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INCOME TAXES (Tables)

12 Months Ended

Feb. 29, 2012

INCOME TAXES

Schedule of components of income (loss) before income tax expense

(in thousands)

		Fiscal Years Ended the Last Day of February,
		(in thousands)
		2012			2011			2010
U.S.		$	26,445		$	17,189		$	14,529
Non-U.S.		99,647			85,439			65,576
Total		$	126,092		$	102,628		$	80,105

Schedule of components of income tax expense (benefit)

(in thousands)

		Fiscal Years Ended the Last Day of February,
		(in thousands)
		2012			2011			2010
U.S.
Current		$	5,342		$	5,373		$	3,924
Deferred		4,630			2,381			2,637
		9,972			7,754			6,561
Non-U.S.
Current		5,204			1,609			963
Deferred		542			(40		)	764
		5,746			1,569			1,727
Total		$	15,718		$	9,323		$	8,288

Schedule of effective income tax rate reconciliation

(in thousands)

		Fiscal Years Ended the Last Day of February,
		2012		2011		2010
Expected effective income tax rate at the U.S. statutory rate of 35 percent		35.0	%	35.0	%	35.0	%
Impact of U.S. state income taxes		1.5	%	1.7	%	1.8	%
Decrease in income taxes resulting from income from non-U.S. operations subject to varying income tax rates		-13.6	%	-17.4	%	-9.8	%
Effect of zero tax rate in Macau		-9.5	%	-10.2	%	-17.1	%
Decrease in income taxes resulting from tax audit settlements		-0.9	%	0.0	%	0.0	%
Effect of asset impairment charges, most of which are non-deductible		0.0	%	0.0	%	0.4	%
Effective income tax rate		12.5	%	9.1	%	10.3	%

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities

(in thousands)

			Last Day of February,
			(in thousands)
			2012			2011
Deferred tax assets, gross:
Operating loss carryforwards			$	26,876		$	30,881
Accounts receivable			3,632			720
Inventories			8,256			7,760
Accrued expenses and other			11,534			14,099
Foreign currency contracts, interest rate swaps, and deferred exchange gains			2,656			3,314
Total gross deferred tax assets			52,954			56,774
Valuation allowance			(24,644		)	(26,346		)
Deferred tax liabilities:
Depreciation and amortization			(73,250		)	(34,801		)
Total deferred tax assets (liabilities), net			$	(44,940	)	$	(4,373	)

Schedule of composition of net operating loss carryforwards and the approximate future taxable income to be generated in order to utilize all carryforwards prior to their expiration

(in thousands)

		At February 29, 2012
		(in thousands)
		Expiration		Gross			Required
		Date Range		Deferred Tax			Future Taxable
		(Where Applicable)		Assets			Income
U.S. operating loss carryforwards		2015 - 2031		$	4,621		$	47,952
Non-U.S. operating loss carryforwards with definite
carryover periods		2012 - 2027		12,037			67,629
Non-U.S. operating loss carryforwards with indefinite
carryover periods		Indefinite		10,218			33,233
Subtotals				26,876			148,814
Less portion of valuation allowance established for
operating loss carryforwards				(24,092		)	(133,632		)
Total				$	2,784		$	15,182

Schedule of unrecognized tax benefits

(in thousands)

		Fiscal Years Ended
		2012			2011
Unrecognized tax benefits, beginning balance		$	2,481		$	2,562
Tax positions taken during the current period		486			-
Changes in tax positions taken during a prior period		2,750			94
Changes due to lapse in statute of limitations		(585		)	(912		)
Impact of foreign currency remeasurement on unrecognized tax benefits in the current period		(7		)	35
Additions due to acquisitions		8,088			1,453
Changes resulting from settlements with taxing authorities		-			(751		)
Unrecognized tax benefits, ending balance		$	13,213		$	2,481

Schedule of material tax years under examination or still subject to examination by major tax jurisdictions

Jurisdiction		Examinations in Process		Open Years
Mexico		- None -		2006    -    2011
United Kingdom		- None -		2010    -    2012
United States *		2003, 2004, 2006   -   2008		2003, 2004, 2006  -  2012
Switzerland		- None -		2007    -    2012
Hong Kong		- None -		2006    -    2012
France		2007 - 2010		2007    -    2012
Hungary		2005 - 2010		2005    -    2012

* Kaz, Inc. and its subsidiaries are currently under examination.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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