XML 91 R51.htm IDEA: XBRL DOCUMENT v3.20.1

Income Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=109238393&loc=d3e36027-109320

+ Details

Name:	us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32559-109319

+ Details

Name:	us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration