Income Taxes (Tables)

12 Months Ended

Feb. 29, 2016

Income Tax Disclosure [Abstract]

Income from Continuing Operations before Income Taxes

Income from continuing operations before income taxes:

	2016			2015			2014
United States	$	210,603		$	139,749		$	84,801
International		(19,614	)		(29,043	)		28,425
	$	190,989		$	110,706		$	113,226

Income Tax Expense from Corporation's Continuing Operations

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

	2016			2015			2014
Current:
Federal	$	43,800		$	61,049		$	26,018
International		(39	)		(58	)		8,027
State and local		449			5,965			6,044
		44,210			66,956			40,089
Deferred		16,937			(21,357	)		22,615
	$	61,147		$	45,599		$	62,704

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:

	2016			2015			2014
Income tax expense at statutory rate	$	66,846		$	38,747		$	39,629
State and local income taxes, net of federal tax benefit		3,715			3,085			7,617
Corporate-owned life insurance		(2,545	)		25,861			(1,625	)
International items, net of foreign tax credits		802			(12,258	)		4,580
Uncertain tax benefits and related items		(1,124	)		(1,853	)		793
Valuation allowance		(731	)		(4,244	)		12,606
Domestic production activities deduction		(4,690	)		(5,250	)		(3,815	)
Other		(1,126	)		1,511			2,919
Income tax at effective tax rate	$	61,147		$	45,599		$	62,704

Significant Components of Deferred Tax Assets and Liabilities

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

	February 29, 2016			February 28, 2015
Deferred tax assets:
Employee benefit and incentive plans	$	51,159		$	60,082
Goodwill and other intangible assets		34,907			41,728
Net operating loss carryforwards		22,929			24,227
Net operating loss carryforwards limited by IRC section 382		21,765			24,319
Reserves not currently deductible		19,596			19,382
Accrued expenses deductible as paid		10,764			9,187
Inventory costing		7,556			9,531
Foreign tax credit carryforwards		1,718			1,227
Deferred revenue		1,413			1,871
Deferred capital loss		1,391			1,407
Other (each less than 5 percent of total assets)		9,458			8,369
		182,656			201,330
Valuation allowance		(25,764	)		(23,482	)
Total deferred tax assets		156,892			177,848
Deferred tax liabilities:
Property, plant and equipment		44,236			48,123
Unrealized Investment Gain		10,160			—
Other		4,654			3,169
Total deferred tax liabilities		59,050			51,292
Net deferred tax assets	$	97,842		$	126,556

Net Deferred Tax Assets

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

	February 29, 2016			February 28, 2015
Deferred and refundable income taxes (current)	$	—		$	40,543
Deferred and refundable income taxes (noncurrent)		97,861			86,030
Deferred income taxes and noncurrent income taxes payable		(19	)		(17	)
Net deferred tax assets	$	97,842		$	126,556

Company's Total Gross Unrecognized Benefits

The following is a tabular reconciliation of the total amounts of the Corporation’s unrecognized tax benefits:

	2016			2015			2014
Balance at beginning of year	$	20,814		$	19,011		$	21,659
Additions for tax positions of prior years		2,413			3,527			538
Reductions for tax positions of prior years		(3,777	)		(1,440	)		(2,459	)
Settlements		—			(14	)		—
Statute lapse		(2,338	)		(270	)		(727	)
Balance at end of year	$	17,112		$	20,814		$	19,011