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Income Taxes (Tables)

12 Months Ended

Feb. 29, 2016

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The following table represents components of the provision for income taxes for fiscal years ended (in thousands):

		2016				2015				2014
Current:
Federal		$	18,421			$	14,006			$	17,755
State and local			2,724				2,451				2,946
Foreign			1,161				322				183
Total current			22,306				16,779				20,884
Deferred:
Federal			(1,269	)			(9,920	)			(1,550	)
State and local			(201	)			(1,459	)			(731	)
Total deferred			(1,470	)			(11,379	)			(2,281	)
Total provision for income taxes		$	20,836			$	5,400			$	18,603

Statutory U.S. Federal Income Tax Rate to Company's Effective Tax Rate

The following summary reconciles the statutory U.S. Federal income tax rate to the Company’s effective tax rate for the fiscal years ended:

		2016				2015				2014
Statutory rate			35.0	%			35.0	%			35.0	%
Provision for state income taxes, net of Federal income tax benefit			2.9				(1.9	)			3.9
Domestic production activities deduction			(2.2	)			3.5				(4.8	)
Impairment of goodwill			—				(50.0	)			20.5
Other			1.1				(0.4	)			3.9
			36.8	%			(13.8	)%			58.5	%

Components of Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities are summarized as follows (in thousands) for fiscal years ended:

		2016				2015
Current deferred tax assets (liabilities) related to:
Allowance for doubtful receivables		$	1,378			$	1,356
Inventories			3,093				2,745
Employee compensation and benefits			1,925				2,305
Other			(111	)			(134	)
		$	6,285			$	6,272
Non-current deferred tax (liabilities) assets related to:
Property, plant and equipment		$	(8,885	)		$	(9,087	)
Goodwill and other intangible assets			(10,044	)			(10,556	)
Pension and noncurrent employee compensation benefits			6,948				6,064
Net operating loss and foreign tax credits			3,480				113
Property tax			(560	)			(367	)
Currency exchange			6,090				2,842
Stock options			785				747
Valuation allowance			(1,380	)			—
Other			(3	)			(4	)
		$	(3,569	)		$	(10,248	)

Reconciliation of Change in Unrecognized Tax Benefits

A reconciliation of the change in the unrecognized tax benefits for fiscal years ended 2016 and 2015 is as follows (in thousands):

		2016				2015
Balance at beginning of year		$	330			$	246
Additions based on tax positions related to the current year			41				166
Reductions due to lapses of statutes of limitations			(110	)			(82	)
Balance at end of year		$	261			$	330

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

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