Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v2.4.0.6
Derivative Instruments (Tables)
 6 Months Ended
Aug. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value and location of the Company's derivative instruments on its Consolidated Balance Sheets
The fair value and location of the Company’s derivative instruments on its Consolidated Balance Sheets are as follows:

Balance Sheet Location
 
August 31, 2012
 
February 29, 2012
(in millions)
 
 
 
 
Derivative instruments designated as hedging instruments
 
 
 
 
Foreign currency contracts:
 
 
 
 
Prepaid expenses and other
 
$
0.9

 
$
7.9

Other accrued expenses and liabilities
 
$
1.4

 
$
2.7

Other assets, net
 
$
0.7

 
$
3.6

Other liabilities
 
$
0.6

 
$
2.2

 
 
 
 
 
Interest rate swap contracts:
 
 
 
 
Other accrued expenses and liabilities
 
$
3.5

 
$
15.0

Other liabilities
 
$
4.4

 
$
30.7

 
 
 
 
 
Diesel fuel swap contracts:
 
 
 
 
Prepaid expenses and other
 
$
1.1

 
$
—

Other assets, net
 
$
0.3

 
$
—

 
 
 
 
 
Derivative instruments not designated as hedging instruments
 
 
 
 
Foreign currency contracts:
 
 
 
 
Prepaid expenses and other
 
$
1.6

 
$
1.4

Other accrued expenses and liabilities
 
$
1.1

 
$
1.1

Other assets, net
 
$
—

 
$
0.3

Other liabilities
 
$
—

 
$
0.4

 
 
 
 
 
Interest rate swap contracts:
 
 
 
 
Prepaid expenses and other
 
$
3.5

 
$
—

Other accrued expenses and liabilities
 
$
15.8

 
$
—

Other assets, net
 
$
4.6

 
$
—

Other liabilities
 
$
33.8

 
$
—

 
 
 
 
 
Diesel fuel swap contracts:
 
 
 
 
Prepaid expenses and other
 
$
0.1

 
$
—

Effect of the Company's derivative instruments designated in cash flow hedging relationships and undesignated derivative instruments on its Consolidated Statements of Operations and Other Comprehensive Income, net of income tax effect
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
(Loss) Gain
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 Six Months Ended August 31, 2012
 
 
 
 
 
 
Foreign currency contracts
 
$
(1.0
)
 
Sales
 
$
1.7

Foreign currency contracts
 
(1.7
)
 
Cost of product sold
 
1.5

Diesel fuel swap contracts
 
0.9

 
Cost of product sold
 
—

Interest rate swap contracts
 
(6.2
)
 
Interest expense, net
 
(4.1
)
Total
 
$
(8.0
)
 
Total
 
$
(0.9
)
 
 
 
 
 
 
 
For the Six Months Ended August 31, 2011
 
 
 
 
 
 
Foreign currency contracts
 
$
7.0

 
Sales
 
$
2.7

Foreign currency contracts
 
6.2

 
Cost of product sold
 
0.6

Interest rate swap contracts
 
(22.6
)
 
Interest expense, net
 
—

Total
 
$
(9.4
)
 
Total
 
$
3.3

 
 
 
 
 
 
 
For the Three Months Ended August 31, 2012
 
 
 
 
 
 
Foreign currency contracts
 
$
(1.4
)
 
Sales
 
$
0.5

Foreign currency contracts
 
2.1

 
Cost of product sold
 
0.8

Diesel fuel swap contracts
 
0.9

 
Cost of product sold
 
—

Interest rate swap contracts
 
(3.5
)
 
Interest expense, net
 
(2.0
)
Total
 
$
(1.9
)
 
Total
 
$
(0.7
)
 
 
 
 
 
 
 
For the Three Months Ended August 31, 2011
 
 
 
 
 
 
Foreign currency contracts
 
$
3.3

 
Sales
 
$
1.7

Foreign currency contracts
 
2.3

 
Cost of product sold
 
0.6

Interest rate swap contracts
 
(13.0
)
 
Interest expense, net
 
—

Total
 
$
(7.4
)
 
Total
 
$
2.3


Derivative Instruments in
Designated Cash Flow
Hedging Relationships
 
Location of Net Gain
Recognized in Income
(Ineffective portion)
 
Net Gain
Recognized
in Income
(Ineffective
portion)
(in millions)
 
 
 
 
For the Six Months Ended August 31, 2012
 
 
 
 
Foreign currency contracts
 
Selling, general and
      administrative expenses
 
$
0.2

 
 
 
 
 
For the Six Months Ended August 31, 2011
 
 
 
 
Foreign currency contracts
 
Selling, general and
      administrative expenses
 
$
0.8

 
 
 
 
 
For the Three Months Ended August 31, 2012
 
 
 
 
Foreign currency contracts
 
Selling, general and
      administrative expenses
 
$
0.3

 
 
 
 
 
For the Three Months Ended August 31, 2011
 
 
 
 
Foreign currency contracts
 
Selling, general and
      administrative expenses
 
$
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 (Loss) Gain
Recognized in Income
 
Net
(Loss) Gain
Recognized
in Income
(in millions)
 
 
 
 
For the Six Months Ended August 31, 2012
 
 
 
 
Foreign currency contracts
 
Selling, general and
      administrative expenses
 
$
(2.2
)
Interest rate swap contracts
 
Interest expense, net
 
(0.4
)
 
 
 
 
$
(2.6
)
 
 
 
 
 
For the Six Months Ended August 31, 2011
 
 
 
 
Foreign currency contracts
 
Selling, general and
      administrative expenses
 
$
4.8

 
 
 
 
 
For the Three Months Ended August 31, 2012
 
 
 
 
Foreign currency contracts
 
Selling, general and
      administrative expenses
 
$
2.1

Interest rate swap contracts
 
Interest expense, net
 
(0.3
)
 
 
 
 
$
1.8

 
 
 
 
 
For the Three Months Ended August 31, 2011
 
 
 
 
Foreign currency contracts
 
Selling, general and
      administrative expenses
 
$
1.7