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FINANCING ARRANGEMENTS (Tables)
12 Months Ended
Feb. 28, 2019
Debt Disclosure [Abstract]  
Schedule of Balances Attributable to the Notes Balances attributable to the Notes consist of the following (in thousands):

 

 

February 28,

 

 

 

2019

 

 

2018

 

2020 Convertible Notes

 

 

 

 

 

 

 

 

Principal

 

$

122,527

 

 

$

172,500

 

Less: Unamortized debt discount

 

 

(6,461

)

 

 

(16,143

)

Unamortized debt issuance costs

 

 

(817

)

 

 

(2,058

)

Net carrying amount of the 2020 Convertible Notes

 

 

115,249

 

 

 

154,299

 

2025 Convertible Notes

 

 

 

 

 

 

 

 

Principal

 

 

230,000

 

 

 

 

 

Less: Unamortized debt discount

 

 

(64,565

)

 

 

 

 

Unamortized debt issuance costs

 

 

(4,779

)

 

 

 

 

Net carrying amount of the 2025 Convertible Notes

 

 

160,656

 

 

 

 

 

Convertible senior unsecured notes, net

 

$

275,905

 

 

 

Fair value of 2020 Convertible Notes (Level 2 measurement)

 

$

118,680

 

 

 

 

 

Fair value of 2025 Convertible Notes (Level 2 measurement)

 

$

184,334

 

 

 

 

 

 

Summary of Liability and Equity Components of Notes, Issuance Costs and Applicable Assumptions Used for Calculation

The table below summarizes the liability and equity components of the Notes, the issuance costs and the applicable assumptions used for the calculation (in millions except initial conversion rate and per share amounts):

 

 

2020 Convertible Notes

 

 

2025 Convertible Notes

 

Initial conversion rate (shares per $1,000 principal amount)

 

36.2398

 

 

 

32.5256

 

Initial conversion price per share

$

27.5940

 

 

$

30.7450

 

 

 

 

 

 

 

 

 

Fair value of liability component upon issuance

$

138.9

 

 

$

160.8

 

Discount Rate

 

6.20

%

 

 

7.56

%

Fair value measurement level

Level 3

 

 

Level 3

 

Fair value of embedded equity component upon issuance

$

33.6

 

 

$

69.2

 

Deferred tax asset effect

$

16.0

 

 

$

17.3

 

 

 

 

 

 

 

 

 

Total issuance cost

$

4.3

 

 

$

7.3

 

Equity component

$

1.0

 

 

$

2.2

 

Deferred tax asset effect

$

0.4

 

 

$

0.5