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INCOME TAXES (Tables)

12 Months Ended

Feb. 28, 2014

INCOME TAXES

Schedule of components of income before income tax expense

(in thousands)
			Fiscal Years Ended the Last Day of February,
			2014			2013		2012
U.S.			$	38,147		$	50,834	$	26,445
Non-U.S.			68,987			84,680		99,647
Total			$	107,134		$	135,514	$	126,092

Schedule of components of income tax expense (benefit)

(in thousands)
			Fiscal Years Ended the Last Day of February,
			2014			2013		2012
U.S.
Current			$	24,736		$	26,369	$	5,342
Deferred			(9,021)			(8,776)		4,630
			15,715			17,593		9,972
Non-U.S.
Current			6,254			5,464		5,204
Deferred			(1,083)			(3,209)		542
			5,171			2,255		5,746
Total			$	20,886		$	19,848	$	15,718

Schedule of effective income tax rate reconciliation

			Fiscal Years Ended the Last Day of February,
			2014			2013		2012
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			2.2%			-0.2%		1.5%
Decrease in income taxes resulting from income from non-U.S. operations
subject to varying income tax rates			-9.3%			-11.4%		-13.6%
Effect of zero tax rate in Macau			-12.3%			-8.8%		-9.5%
Decrease in income taxes resulting from tax audit settlements			0.0%			0.0%		-0.9%
Effect of asset impairment charges, most of which are non-deductible			3.9%			0.0%		0.0%
Effective income tax rate			19.5%			14.6%		12.5%

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,
			2014			2013
Deferred tax assets, gross:
Operating loss carryforwards			$	17,455		$	21,385
Accounts receivable			4,068			5,885
Inventories			8,528			8,648
Accrued expenses and other			20,307			10,600
Foreign currency contracts, interest rate swaps and deferred exchange gains			528			930
Total gross deferred tax assets			50,886			47,448
Valuation allowance			(15,602)			(19,040)
Deferred tax liabilities:
Depreciation and amortization			(60,670)			(62,807)
Total deferred tax assets (liabilities), net			$	(25,386)		$	(34,399)

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, 2014
		Tax Year		Gross			Required
		Expiration		Deferred Tax			Future Taxable
		Date Range		Assets			Income
U.S. operating loss carryforwards		2016 - 2032		$	2,253		$	8,991
Non-U.S. operating loss carryforwards with definite
carryover periods		2014 - 2029		4,063			32,368
Non-U.S. operating loss carryforwards with indefinite
carryover periods		Indefinite		11,139			37,116
Subtotals				17,455			78,475
Less portion of valuation allowance established for
operating loss carryforwards				(12,695		)	(47,633)
Total				$	4,760		$	30,842

Schedule of unrecognized tax benefits

(in thousands)

			Fiscal Years Ended
			2014			2013
Total unrecognized tax benefits, beginning balance			$	15,759		$	13,213
Changes in tax positions taken during a prior period			536			3,194
Changes due to lapse in statute of limitations			(2,363)			(466)
Impact of foreign currency remeasurement on unrecognized tax benefits in the current period			216			(182)
Changes resulting from agreements with taxing authorities			(224)			-
Total unrecognized tax benefits, ending balance			13,924			15,759
Less current unrecognized tax benefits			(453)			-
Noncurrent unrecognized tax benefits			$	13,471		$	15,759

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

As of February 28, 2014, tax years under examination or still subject to examination by material tax jurisdictions are as follows:

Jurisdiction		Tax Years Under Examination		Open Tax Years
Mexico		2008		2008		-		2013
United Kingdom		- None -		2013		-		2014
United States *		2003, 2007, 2008, 2011, 2012		2003, 2007, 2008, 2011 - 2014
Switzerland		- None -		2007	-		2014
Hong Kong		- None -		2006	-		2014
France		2007 - 2010		2007	-		2014
Hungary		2005, 2006, 2009		2005, 2006, 2009 - 2014

* Kaz, Inc. and its U.S. subsidiaries are under examination for the 2003, 2007 and 2008 tax years.  Helen of Troy Texas Corporation and its subsidiaries are currently under examination for the 2011 and 2012 tax years.

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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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