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INCOME TAXES (Tables) | 12 Months Ended
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Feb. 28, 2013
INCOME TAXES |
Schedule of components of income before income tax expense | (in thousands)
|  | Fiscal Years Ended the Last Day of February, |
|  | 2013 |  |  | 2012 |  | 2011 |
U.S. |  | $ | 50,834 |  |  | $ | 26,445 |  | $ | 17,189 |
Non-U.S. |  | 84,680 |  |  | 99,647 |  | 85,439 |
Total |  | $ | 135,514 |  |  | $ | 126,092 |  | $ | 102,628 |
Schedule of components of income tax expense (benefit) | (in thousands)
|  | Fiscal Years Ended the Last Day of February, |
|  | 2013 |  |  | 2012 |  | 2011 |
U.S. |  |  |  |  |  |  |  |
Current |  | $ | 26,369 |  |  | $ | 5,342 |  | $ | 5,373 |
Deferred |  | (8,776 | ) |  | 4,630 |  | 2,381 |
|  | 17,593 |  |  | 9,972 |  | 7,754 |
Non-U.S. |  |  |  |  |  |  |  |
Current |  | 5,464 |  |  | 5,204 |  | 1,609 |
Deferred |  | (3,209 | ) |  | 542 |  | (40 | )
|  | 2,255 |  |  | 5,746 |  | 1,569 |
Total |  | $ | 19,848 |  |  | $ | 15,718 |  | $ | 9,323 |
Schedule of effective income tax rate reconciliation |
|  | Fiscal Years Ended the Last Day of February, |
|  | 2013 |  |  | 2012 |  | 2011 |
Expected effective income tax rate at the U.S. statutory rate |  | 35.0 | % |  | 35.0 | % | 35.0 | %
Impact of U.S. state income taxes and other |  | -0.2 | % |  | 1.5 | % | 1.7 | %
Decrease in income taxes resulting from income from non-U.S. operations subject to varying income tax rates |  | -11.4 | % |  | -13.6 | % | -17.4 | %
Effect of zero tax rate in Macau |  | -8.8 | % |  | -9.5 | % | -10.2 | %
Decrease in income taxes resulting from tax audit settlements |  | 0.0 | % |  | -0.9 | % | 0.0 | %
Effective income tax rate |  | 14.6 | % |  | 12.5 | % | 9.1 | %
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, |
|  |  | 2013 |  |  | 2012 |
Deferred tax assets, gross: |  |  |  |  |  |  |
Operating loss carryforwards |  |  | $ | 21,385 |  |  | $ | 26,876 |
Accounts receivable |  |  | 5,885 |  |  | 3,632 |
Inventories |  |  | 8,648 |  |  | 8,256 |
Accrued expenses and other |  |  | 10,600 |  |  | 11,534 |
Foreign currency contracts, interest rate swaps and deferred exchange gains |  |  | 930 |  |  | 2,656 |
Total gross deferred tax assets |  |  | 47,448 |  |  | 52,954 |
Valuation allowance |  |  | (19,040 | ) |  | (24,644 | )
Deferred tax liabilities: |  |  |  |  |  |  |
Depreciation and amortization |  |  | (62,807 | ) |  | (73,250 | )
Total deferred tax assets (liabilities), net |  |  | $ | (34,399 | ) |  | $ | (44,940 | )
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 28, 2013 |
|  | Expiration |  | Gross |  | Required |
|  | Date Range |  | Deferred Tax |  | Future Taxable |
|  | (Where Applicable) |  | Assets |  | Income |
U.S. operating loss carryforwards |  | 2016 - 2032 |  | $ | 3,483 |  | $ | 30,610 |
Non-U.S. operating loss carryforwards with definite carryover periods |  | 2013 - 2028 |  | 7,040 |  | 73,970 |
Non-U.S. operating loss carryforwards with indefinite carryover periods |  | Indefinite |  | 10,862 |  | 35,503 |
Subtotals |  |  |  | 21,385 |  | 140,083 |
Less portion of valuation allowance established for operating loss carryforwards |  |  |  | (16,299 | ) | (70,528 | )
Total |  |  |  | $ | 5,086 |  | $ | 69,555 |
Schedule of unrecognized tax benefits | (in thousands)
|  | Fiscal Years Ended |
|  | 2013 |  |  | 2012 |
Unrecognized tax benefits, beginning balance |  | $ | 13,213 |  |  | $ | 2,481 |
Tax positions taken during the current period |  | - |  |  | 486 |
Changes in tax positions taken during a prior period |  | 3,194 |  |  | 2,750 |
Changes due to lapse in statute of limitations |  | (466 | ) |  | (585 | )
Impact of foreign currency remeasurement on unrecognized tax benefits in the current period |  | (182 | ) |  | (7 | )
Additions due to acquisitions |  | - |  |  | 8,088 |
Unrecognized tax benefits, ending balance |  | $ | 15,759 |  |  | $ | 13,213 |
Schedule of material tax years under examination or still subject to examination by major tax jurisdictions | As of February 28, 2013, tax years under examination or still subject to examination by major tax jurisdictions that are material are as follows:
Jurisdiction |  | Examinations in Process |  | Open Years
Mexico |  | - None - |  | 2007 - 2012
United Kingdom |  | - None - |  | 2011 - 2013
United States * |  | 2003, 2007, 2008 |  | 2003, 2007 - 2013
Switzerland |  | - None - |  | 2008 - 2013
Hong Kong |  | - None - |  | 2006 - 2013
France |  | 2007 - 2010 |  | 2007 - 2013
Hungary |  | 2005, 2006, 2009 |  | 2005 - 2013
* Kaz, Inc. and its U.S. subsidiaries are currently under examination.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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