XML 47 R33.htm IDEA: XBRL DOCUMENT
v3.22.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Feb. 28, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes for fiscal year 2022, 2021 and 2020 consisted of the following (in thousands):
|  | 2022 |  | 2021 |  | 2020
Income before income taxes: |  |  |  |  |
Domestic | $ | 98,610 |  |  | $ | 46,766 |  |  | $ | 44,406 |
Foreign | 7,735 |  |  | 4,231 |  |  | 20,484 |
Income before income taxes | $ | 106,345 |  |  | $ | 50,997 |  |  | $ | 64,890 |
Current provision: |  |  |  |  |
| Federal | $ | 15,644 |  |  | $ | 9,532 |  |  | $ | 12,563 |
| Foreign | 738 |  |  | 2,660 |  |  | 5,259 |
| State and local | 2,547 |  |  | 1,754 |  |  | 1,451 |
Total current provision for income taxes | $ | 18,929 |  |  | $ | 13,946 |  |  | $ | 19,273 |
Deferred provision (benefit): |  |  |  |  |
| Federal | $ | 4,407 |  |  | $ | (2,165) |  |  | $ | (1,452) |
| Foreign | (1,540) |  |  | (2,294) |  |  | (21) |
| State and local | 527 |  |  | 1,896 |  |  | (1,144) |
Total deferred provision for (benefit from) income taxes | $ | 3,394 |  |  | $ | (2,563) |  |  | $ | (2,617) |
Total provision for income taxes | $ | 22,323 |  |  | $ | 11,383 |  |  | $ | 16,656 |
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:
|  | 2022 |  | 2021 |  | 2020
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Permanent differences |  | (0.5) |  |  | (0.1) |  |  | 0.1 |
State income taxes, net of federal income tax benefit |  | 1.9 |  |  | 5.4 |  |  | — |
Valuation allowance |  | (0.5) |  |  | (0.4) |  |  | — |
Stock compensation |  | 0.1 |  |  | 1.1 |  |  | — |
Tax credits |  | (1.4) |  |  | (3.4) |  |  | 2.0 |
Foreign tax rate differential |  | 0.5 |  |  | 0.1 |  |  | 1.4 |
Uncertain tax positions |  | (1.1) |  |  | (1.0) |  |  | 1.4 |
Audit settlement |  | 0.7 |  |  | 1.9 |  |  | — |
Other |  | 0.4 |  |  | (2.3) |  |  | (0.2) |
Effective income tax rate |  | 21.0 | % |  | 22.3 | % |  | 25.7 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred income tax liability are as follows for fiscal year 2022 and 2021 (in thousands):
|  | 2022 |  | 2021
Deferred income tax assets: |  |  |  |
Employee related items |  | $ | 3,750 |  |  | $ | 3,282 |
Inventories |  | 6,536 |  |  | 5,729 |
Accrued warranty |  | 459 |  |  | 429 |
Accounts receivable |  |  |  | 2,347 |
Lease liabilities |  | 8,200 |  |  | 8,962 |
Other deferred income tax assets |  | 92 |  |  | 239 |
Net operating loss and other credit carry-forwards |  | 10,418 |  |  | 6,649 |
|  | $ | 29,455 |  |  | $ | 27,637 |
Less: valuation allowance |  | (142) |  |  | (689) |
Total deferred income tax assets |  | 29,313 |  |  | 26,948 |
Deferred income tax liabilities: |  |  |  |
Depreciation methods and property basis differences |  | $ | (20,688) |  |  | $ | (18,982) |
Right-of-use lease assets |  | (7,809) |  |  | (8,623) |
Accounts receivable |  | (619) |  |  | — |
Other assets and tax-deductible goodwill |  | (42,678) |  |  | (34,740) |
Total deferred income tax liabilities |  | (71,794) |  | -71794000 | (62,345) |
Net deferred income tax liabilities |  | $ | (42,481) |  |  | $ | (35,397) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balance of total unrecognized tax benefits, which is included in "Other long-term liabilities" in the consolidated balance sheets for the years ended February 28, 2022 and 2021 is as follows (in thousands):
|  | 2022 |  | 2021
Balance at beginning of period |  | $ | 3,350 |  |  | $ | 2,531 |
Increase for tax positions related to current periods: |  | — |  |  | — |
Gross increases |  | 513 |  |  | 5,617 |
Gross decreases |  | (260) |  |  | — |
Increase for tax positions related to prior periods: |  |  |  |
Gross increases |  | 997 |  |  | — |
Gross decreases |  | (356) |  |  | (1,263) |
Decreases related to settlements with taxing authorities |  | (691) |  |  | (642) |
Lapse of statute of limitations |  | (1,259) |  |  | (2,893) |
Balance at end of period |  | $ | 2,294 |  |  | $ | 3,350 |

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=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration