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INCOME TAXES (Tables)

12 Months Ended

Feb. 29, 2016

Income Taxes

Schedule of components of income before taxes

COMPONENTS OF INCOME BEFORE TAXES

(in thousands)

		Fiscal Years Ended the Last Day of February,
		2016			2015			2014
U.S.		$	30,874		$	34,876		$	38,147
Non-U.S.			88,944			112,338			68,987
Total		$	119,818		$	147,214		$	107,134

Schedule of components of income tax expense (benefit)

COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)

(in thousands)

		Fiscal Years Ended the Last Day of February,
		2016			2015			2014
U.S.
Current		$	12,824		$	18,525		$	24,736
Deferred			(1,239)			(3,014)			(9,021)
			11,585			15,511			15,715
Non-U.S.
Current			4,919			(645)			6,254
Deferred			2,086			1,184			(1,083)
			7,005			539			5,171
Total		$	18,590		$	16,050		$	20,886

Schedule of effective income tax rate reconciliation

		Fiscal Years Ended the Last Day of February,
		2016				2015						2014
Expected effective income tax rate at the U.S. statutory rate			35.0		%		35.0			%			35.0		%
Impact of U.S. state income taxes			0.5		%		0.6			%			1.7		%
Effect of income from non-U.S. operations subject to varying rates			4.1		%		0.9			%			(0.3)		%
Effect of zero tax rate in Macau			(19.3)		%		(12.4)			%			(12.3)		%
Effect of statutory tax rate in Barbados			(6.8)		%		(11.7)			%			(8.7)		%
Effect of statutory tax rate in Switzerland			(5.7)		%		(2.9)			%			(0.9)		%
Effect of foreign exchange fluctuations			3.3		%		0.4			%			0.3		%
Effect of asset impairment charges			1.1		%		1.6			%			3.9		%
Other Items			3.3		%		(0.6)			%			0.8		%
Effective income tax rate			15.5		%		10.9			%			19.5		%

Schedule of components of deferred tax assets and liabilities

COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES

(in thousands)

		Last Day of February,
		2016			2015
Deferred tax assets, gross:
Operating loss carryforwards		$	15,419		$	17,193
Accounts receivable			6,332			4,367
Inventories			10,372			8,450
Accrued expenses and other			10,783			17,734
Total gross deferred tax assets			42,906			47,744
Valuation allowance			(16,223)			(16,982)
Deferred tax liabilities:
Depreciation and amortization			(51,562)			(54,788)
Total deferred tax liabilities, net		$	(24,879)		$	(24,026)

Schedule of operating loss carryforwards

SUMMARY OF OPERATING LOSS CARRYFORWARDS

(in thousands)

		Balances at February 29, 2016
		Tax Year		Deferred			Operating
		Expiration		Tax			Loss
		Date Range		Assets			Carryforward
U.S. state operating loss carryforward		2017 - 2035		$	300		$	7,184
Non-U.S. operating loss carryforwards with definite carryover periods		2017 - 2026			1,339			7,271
Non-U.S. operating loss carryforwards with indefinite carryover periods		Indefinite			13,780			46,599
Subtotals					15,419		$	61,054
Less portion of valuation allowance established for operating loss carryforwards					(14,054)
Total				$	1,365

Schedule of unrecognized tax benefits

UNRECOGNIZED TAX BENEFITS

(in thousands)

		Fiscal Years Ended
		the Last Day of February,
		2016			2015
Total unrecognized tax benefits, beginning balance		$	10,295		$	13,924
Tax positions taken during the current period			-			341
Changes in tax positions taken during a prior period			278			(1,802)
Lapse in statute of limitations			(1,375)			(523)
Impact of foreign currency re-measurement			(421)			(882)
Settlements			(40)			(763)
Total unrecognized tax benefits, ending balance			8,737			10,295
Less current unrecognized tax benefits			(536)			-
Noncurrent unrecognized tax benefits		$	8,201		$	10,295

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

As of February 29, 2016, 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 -		2010	-	2015
United Kingdom		- None -		2015	-	2016
United States *		2003, 2007, 2008		2003, 2007, 2008, 2013 - 2016
Switzerland		- None -		2009	-	2016
Hong Kong		2014		2009	-	2016
Hungary		2009		2009, 2011 - 2016

*  Kaz, Inc. and its U.S. subsidiaries are under examination for the 2003, 2007 and 2008 tax years. In February 2016, the examination of Helen of Troy Texas Corporation and its subsidiaries for the 2011 and 2012 tax years was completed with no impact to tax expense.

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

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