Income Taxes (Tables)

12 Months Ended

Feb. 28, 2021

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):

	2021			2020			2019
Current:
Federal	$	9,627		$	10,838		$	11,381
State and local		2,279			1,642			1,858
Total current		11,906			12,480			13,239
Deferred:
Federal		(2,217	)		526			(651	)
State and local		(496	)		(47	)		(91	)
Total deferred		(2,713	)		479			(742	)
Total provision for income taxes	$	9,193		$	12,959		$	12,497

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:

	2021			2020			2019
Statutory rate		21.0	%		21.0	%		21.0	%
Provision for state income taxes, net of federal    income tax benefit		4.4			2.5			2.8
Change in valuation allowance		—			0.8			—
Federal true-up		0.8			0.4			0.1
Stock compensation and Section 162(m) limitation		1.4			0.5			1.1
Other		—			0.1			—
		27.6	%		25.3	%		25.0	%

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	2021			2020
Allowance for doubtful receivables	$	198		$	164
Inventories		1,047			925
Employee compensation and benefits		725			883
Pension and noncurrent employee compensation    benefits		4,246			5,011
Operating lease liabilities		4,700			4,868
Net operating loss and foreign tax credits		1,067			1,097
Stock options		—			233
Other		291			60
Total deferred tax assets	$	12,274		$	13,241
Less: valuation allowance		(408	)		(408	)
Total deferred tax assets, net	$	11,866		$	12,833
Deferred tax liabilities
Property, plant and equipment	$	4,517		$	6,060
Goodwill and other intangible assets		10,240			10,547
Right-of-use assets		4,631			4,804
Property tax		131			95
Other		24			76
Total deferred tax liabilities	$	19,543		$	21,582
Net deferred income tax liabilities	$	7,677		$	8,749

Reconciliation of Change in Unrecognized Tax Benefits

A reconciliation of the change in the unrecognized tax benefits for fiscal years ended 2021 and 2020 is as follows (in thousands):

	2021			2020
Balance at March 1, 2020	$	100		$	120
Additions based on tax positions		63			—
Reductions due to lapses of statues of limitations		(33	)		(20	)
Balance at February 28, 2021	$	130		$	100