) | | | Sales revenue, net | | $ | 1,441 | | | $ | (9) | | | | | Interest rate swaps - cash flow hedges | 2,401 | | | | | 4,373 | | | Interest expense | | 4,061 | | | 7,615 | | | | | Total | $ | 5,695 | | | | | $ | 3,871 | | | | | $ | 5,502 | | | $ | 7,606 | | | |
The pre-tax effects of derivative instruments not designated under hedge accounting for fiscal 2025 and 2024 were as follows:
| | | | | | | | | | | | | | | | | | | | | | Fiscal Years Ended Last Day of February, | | | | Gain (Loss)
Recognized in Income | | (in thousands) | | Location | | 2025 | | 2024 | | Forward contracts | | SG&A | | $ | 76 | | | $ | (280) | | | | | | | | | | | | | | | | | Total | | | | $ | 76 | | | $ | (280) | |
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