Income Taxes (Tables)

12 Months Ended

Feb. 28, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes for fiscal year 2022, 2021 and 2020 consisted of the following (in thousands):

		2022		2021		2020
Income before income taxes:
Domestic		$	98,610	$	46,766	$	44,406
Foreign		7,735		4,231		20,484
Income before income taxes		$	106,345	$	50,997	$	64,890
Current provision:
	Federal	$	15,644	$	9,532	$	12,563
	Foreign	738		2,660		5,259
	State and local	2,547		1,754		1,451
Total current provision for income taxes		$	18,929	$	13,946	$	19,273
Deferred provision (benefit):
	Federal	$	4,407	$	(2,165)	$	(1,452)
	Foreign	(1,540)		(2,294)		(21)
	State and local	527		1,896		(1,144)
Total deferred provision for (benefit from) income taxes		$	3,394	$	(2,563)	$	(2,617)
Total provision for income taxes		$	22,323	$	11,383	$	16,656

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation from the federal statutory income tax rate to the effective income tax rate is as follows for the prior three fiscal years:

	2022		2021		2020
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Permanent differences	(0.5)		(0.1)		0.1
State income taxes, net of federal income tax benefit	1.9		5.4		—
Valuation allowance	(0.5)		(0.4)		—
Stock compensation	0.1		1.1		—
Tax credits	(1.4)		(3.4)		2.0
Foreign tax rate differential	0.5		0.1		1.4
Uncertain tax positions	(1.1)		(1.0)		1.4
Audit settlement	0.7		1.9		—
Other	0.4		(2.3)		(0.2)
Effective income tax rate	21.0	%	22.3	%	25.7	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred income tax liability are as follows for fiscal year 2022 and 2021 (in thousands):

	2022			2021
Deferred income tax assets:
Employee related items	$	3,750		$	3,282
Inventories	6,536			5,729
Accrued warranty	459			429
Accounts receivable				2,347
Lease liabilities	8,200			8,962
Other deferred income tax assets	92			239
Net operating loss and other credit carry-forwards	10,418			6,649
	$	29,455		$	27,637
Less: valuation allowance	(142)			(689)
Total deferred income tax assets	29,313			26,948
Deferred income tax liabilities:
Depreciation methods and property basis differences	$	(20,688)		$	(18,982)
Right-of-use lease assets	(7,809)			(8,623)
Accounts receivable	(619)			—
Other assets and tax-deductible goodwill	(42,678)			(34,740)
Total deferred income tax liabilities	(71,794)		-71794000	(62,345)
Net deferred income tax liabilities	$	(42,481)		$	(35,397)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balance of total unrecognized tax benefits, which is included in "Other long-term liabilities" in the consolidated balance sheets for the years ended February 28, 2022 and 2021 is as follows (in thousands):

	2022		2021
Balance at beginning of period	$	3,350	$	2,531
Increase for tax positions related to current periods:	—		—
Gross increases	513		5,617
Gross decreases	(260)		—
Increase for tax positions related to prior periods:
Gross increases	997		—
Gross decreases	(356)		(1,263)
Decreases related to settlements with taxing authorities	(691)		(642)
Lapse of statute of limitations	(1,259)		(2,893)
Balance at end of period	$	2,294	$	3,350