Income Taxes (Tables)

12 Months Ended

Feb. 28, 2022

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):

	2022		2021			2020
Current:
Federal	$	7,284	$	9,627		$	10,838
State and local		2,516		2,279			1,642
Total current		9,800		11,906			12,480
Deferred:
Federal		3,004		(2,217	)		526
State and local		158		(496	)		(47	)
Total deferred		3,162		(2,713	)		479
Total provision for income taxes	$	12,962	$	9,193		$	12,959

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:

	2022			2021			2020
Statutory rate		21.0	%		21.0	%		21.0	%
Provision for state income taxes, net of federal    income tax benefit		5.8			4.4			2.5
Change in valuation allowance		—			—			0.8
Federal true-up		0.3			0.8			0.4
Stock compensation and Section 162(m) limitation		3.8			1.5			0.5
Other		—			—			0.1
		30.9	%		27.6	%		25.3	%

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	2022			2021
Allowance for doubtful receivables	$	280		$	198
Inventories		1,032			1,047
Employee compensation and benefits		659			725
Pension and noncurrent employee compensation    benefits		1,827			4,246
Operating lease liabilities		3,870			4,700
Net operating loss and foreign tax credits		1,033			1,067
Other		274			291
Total deferred tax assets	$	8,975		$	12,274
Less: valuation allowance		(408	)		(408	)
Total deferred tax assets, net	$	8,567		$	11,866
Deferred tax liabilities
Property, plant and equipment	$	6,167		$	4,517
Goodwill and other intangible assets		9,889			10,240
Right-of-use assets		3,797			4,631
Property tax		40			131
Other		79			24
Total deferred tax liabilities	$	19,972		$	19,543
Net deferred income tax liabilities	$	11,405		$	7,677

Reconciliation of Change in Unrecognized Tax Benefits

A reconciliation of the change in the unrecognized tax benefits for fiscal years ended 2022 and 2021 is as follows (in thousands):

	2022			2021
Balance at March 1, 2021	$	130		$	100
Additions based on tax positions		66			63
Reductions due to lapses of statues of limitations		(30	)		(33	)
Balance at February 28, 2022	$	166		$	130