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Income Taxes (Tables)

12 Months Ended

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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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 for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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