Derivative Instruments

3 Months Ended

May 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

NOTE 7—Derivative Instruments

The Company transacts business in various foreign countries and is, therefore, subject to risk of foreign currency exchange rate fluctuations. The Company from time to time enters into forward contracts to economically hedge transactional exposure associated with commitments arising from trade accounts receivable, trade accounts payable and fixed purchase obligations denominated in a currency other than the functional currency of the respective operating entity. All derivative instruments are recorded on the Consolidated Balance Sheets at their respective fair market values. The Company has elected not to prepare and maintain the documentation required to qualify for hedge accounting treatment and, therefore, changes in fair value are recorded in the Consolidated Statements of Operations. See NOTE 6—Assets and Liabilities Measured at Fair Value on a Recurring Basis for information regarding the fair value hierarchy of derivative instruments.

The effects of derivative instruments on the Company’s Consolidated Financial Statements are as follows as of May 31, 2017 and for the three months then ended (in thousands):

							Three Months Ended May 31, 2017
	As of May 31, 2017						Classification of Unrealized Gain (Loss) Recognized in Income on Derivatives	Amount of Unrealized Gain (Loss) Recognized in Income on Derivatives
	Balance Sheet Classification	Fair Value			Notional Value
Assets—foreign currency forward contracts not designated as hedges	Other current assets	$	278		$	18,901	Other income (expense), net	$	605
Liabilities—foreign currency forward contracts not designated as hedges	Accounts payable and accrued expenses		(137	)		27,053	Other income (expense), net		(320	)
Total		$	141		$	45,954		$	285

The effects of derivative instruments on the Company’s Consolidated Financial Statements are as follows as of May 31, 2016 and for the three months then ended (in thousands):

							Three Months Ended May 31, 2016
	As of May 31, 2016						Classification of Unrealized Gain (Loss) Recognized in Income on Derivatives	Amount of Unrealized Gain (Loss) Recognized in Income on Derivatives
	Balance Sheet Classification	Fair Value			Notional Value
Assets—foreign currency forward contracts not designated as hedges	Other current assets	$	46		$	6,563	Other income (expense), net	$	1,199
Liabilities—foreign currency forward contracts not designated as hedges	Accounts payable and accrued expenses		(437	)		27,842	Other income (expense), net		(678	)
Total		$	(391	)	$	34,405		$	521