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Income Taxes (Tables)

12 Months Ended

Feb. 28, 2017

Income Taxes

Schedule of components of income before taxes

COMPONENTS OF INCOME BEFORE TAXES

		Fiscal Years Ended the Last Day of February,
(in thousands)		2017			2016			2015
U.S.		$	15,051		$	30,874		$	34,876
Non-U.S.			134,838			88,944			112,338
Total		$	149,889		$	119,818		$	147,214

Schedule of components of income tax expense (benefit)

COMPONENTS OF INCOME TAX EXPENSE (BENEFIT)

		Fiscal Years Ended the Last Day of February,
(in thousands)		2017			2016			2015
U.S.
Current		$	16,744		$	12,824		$	18,525
Deferred			(10,230)			(1,239)			(3,014)
			6,514			11,585			15,511
Non-U.S.
Current			(290)			4,919			(645)
Deferred			2,976			2,086			1,184
			2,686			7,005			539
Total		$	9,200		$	18,590		$	16,050

Schedule of effective income tax rate reconciliation

INCOME TAX RATE RECONCILIATION

		Fiscal Years Ended the Last Day of February,
		2017				2016						2015
Effective income tax rate at the U.S. statutory rate			35.0		%		35.0			%			35.0		%
Impact of U.S. state income taxes			0.3		%		0.5			%			0.6		%
Effect of zero tax rate in Macau			(20.9)		%		(19.3)			%			(12.4)		%
Effect of statutory tax rate in Barbados			(7.6)		%		(6.8)			%			(11.7)		%
Effect of statutory tax rate in Switzerland			(3.8)		%		(5.7)			%			(2.9)		%
Effect of income from other non-U.S. operations subject to varying rates			2.2		%		4.1			%			0.9		%
Effect of foreign exchange fluctuations			0.5		%		3.3			%			0.4		%
Effect of asset impairment charges			0.4		%		1.1			%			1.6		%
Other Items			0.0		%		3.3			%			(0.6)		%
Effective income tax rate			6.1		%		15.5			%			10.9		%

Schedule of components of deferred tax assets and liabilities

COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES

		Last Day of February,
(in thousands)		2017			2016
Deferred tax assets, gross:
Operating loss carryforwards		$	16,799		$	15,419
Accounts receivable			7,375			6,332
Inventories			11,057			10,372
Accrued expenses and other			12,007			10,783
Total gross deferred tax assets			47,238			42,906
Valuation allowance			(17,600)			(16,223)
Deferred tax liabilities:
Depreciation and amortization			(47,774)			(51,562)
Total deferred tax liabilities, net		$	(18,136)		$	(24,879)

Schedule of operating loss carryforwards

SUMMARY OF OPERATING LOSS CARRYFORWARDS

		Balances at February 28, 2017
		Tax Year		Deferred			Operating
		Expiration		Tax			Loss
(in thousands)		Date Range		Assets			Carryforward
U.S. state operating loss carryforward		2017 - 2036		$	458		$	11,121
Non-U.S. operating loss carryforwards with definite carryover periods		2017 - 2027			1,418			8,349
Non-U.S. operating loss carryforwards with indefinite carryover periods		Indefinite			14,923			50,514
Subtotals					16,799		$	69,984
Less portion of valuation allowance established for operating loss carryforwards					(15,954)
Total				$	845

Schedule of unrecognized tax benefits

UNRECOGNIZED TAX BENEFITS

		Fiscal Years Ended
		the Last Day of February,
(in thousands)		2017			2016
Total unrecognized tax benefits, beginning balance		$	8,737		$	10,295
Tax positions taken during the current period			-			-
Resolution of tax dispute			(1,381)			-
Changes in tax positions taken during a prior period			121			278
Lapse in statute of limitations			(218)			(1,375)
Impact of foreign currency re-measurement			(133)			(421)
Settlements			(515)			(40)
Total unrecognized tax benefits, ending balance			6,611			8,737
Less current unrecognized tax benefits			-			(536)
Noncurrent unrecognized tax benefits		$	6,611		$	8,201

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

Jurisdiction		Tax Years Under Examination		Open Tax Years
United Kingdom		- None -		2016	-	2017
United States *		2003, 2007, 2008		2003, 2007, 2008, 2014 - 2017
Switzerland		- None -		2013	-	2017
Hong Kong		2014		2009	-	2017

*  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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