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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 Tax Expense (Benefit) | The provision for income taxes for fiscal year 2020, 2019 and 2018 consisted of the following (in thousands):
|  | 2020 |  | 2019 |  | 2018
Income before income taxes: |  |  |  |  |
Domestic | $ | 44,406 |  |  | $ | 48,261 |  |  | $ | 24,282 |
Foreign | 20,484 |  |  | 14,744 |  |  | 6,617 |
Income before income taxes | $ | 64,890 |  |  | $ | 63,005 |  |  | $ | 30,899 |
Current provision: |  |  |  |  |
| Federal | $ | 12,563 |  |  | $ | 4,251 |  |  | $ | 3,445 |
| Foreign | 5,259 |  |  | 2,829 |  |  | 1,958 |
| State and local | 1,451 |  |  | 986 |  |  | 964 |
Total current provision for income taxes | $ | 19,273 |  |  | $ | 8,066 |  |  | $ | 6,367 |
Deferred provision (benefit): |  |  |  |  |
| Federal | $ | (1,452 | ) |  | $ | 2,970 |  |  | $ | (20,220 | )
| Foreign | (21 | ) |  | 539 |  |  | 100 |
| State and local | (1,144 | ) |  | 222 |  |  | (517 | )
Total deferred provision for (benefit from) income taxes | $ | (2,617 | ) |  | $ | 3,731 |  |  | $ | (20,637 | )
Total provision for (benefit from) income taxes | $ | 16,656 |  |  | $ | 11,797 |  |  | $ | (14,270 | )
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation from the federal statutory income tax rate to the effective income tax rate is as follows for the prior three fiscal years:
|  | 2020 |  | 2019 |  | 2018
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 32.7 | %
Permanent differences |  | 0.1 |  |  | 0.5 |  |  | 1.6 |
State income taxes, net of federal income tax benefit |  | — |  |  | 0.4 |  |  | 0.4 |
Benefit of Section 199 of the Code, manufacturing deduction |  | — |  |  | — |  |  | (2.2 | )
Valuation allowance |  | — |  |  | (0.7 | ) |  | — |
Stock compensation |  | — |  |  | 0.5 |  |  | (0.5 | )
Tax credits |  | 2.0 |  |  | (4.1 | ) |  | (7.7 | )
Foreign tax rate differential |  | 1.4 |  |  | 1.1 |  |  | (0.4 | )
Deferred tax remeasurements |  | — |  |  | — |  |  | (78.9 | )
Uncertain tax positions |  | 1.4 |  |  | — |  |  | — |
Transition tax |  | — |  |  | — |  |  | 8.6 |
Other |  | (0.2 | ) |  | — |  |  | 0.2 |
Effective income tax rate |  | 25.7 | % |  | 18.7 | % |  | (46.2 | )%
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred income tax liability are as follows as of February 29, 2020 and February 28, 2019 (in thousands):
|  | 2020 |  | 2019
Deferred income tax assets: |  |  |  |
Employee related items |  | $ | 3,194 |  |  | $ | 4,177 |
Inventories |  | 823 |  |  | 758 |
Accrued warranty |  | 548 |  |  | 369 |
Accounts receivable |  | 1,379 |  |  | (2,092 | )
Lease liabilities |  | 10,601 |  |  | — |
Net operating loss carry forward |  | 5,845 |  |  | 7,173 |
|  | 22,390 |  |  | 10,385 |
Less: valuation allowance |  | (725 | ) |  | (3,015 | )
Total deferred income tax assets |  | 21,665 |  |  | 7,370 |
Deferred income tax liabilities: |  |  |  |
Depreciation methods and property basis differences |  | (21,447 | ) |  | (19,066 | )
Right-of-use lease assets |  | (10,299 | ) |  | — |
Other assets and tax-deductible goodwill |  | (27,845 | ) |  | (24,927 | )
Total deferred income tax liabilities |  | (59,591 | ) |  | (43,993 | )
Net deferred income tax liabilities |  | $ | (37,926 | ) |  | $ | (36,623 | )
Summary of Operating Loss Carryforwards | The following table summarizes the Net operating loss (NOL) carry-forward balances as of February 29, 2020 and February 28, 2019 (in thousands):
|  | 2020 |  | 2019
Federal |  | $ | — |  |  | $ | — |
State |  | $ | 5,120 |  |  | $ | 6,352 |
Foreign |  | $ | 725 |  |  | $ | 821 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balance of total unrecognized tax benefits for the year ended February 29, 2020 is as follows (in thousands):
|  | 2020
Balance at beginning of period |  | $ | — |
Increase for tax positions related to prior periods: |  |
Gross increases |  | 2,531 |
Balance at end of period |  | $ | 2,531 |

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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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