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INCOME TAXES (Tables)

12 Months Ended

Feb. 28, 2015

Income Taxes

Schedule of components of income before taxes (in thousands)

		Fiscal Years Ended the Last Day of February,
		2015			2014			2013
U.S.		$	34,876		$	38,147		$	50,834
Non-U.S.			112,338			68,987			84,680
Total		$	147,214		$	107,134		$	135,514

Schedule of components of income tax expense (benefit) (in thousands)

		Fiscal Years Ended the Last Day of February,
		2015			2014			2013
U.S.
Current		$	18,525		$	24,736		$	26,369
Deferred			(3,014)			(9,021)			(8,776)
			15,511			15,715			17,593
Non-U.S.
Current			(645)			6,254			5,464
Deferred			1,184			(1,083)			(3,209)
			539			5,171			2,255
Total		$	16,050		$	20,886		$	19,848

Schedule of effective income tax rate reconciliation

		Fiscal Years Ended the Last Day of February,
		2015			2014			2013
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			2.3	%		2.2	%		(0.2)	%
Decrease in income taxes due to income from non-U.S. operations subject to varying income tax rates			(10.9)	%		(9.1)	%		(11.4)	%
Effect of zero tax rate in Macau			(16.6)	%		(12.3)	%		(8.8)	%
Decrease in income taxes resulting from tax audit settlements			(0.5)	%		(0.2)	%		-	%
Effect of asset impairment charges, most of which are non-deductible			1.6	%		3.9	%		-	%
Effective income tax rate			10.9	%		19.5	%		14.6	%

Schedule ofcomponents of deferred tax assets and liabilities (in thousands)

		Balances at February 28,
		2015			2014
Deferred tax assets, gross:
Operating loss carryforwards		$	17,193		$	17,455
Accounts receivable			4,367			4,068
Inventories			8,450			8,528
Accrued expenses and other			17,666			20,307
Foreign currency contracts, interest rate swaps and deferred exchange gains			68			528
Total gross deferred tax assets			47,744			50,886
Valuation allowance			(16,982)			(15,602)
Deferred tax liabilities:
Depreciation and amortization			(54,788)			(60,670)
Total deferred tax liabilities, net		$	(24,026)		$	(25,386)

Schedule of operating loss carryforwards (in thousands)

		Balances at February 28, 2015
		Tax Year		Gross			Required
		Expiration		Deferred Tax			Future Taxable
		Date Range		Assets			Income
U.S. operating loss carryforwards		2016 - 2032		$	1,935		$	6,260
Non-U.S. operating loss carryforwards with definite carryover periods		2014 - 2025			1,848			12,203
Non-U.S. operating loss carryforwards with indefinite carryover periods		Indefinite			13,410			44,757
Subtotals					17,193			63,220
Less portion of valuation allowance established for operating loss carryforwards					(14,649)			(49,393)
Total				$	2,544		$	13,827

Schedule of unrecognized tax benefits (in thousands)

		Fiscal Years Ended
		the Last Day of February,
		2015			2014
Total unrecognized tax benefits, beginning balance		$	13,924		$	15,759
Tax positions taken during the current period			341			-
Changes in tax positions taken during a prior period			(1,802)			536
Changes due to lapse in statute of limitations			(523)			(2,363)
Impact of foreign currency remeasurement on unrecognized tax benefits in the current period			(763)			216
Changes resulting from agreements with taxing authorities			(882)			(224)
Total unrecognized tax benefits, ending balance			10,295			13,924
Less current unrecognized tax benefits			-			(453)
Noncurrent unrecognized tax benefits		$	10,295		$	13,471

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

As of February 28, 2015, 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		- None -		2009	-	2014
United Kingdom		- None -		2014	-	2015
United States *		2003, 2007, 2008, 2011, 2012		2003, 2007, 2008, 2011 - 2015
Switzerland		- None -		2008	-	2015
Hong Kong		- None -		2007	-	2015
France		- None -		2012	-	2015
Hungary		2005, 2006, 2009		2005, 2006, 2009 - 2015

*  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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