Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v2.4.0.8
Derivative Instruments (Tables)
 3 Months Ended
May 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Absolute notional value of outstanding derivative instruments
The absolute notional value of outstanding derivative instruments are as follows:
 
May 31,
2014
 
February 28,
2014
(in millions)
 
 
 
Derivative instruments designated as hedging instruments
 
 
 
Foreign currency contracts
$
708.0

 
$
636.6

Interest rate swap contracts
$
500.0

 
$
500.0

 
 
 
 
Derivative instruments not designated as hedging instruments
 
 
 
Foreign currency contracts
$
951.7

 
$
643.8

Commodity swap contracts
$
168.0

 
$
88.0

Interest rate swap contracts
$
1,000.0

 
$
1,000.0

Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
The estimated fair value and location of the Company’s derivative instruments on its Consolidated Balance Sheets are as follows (see Note 6):
Balance Sheet Location
 
May 31,
2014
 
February 28,
2014
(in millions)
 
 
 
 
Derivative instruments designated as hedging instruments
 
 
 
 
Foreign currency contracts:
 
 
 
 
Prepaid expenses and other
 
$
15.0

 
$
11.2

Other accrued expenses and liabilities
 
$
0.3

 
$
3.2

Other assets, net
 
$
8.4

 
$
4.4

Other liabilities
 
$
0.4

 
$
0.7

 
 
 
 
 
Interest rate swap contracts:
 
 
 
 
Other accrued expenses and liabilities
 
$
3.8

 
$
3.4

Other liabilities
 
$
0.5

 
$
0.7

 
 
 
 
 
Derivative instruments not designated as hedging instruments
 
 
 
 
Foreign currency contracts:
 
 
 
 
Prepaid expenses and other
 
$
2.0

 
$
3.3

Other accrued expenses and liabilities
 
$
5.6

 
$
0.9

 
 
 
 
 
Interest rate swap contracts:
 
 
 
 
Prepaid expenses and other
 
$
4.4

 
$
3.5

Other accrued expenses and liabilities
 
$
16.6

 
$
13.3

Other assets, net
 
$
0.6

 
$
0.9

Other liabilities
 
$
12.8

 
$
15.5

 
 
 
 
 
Commodity swap contracts:
 
 
 
 
Prepaid expenses and other
 
$
1.0

 
$
1.3

Other accrued expenses and liabilities
 
$
0.7

 
$
0.1

Other assets, net
 
$
0.8

 
$
0.2

Other liabilities
 
$
0.4

 
$
0.4

Effect of the Company's derivative instruments on its Consolidated Statements of Comprehensive Income
The effect of the Company’s derivative instruments designated in cash flow hedging relationships on its Consolidated Statements of Comprehensive Income, as well as its Other Comprehensive Income (“OCI”), net of income tax effect, is as follows:
Derivative Instruments in
Designated Cash Flow
Hedging Relationships
 
Net
Gain (Loss)
Recognized
in OCI
(Effective
portion)
 
Location of Net Gain (Loss)
Reclassified from AOCI to
Income (Effective portion)
 
Net
Gain (Loss)
Reclassified
from AOCI to
Income
(Effective
portion)
(in millions)
 
 
 
 
 
 
For the Three Months Ended May 31, 2014
 
 
 
 
 
 
Foreign currency contracts
 
$
9.9

 
Sales
 
$
1.2

Foreign currency contracts
 
0.4

 
Cost of product sold
 
0.3

Interest rate swap contracts
 
(0.5
)
 
Interest expense, net
 
(2.0
)
Total
 
$
9.8

 
Total
 
$
(0.5
)
 
 
 
 
 
 
 
For the Three Months Ended May 31, 2013
 
 
 
 
 
 
Foreign currency contracts
 
$
(0.5
)
 
Sales
 
$
0.9

Foreign currency contracts
 
(1.2
)
 
Cost of product sold
 
0.2

Interest rate swap contracts
 
1.2

 
Interest expense, net
 
(2.1
)
Total
 
$
(0.5
)
 
Total
 
$
(1.0
)
Derivative Instruments in
Designated Cash Flow
Hedging Relationships
 
 
 
Location of Net (Loss) Gain
Recognized in Income
(Ineffective portion)
 
Net
(Loss) Gain
Recognized
in Income
(Ineffective
portion)
(in millions)
 
 
 
 
 
 
For the Three Months Ended May 31, 2014
 
 
 
 
 
 
Foreign currency contracts
 
 
 
Selling, general and administrative expenses
 
$
(0.1
)
 
 
 
 
 
 
 
For the Three Months Ended May 31, 2013
 
 
 
 
 
 
Foreign currency contracts
 
 
 
Selling, general and administrative expenses
 
$
0.1

Commodity swap contracts
 
 
 
Selling, general and administrative expenses
 
0.1

 
 
 
 
 
 
$
0.2


The effect of the Company’s undesignated derivative instruments on its Consolidated Statements of Comprehensive Income is as follows:
Derivative Instruments Not
Designated as Hedging Instruments
 
 
 
Location of Net Gain (Loss)
Recognized in Income
 
Net
Gain (Loss)
Recognized
in Income
(in millions)
 
 
 
 
 
 
For the Three Months Ended May 31, 2014
 
 
 
 
 
 
Commodity swap contracts
 
 
 
Cost of product sold
 
$
0.2

Foreign currency contracts
 
 
 
Selling, general and administrative expenses
 
(5.7
)
 
 
 
 
 
 
$
(5.5
)
 
 
 
 
 
 
 
For the Three Months Ended May 31, 2013
 
 
 
 
 
 
Foreign currency contracts
 
 
 
Selling, general and administrative expenses
 
$
(2.0
)
Commodity swap contracts
 
 
 
Selling, general and administrative expenses
 
(1.0
)
 
 
 
 
 
 
$
(3.0
)