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Income Taxes (Tables) | 12 Months Ended
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Feb. 29, 2020
Income Tax Disclosure [Abstract] |
Schedule of components of income before taxes | Our components of income before income tax expense are as follows:
| Fiscal Years Ended Last Day of February,
(in thousands) | 2020 |  | 2019 |  | 2018
U.S. | $ | 40,146 |  |  | $ | 32,135 |  |  | $ | 23,824 |
Non-U.S. | 125,794 |  |  | 155,865 |  |  | 131,614 |
Total | $ | 165,940 |  |  | $ | 188,000 |  |  | $ | 155,438 |
Schedule of components of income tax expense (benefit) | Our components of income tax expense (benefit) are as follows:
| Fiscal Years Ended Last Day of February,
(in thousands) | 2020 |  | 2019 |  | 2018
U.S. |  |  |  |  |  |  |  |
Current | $ | 16,732 |  |  | $ | 2,460 |  |  | $ | 3,380 |
Deferred | (4,789 | ) |  | 10,480 |  |  | 19,578 |
| 11,943 |  |  | 12,940 |  |  | 22,958 |
Non-U.S. |  |  |  |  |  |  |  |
Current | 2,571 |  |  | 2,102 |  |  | 1,912 |
Deferred | (907 | ) |  | (1,266 | ) |  | 1,686 |
| 1,664 |  |  | 836 |  |  | 3,598 |
Total | $ | 13,607 |  |  | $ | 13,776 |  |  | $ | 26,556 |
Schedule of effective income tax rate reconciliation | A income tax rate reconciliation of these differences are as follows:
| Fiscal Years Ended Last Day of February,
| 2020 |  | 2019 |  | 2018
Effective income tax rate at the U.S. statutory rate | 21.0 | % |  | 21.0 | % |  | 32.7 | %
Impact of U.S. state income taxes | 1.6 | % |  | 1.2 | % |  | 0.5 | %
Effect of statutory tax rate in Macau | (13.6 | )% |  | (10.3 | )% |  | (19.5 | )%
Effect of statutory tax rate in Barbados | (5.5 | )% |  | (5.9 | )% |  | (5.2 | )%
Effect of statutory tax rate in Europe | (0.4 | )% |  | (1.9 | )% |  | (5.3 | )%
Effect of income from other non-U.S. operations subject to varying rates | 2.3 | % |  | 1.8 | % |  | 2.1 | %
Effect of foreign exchange fluctuations | 0.7 | % |  | 0.2 | % |  | 0.3 | %
Effect of asset impairment charges | 2.4 | % |  | — | % |  | 2.2 | %
Effect of U.S. tax reform | — | % |  | (0.1 | )% |  | 11.5 | %
Effect of uncertain tax positions | (1.7 | )% |  | (0.6 | )% |  | (1.3 | )%
Effect of nondeductible executive compensation | 1.4 | % |  | 0.9 | % |  | 0.6 | %
Effect of base erosion and anti-abuse tax | — | % |  | 1.0 | % |  | — | %
Other items | — | % |  | — | % |  | (1.5 | )%
Effective income tax rate | 8.2 | % |  | 7.3 | % |  | 17.1 | %
Schedule of components of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of the last day of February 2020 and 2019 are as follows:
| Fiscal Years Ended Last Day of February,
(in thousands) | 2020 |  | 2019
Deferred tax assets, gross: |  |  |
Operating loss carryforwards | $ | 13,908 |  |  | $ | 18,300 |
Accounts receivable | 5,467 |  |  | 4,680 |
Inventories | 8,751 |  |  | 7,806 |
Operating lease liabilities | 10,451 |  |  | — |
Accrued expenses and other | 7,692 |  |  | 8,293 |
Total gross deferred tax assets | 46,269 |  |  | 39,079 |
Valuation allowance | (14,073 | ) |  | (17,086 | )
Deferred tax liabilities: |  |  |  |  |
Operating lease assets | (7,573 | ) |  | — |
Depreciation and amortization | (14,212 | ) |  | (19,750 | )
Total deferred tax assets, net | $ | 10,411 |  |  | $ | 2,243 |
Schedule of operating loss carryforwards | The composition of our operating loss carryforwards at the end of fiscal 2020 is as follows:
|  | February 29, 2020
(in thousands) | Tax Year Expiration Date Range | Deferred Tax Assets | Operating Loss Carryforward
U.S. state operating loss carryforward | 2028-2038 | 245 |  | 4,149 |
Non-U.S. operating loss carryforwards with definite carryover periods | 2021-2037 | 1,823 |  | 6,917 |
Non-U.S. operating loss carryforwards with indefinite carryover periods | Indefinite | 11,840 |  | 43,369 |
Subtotals |  | 13,908 |  | $ | 54,435 |
Less portion of valuation allowance established for operating loss carryforwards |  | (13,406 | ) |
Total |  | $ | 502 |  |  |
Schedule of unrecognized tax benefits | During fiscal 2020 and 2019, changes in the total amount of unrecognized tax benefits were as follows:
| Fiscal Years Ended Last Day of February,
(in thousands) | 2020 |  | 2019
Total unrecognized tax benefits, beginning balance | $ | 3,205 |  |  | $ | 4,428 |
Resolution of tax dispute | — |  |  | — |
Changes in tax positions taken during a prior period | (2,819 | ) |  | 15 |
Lapse in statute of limitations | — |  |  | (1,057 | )
Impact of foreign currency re-measurement | — |  |  | (161 | )
Settlements | (273 | ) |  | (20 | )
Total unrecognized tax benefits, ending balance | 113 |  |  | 3,205 |
Less current unrecognized tax benefits | — |  |  | (316 | )
Noncurrent unrecognized tax benefits | $ | 113 |  |  | $ | 2,889 |
Schedule of material tax years under examination or still subject to examination by major tax jurisdictions | As of February 29, 2020, tax years under examination or still subject to examination by material tax jurisdictions are as follows:
Jurisdiction | Tax Years Under Examination | Open Tax Years
United Kingdom | - None - | 2019 | — | 2020
United States | 2017 - 2018 | 2017 | — | 2020
Switzerland | - None - | 2016 | — | 2020
Hong Kong | - None - | 2014 | — | 2020

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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