Note 10 - Income Taxes

9 Months Ended

Nov. 29, 2015

Notes to Financial Statements

Income Tax Disclosure [Text Block]

10 . INCOME TAXES

The Company’s effective tax rates for the 13 weeks and 39 weeks ended November 29, 2015 were 13.4% and 12.1%, respectively, compared to 1.8% and 13.8%, respectively, for the 13 weeks and 39 weeks ended November 30, 2014. The effective tax rates for the 13 weeks and 39 weeks ended November 29, 2015 were lower than the United States Federal income tax rate primarily due to portions of taxable income in jurisdictions with lower effective income tax rates and larger foreign tax incentives. The effective tax rate for the 13 weeks ended November 30, 2014 was lower than the effective tax rate for the 39 weeks ended November 30, 2014 primarily as a result of discrete tax adjustments recorded in the 13 weeks ended November 30, 2014 related to restructuring charges.

The Company continuously evaluates the liquidity and capital requirements of its operations in the United States and of its foreign operations. As a result of such evaluation during the 2014 fiscal year, the Company recorded a non-cash charge for the accrual of U.S. deferred income taxes in the amount of $63,958 on undistributed earnings of the Company’s subsidiary in Singapore. In the 39 weeks ended November 29, 2015, the Company repatriated $61,000 to the United States and paid income taxes of $10,682 to the respective tax authorities.