Income Taxes (Tables)

12 Months Ended

Feb. 28, 2014

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):

	2014			2013		2012
Current:
Federal	$	17,755		$	10,316	$	12,650
State and local		2,946			2,205		2,575
Foreign		183			168		1,985
Total current		20,884			12,689		17,210
Deferred:
Federal		(1,550	)		803		794
State and local		(731	)		411		18
Total deferred		(2,281	)		1,214		812
Total provision for income taxes	$	18,603		$	13,903	$	18,022

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:

	2014			2013			2012
Statutory rate		35.0	%		35.0	%		35.0	%
Provision for state income taxes, net of Federal income tax benefit		3.9			3.7			3.5
Domestic production activities deduction		(4.8	)		(2.9	)		(2.6	)
Impairment of goodwill		20.5			—			—
Other		3.9			0.2			0.6
		58.5	%		36.0	%		36.5	%

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:

	2014			2013
Current deferred tax assets related to:
Allowance for doubtful receivables	$	1,395		$	1,527
Inventories		2,661			2,522
Employee compensation and benefits		2,275			1,770
Other		(69	)		1
	$	6,262		$	5,820
Noncurrent deferred tax (liabilities) assets related to:
Property, plant and equipment	$	(4,682	)	$	(4,802	)
Goodwill and other intangible assets		(21,913	)		(23,451	)
Pension and noncurrent employee compensation benefits		2,384			4,987
Net operating loss and foreign tax credits		381			201
Property tax		(634	)		(554	)
Currency exchange		560			(357	)
Stock options exercised		1,003			798
Other		(3	)		(6	)
	$	(22,904	)	$	(23,184	)

Reconciliation of Change in Unrecognized Tax Benefits

A reconciliation of the change in the unrecognized tax benefits for fiscal years ended 2014 and 2013 is as follows (in thousands):

	2014			2013
Balance at beginning of year	$	96		$	337
Additions (reductions) based on tax positions related to the current year		182			(211	)
Reductions due to lapses of statutes of limitations		(32	)		(30	)
Balance at end of year	$	246		$	96