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Income Taxes (Tables) | 12 Months Ended
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Feb. 28, 2018
Income Taxes |
Schedule of components of income before taxes |
|  | Fiscal Years Ended the Last Day of February,
(in thousands) |  | 2018 |  | 2017 |  | 2016
U.S. |  | $ | 23,824 |  | $ | 20,878 |  | $ | 17,069
Non-U.S. |  |  | 131,614 |  |  | 134,839 |  |  | 88,943
Total |  | $ | 155,438 |  | $ | 155,717 |  | $ | 106,012
Schedule of components of income tax expense (benefit) |
|  | Fiscal Years Ended the Last Day of February,
(in thousands) |  | 2018 |  | 2017 |  | 2016
U.S. |  |  |  |  |  |  |  |  |
Current |  | $ | 3,380 |  | $ | 19,195 |  | $ | 10,444
Deferred |  |  | 19,578 |  |  | (10,475) |  |  | (4,428)
|  |  | 22,958 |  |  | 8,720 |  |  | 6,016
Non-U.S. |  |  |  |  |  |  |  |  |
Current |  |  | 1,912 |  |  | (290) |  |  | 4,919
Deferred |  |  | 1,686 |  |  | 2,977 |  |  | 2,086
|  |  | 3,598 |  |  | 2,687 |  |  | 7,005
Total |  | $ | 26,556 |  | $ | 11,407 |  | $ | 13,021
Schedule of effective income tax rate reconciliation |
|  | Fiscal Years Ended the Last Day of February, |
|  | 2018 |  | 2017 |  | 2016 |
Effective income tax rate at the U.S. statutory rate |  |  | 32.7 | % |  | 35.0 | % |  | 35.0 | %
Impact of U.S. state income taxes |  |  | 0.5 | % |  | 0.5 | % |  | (0.1) | %
Effect of statutory tax rate in Macau |  |  | (19.5) | % |  | (20.1) | % |  | (21.8) | %
Effect of statutory tax rate in Barbados |  |  | (5.2) | % |  | (7.3) | % |  | (7.6) | %
Effect of statutory tax rate in Europe |  |  | (5.3) | % |  | (3.6) | % |  | - | %
Effect of statutory tax rate in Switzerland |  |  | - | % |  | - | % |  | (6.5) | %
Effect of income from other non-U.S. operations subject to varying rates |  |  | 2.1 | % |  | 2.1 | % |  | 4.6 | %
Effect of foreign exchange fluctuations |  |  | 0.3 | % |  | 0.4 | % |  | 3.8 | %
Effect of asset impairment charges |  |  | 2.2 | % |  | 0.4 | % |  | 1.3 | %
Effect of U.S. tax reform |  |  | 11.5 | % |  | - | % |  | - | %
Effect of uncertain tax positions |  |  | (1.3) | % |  | - | % |  | - | %
Other Items |  |  | (0.9) | % |  | (0.1) | % |  | 3.6 | %
Effective income tax rate |  |  | 17.1 | % |  | 7.3 | % |  | 12.3 | %
Schedule of components of deferred tax assets and liabilities |
|  | Last Day of February,
(in thousands) |  | 2018 |  | 2017
Deferred tax assets, gross: |  |  |  |  |  |
Operating loss carryforwards |  | $ | 32,829 |  | $ | 16,799
Accounts receivable |  |  | 4,767 |  |  | 7,375
Inventories |  |  | 7,183 |  |  | 11,057
Accrued expenses and other |  |  | 7,385 |  |  | 12,007
Total gross deferred tax assets |  |  | 52,164 |  |  | 47,238
Valuation allowance |  |  | (17,747) |  |  | (17,600)
Deferred tax liabilities: |  |  |  |  |  |
Depreciation and amortization |  |  | (24,859) |  |  | (47,774)
Total deferred tax liabilities, net |  | $ | 9,558 |  | $ | (18,136)
Schedule of operating loss carryforwards |
|  | Balances at February 28, 2018
|  | Tax Year |  | Deferred |  | Operating
|  | Expiration |  | Tax |  | Loss
(in thousands) |  | Date Range |  | Assets |  | Carryforward
U.S. federal and state operating loss carryforward |  | 2021 - Indefinite |  | $ | 16,549 |  | $ | 81,856
Non-U.S. operating loss carryforwards with definite carryover periods |  | 2020 - 2035 |  |  | 2,103 |  |  | 7,853
Non-U.S. operating loss carryforwards with indefinite carryover periods |  | Indefinite |  |  | 14,177 |  |  | 50,436
Subtotals |  |  |  |  | 32,829 |  | $ | 140,145
Less portion of valuation allowance established for operating loss carryforwards |  |  |  |  | (16,406) |  |  |
Total |  |  |  | $ | 16,423 |  |  |
Schedule of unrecognized tax benefits |
|  | Fiscal Years Ended
|  | the Last Day of February,
(in thousands) |  | 2018 |  | 2017
Total unrecognized tax benefits, beginning balance |  | $ | 6,611 |  | $ | 8,737
Tax positions taken during the current period |  |  | - |  |  | -
Resolution of tax dispute |  |  | (1,486) |  |  | -
Changes in tax positions taken during a prior period |  |  | 88 |  |  | (1,260)
Lapse in statute of limitations |  |  | (890) |  |  | (218)
Impact of foreign currency re-measurement |  |  | 218 |  |  | (133)
Settlements |  |  | (113) |  |  | (515)
Total unrecognized tax benefits, ending balance |  |  | 4,428 |  |  | 6,611
Less current unrecognized tax benefits |  |  | (1,079) |  |  | -
Noncurrent unrecognized tax benefits |  | $ | 3,349 |  | $ | 6,611
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 - |  | 2017 | - | 2018
United States |  | 2016 |  | 2007, 2008, 2015 - 2018
Switzerland |  | - None - |  | 2014 | - | 2018
Hong Kong |  | - None - |  | 2010 | - | 2018

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