Income Taxes (Tables)

12 Months Ended

Feb. 29, 2020

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):

	2020			2019			2018
Current:
Federal	$	10,838		$	11,381		$	14,001
State and local		1,642			1,858			1,944
Total current		12,480			13,239			15,945
Deferred:
Federal		526			(651	)		(1,811	)
State and local		(47	)		(91	)		17
Total deferred		479			(742	)		(1,794	)
Total provision for income taxes	$	12,959		$	12,497		$	14,151

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:

	2020			2019			2018
Statutory rate		21.0	%		21.0	%		32.7		%
Provision for state income taxes, net of federal    income tax benefit		2.5			2.8			2.8
Domestic production activities deduction		—			—			(2.8	)
Change in valuation allowance		0.8			—			—
Federal true-up		0.9			0.4			4.1
Tax Cuts and Jobs Act		—			—			(7.6	)
Other		0.1			0.8			1.0
		25.3	%		25.0	%		30.2		%

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:

Deferred tax assets	2020			2019
Allowance for doubtful receivables	$	164		$	204
Inventories		925			924
Employee compensation and benefits		883			820
Pension and noncurrent employee compensation    benefits		5,011			2,653
Operating lease liabilities		4,868			—
Net operating loss and foreign tax credits		1,097			429
Stock options		233			326
Other		60			—
Total deferred tax assets	$	13,241		$	5,356
Less: valuation allowance		(408	)		—
Total deferred tax assets, net	$	12,833		$	5,356
Deferred tax liabilities
Property, plant and equipment	$	6,060		$	5,485
Goodwill and other intangible assets		10,547			10,710
Right-of-use assets		4,804			—
Property tax		95			59
Other		76			—
Total deferred tax liabilities	$	21,582		$	16,254
Net deferred income tax liabilities	$	8,749		$	10,898

Reconciliation of Change in Unrecognized Tax Benefits

A reconciliation of the change in the unrecognized tax benefits for fiscal years ended 2020 and 2019 is as follows (in thousands):

	2020			2019
Balance at March 1, 2019	$	120		$	141
Additions based on tax positions		—			26
Reductions due to lapses of statues of limitations		(20	)		(47	)
Balance at February 29, 2020	$	100		$	120