INCOME TAXES (Tables)

12 Months Ended

Feb. 28, 2014

Income Tax Disclosure [Abstract]

Income from Continuing Operations before Income Taxes

Income from continuing operations before income taxes:

	2014		2013			2012
United States	$	84,801	$	88,405		$	73,811
International		28,425		(2,491	)		24,004
	$	113,226	$	85,914		$	97,815

Income Tax Expense from Corporation's Continuing Operations

Income tax expense from the Corporation’s continuing operations has been provided as follows:

	2014		2013		2012
Current:
Federal	$	26,018	$	6,007	$	6,793
International		8,027		839		8,767
State and local		6,044		1,620		9,666
		40,089		8,466		25,226
Deferred		22,615		27,530		15,391
	$	62,704	$	35,996	$	40,617

Reconciliation of Corporation's Income Tax Expense from Continuing Operations

Reconciliation of the Corporation’s income tax expense from continuing operations from the U.S. statutory rate to the actual effective income tax rate is as follows:

	2014			2013			2012
Income tax expense at statutory rate	$	39,629		$	30,070		$	34,235
State and local income taxes, net of federal tax benefit		7,617			3,638			3,870
Corporate-owned life insurance		(1,625	)		(1,682	)		(726	)
International items, net of foreign tax credits		4,580			1,880			135
Accruals and settlements		793			233			4,031
Valuation allowance		12,606			2,209			(1,163	)
Other		(896	)		(352	)		235
Income tax at effective tax rate	$	62,704		$	35,996		$	40,617

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Corporation’s deferred tax assets and liabilities are as follows:

	February 28, 2014			February 28, 2013
Deferred tax assets:
Employee benefit and incentive plans	$	59,225		$	63,889
Goodwill and other intangible assets		32,724			39,327
Reserves not currently deductible		25,189			21,798
Net operating loss carryforwards		24,067			26,255
Section 382 net operating loss carryforwards		22,179			16,641
Inventory costing		7,243			3,546
Foreign tax credit carryforwards		6,137			15,177
Accrued expenses deductible as paid		5,882			11,713
Deferred capital loss		2,985			4,309
Deferred revenue		2,154			2,439
Other (each less than 5 percent of total assets)		10,859			10,042
		198,644			215,136
Valuation allowance		(29,318	)		(16,713	)
Total deferred tax assets		169,326			198,423
Deferred tax liabilities:
Property, plant and equipment		53,837			47,744
Other		2,235			5,877
Total deferred tax liabilities		56,072			53,621
Net deferred tax assets	$	113,254		$	144,802

Net Deferred Tax Assets

Net deferred tax assets are included on the Consolidated Statement of Financial Position in the following captions:

	February 28, 2014			February 28, 2013
Deferred and refundable income taxes (current)	$	43,589		$	54,351
Deferred and refundable income taxes (noncurrent)		70,261			91,401
Deferred income taxes and noncurrent income taxes payable		(596	)		(950	)
Net deferred tax assets	$	113,254		$	144,802

Company's Total Gross Unrecognized Benefits

The following chart reconciles the Corporation’s total gross unrecognized tax benefits for the years ended February 28, 2014, February 28, 2013 and February 29, 2012:

	2014			2013			2012
Balance at beginning of year	$	21,659		$	30,360		$	43,323
Additions based on tax positions related to current year		—			—			270
Additions for tax positions of prior years		538			2,106			5,404
Reductions for tax positions of prior years		(2,459	)		(184	)		(8,959	)
Settlements		—			(9,122	)		(9,444	)
Statute lapse		(727	)		(1,501	)		(234	)
Balance at end of year	$	19,011		$	21,659		$	30,360