Income Taxes (Tables)

12 Months Ended

Feb. 28, 2017

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):

	2017			2016			2015
Current:
Federal	$	10,543		$	16,086		$	15,535
State and local		2,254			2,502			2,608
Foreign		—			—			—
Total current		12,797			18,588			18,143
Deferred:
Federal		932			342			1,635
State and local		(113	)		(147	)		207
Total deferred		819			195			1,842
Total provision for income taxes	$	13,616		$	18,783		$	19,985

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:

	2017			2016			2015
Statutory rate		35.0	%		35.0	%		35.0	%
Provision for state income taxes, net of Federal income tax benefit		3.5			3.1			3.5
Domestic production activities deduction		(2.5	)		(2.5	)		(2.5	)
Valuation allowance		(3.4	)		0.7			—
Other		1.4			0.5			0.7
		34.0	%		36.8	%		36.7	%

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:

	2017		2016
Deferred tax assets
Allowance for doubtful receivables	$	512	$	778
Inventories		1,124		987
Employee compensation and benefits		1,448		1,304
Pension and noncurrent employee compensation benefits		5,786		7,037
Net operating loss and foreign tax credits		438		3,480
Stock options		552		788
Total deferred tax assets	$	9,860	$	14,374
Deferred tax liabilities
Property, plant and equipment	$	6,979	$	6,719
Goodwill and other intangible assets		9,371		7,519
Property tax		440		503
Valuation allowance		—		1,053
Other		23		116
Total deferred tax liabilities		16,813		15,910
Net deferred income tax liabilities	$	6,953	$	1,536

Reconciliation of Change in Unrecognized Tax Benefits

A reconciliation of the change in the unrecognized tax benefits for fiscal years ended 2017 and 2016 is as follows (in thousands):

	2017			2016
Balance at March 1, 2016	$	225		$	300
Additions based on tax positions related to the current year		99			25
Reductions due to lapes of statues of limitations		(75	)		(100	)
Balance at February 28, 2017	$	249		$	225