Income Taxes (Tables)

12 Months Ended

Feb. 28, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes for fiscal year 2021, 2020 and 2019 consisted of the following (in thousands):

		2021		2020		2019
Income before income taxes:
Domestic		$	46,766	$	44,406	$	48,261
Foreign		4,231		20,484		14,744
Income before income taxes		$	50,997	$	64,890	$	63,005
Current provision:
	Federal	$	9,532	$	12,563	$	4,251
	Foreign	2,660		5,259		2,829
	State and local	1,754		1,451		986
Total current provision for income taxes		$	13,946	$	19,273	$	8,066
Deferred provision (benefit):
	Federal	$	(2,165)	$	(1,452)	$	2,970
	Foreign	(2,294)		(21)		539
	State and local	1,896		(1,144)		222
Total deferred provision for (benefit from) income taxes		$	(2,563)	$	(2,617)	$	3,731
Total provision for income taxes		$	11,383	$	16,656	$	11,797

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:

	2021		2020		2019
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Permanent differences	(0.1)		0.1		0.5
State income taxes, net of federal income tax benefit	5.4		—		0.4
Valuation allowance	(0.4)		—		(0.7)
Stock compensation	1.1		—		0.5
Tax credits	(3.4)		2.0		(4.1)
Foreign tax rate differential	0.1		1.4		1.1
Uncertain tax positions	(1.0)		1.4		—
Audit settlement	1.9		—		—
Other	(2.3)		(0.2)		—
Effective income tax rate	22.3	%	25.7	%	18.7	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred income tax liability are as follows as of February 28, 2021 and February 29, 2020 (in thousands):

	2021		2020
Deferred income tax assets:
Employee related items	$	3,282	$	3,194
Inventories	5,729		823
Accrued warranty	429		548
Accounts receivable	2,347		2,094
Lease liabilities	8,962		10,601
Other deferred income tax assets	239		80
Net operating loss and other credit carry-forwards	6,649		7,983
	27,637		25,323
Less: valuation allowance	(689)		(725)
Total deferred income tax assets	26,948		24,598
Deferred income tax liabilities:
Depreciation methods and property basis differences	(18,982)		(21,447)
Right-of-use lease assets	(8,623)		(10,299)
Other assets and tax-deductible goodwill	(34,740)		(30,778)
Total deferred income tax liabilities	(62,345)		(62,524)
Net deferred income tax liabilities	$	(35,397)	$	(37,926)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balance of total unrecognized tax benefits for the year ended February 28, 2021 is as follows (in thousands):

	2021
Balance at beginning of period	$	2,531
Increase for tax positions related to prior periods:
Gross increases	5,617
Decrease for tax positions related to prior periods:
Gross decreases	(1,263)
Decreases relating to settlements with taxing authorities	(642)
Decreases resulting from lapses in statutes of limitations	(2,893)
Balance at end of period	$	3,350