Income Taxes (Tables)

12 Months Ended

Feb. 29, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Earnings before income taxes consisted of the following:

(In thousands)	2020			2019			2018
United States	$	97,297		$	60,042		$	111,980
International	(17,547		)	(1,380		)	(2,100		)
Earnings before income taxes	$	79,750		$	58,662		$	109,880

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) for each of the last three fiscal years was:

(In thousands)	2020			2019			2018
Current
Federal	$	8,493		$	22,746		$	22,074
State and local	2,064			(4,437		)	3,106
International	(2,720		)	(459		)	1,578
Total current	7,837			17,850			26,758
Deferred
Federal	9,513			(12,409		)	4,049
State and local	2,152			6,275			351
International	(1,202		)	628			(1,205		)
Total deferred	10,463			(5,506		)	3,195
Total non-current tax (benefit) expense	(464		)	624			439
Total income tax expense	$	17,836		$	12,968		$	30,392

Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation of the statutory federal income tax rate to our consolidated effective tax rates:

	2020		2019		2018
Statutory federal income tax rate	21.0	%	21.0	%	32.7	%
Tax rate change revaluation	—		—		(3.7	)
Manufacturing deduction	—		—		(2.2	)
State and local income taxes, net of federal tax benefit	4.0		2.7		1.8
Foreign tax rate differential	(0.3	)	0.8		(0.7	)
Tax credits - research & development	(1.6	)	(2.7	)	(0.9	)
Other, net	(0.7	)	0.3		0.7
Consolidated effective income tax rate	22.4	%	22.1	%	27.7	%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and deferred tax liabilities at February 29, 2020 and March 2, 2019 were:

(In thousands)	2020			2019
Deferred tax assets
Accrued expenses	$	15,832		$	13,530
Deferred compensation	7,934			9,007
Liability for unrecognized tax benefits	1,941			2,547
Unearned income	5,238			4,557
Operating lease liabilities	6,640			—
Net operating losses and tax credits	11,093			9,913
Other	1,502			1,550
Total deferred tax assets	50,180			41,104
Less: valuation allowance	(8,727		)	(8,546		)
Deferred tax assets, net of valuation allowance	41,453			32,558
Deferred tax liabilities
Goodwill and other intangibles	8,166			5,151
Depreciation	32,296			24,289
Operating lease, right-of-use assets	6,666			—
Total deferred tax liabilities	47,128			29,440
Net deferred tax (liabilities) assets	$	(5,675	)	$	3,118

Schedule of Unrecognized Tax Benefits Roll Forward

The following table provides a reconciliation of the total amounts of gross unrecognized tax benefits:

(In thousands)	2020			2019			2018
Gross unrecognized tax benefits at beginning of year	$	5,111		$	4,705		$	4,075
Gross increases in tax positions for prior years	82			500			614
Gross decreases in tax positions for prior years	(1,100		)	(377		)	(122		)
Gross increases based on tax positions related to the current year	425			1,067			639
Settlements	(15		)	(303		)	—
Statute of limitations expiration	(432		)	(481		)	(519		)
Revaluation impact	—			—			18
Gross unrecognized tax benefits at end of year	$	4,071		$	5,111		$	4,705