Income Taxes (Tables)
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12 Months Ended |
Feb. 29, 2016 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of Deferred Tax Assets and Liabilities |
Significant components of the Company’s net deferred income tax liability are as follows:
| | | | | | | | | | | | 2016 | | 2015 | | | (In thousands) | Deferred income tax assets: | | | | | Employee related items | | $ | 5,652 |
| | $ | 4,690 |
| Inventories | | 1,106 |
| | 1,080 |
| Accrued warranty | | 1,008 |
| | 893 |
| Accounts receivable | | 173 |
| | 565 |
| Net operating loss carry forward | | 2,903 |
| | 1,919 |
| | | 10,842 |
| | 9,147 |
| Less: valuation allowance | | (648 | ) | | (1,588 | ) | Total deferred income tax assets
| | 10,194 |
| | 7,559 |
| Deferred income tax liabilities: | | | | | Depreciation methods and property basis differences | | (31,008 | ) | | (28,611 | ) | Other assets and tax-deductible goodwill | | (28,946 | ) | | (26,161 | ) | Total deferred income tax liabilities | | (59,954 | ) | | (54,772 | ) | Net deferred income tax liabilities | | $ | (49,760 | ) | | $ | (47,213 | ) |
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| Schedule of Components of Income Tax Expense (Benefit) |
The provision for income taxes consists of: | | | | | | | | | | | | | | 2016 | 2015 | 2014 | | | | | | Income before income taxes: | | | | Domestic | $ | 95,554 |
| $ | 76,434 |
| $ | 83,495 |
| Foreign | 8,814 |
| 13,696 |
| 10,416 |
| Income before income taxes | $ | 104,368 |
| $ | 90,130 |
| $ | 93,911 |
| Current provision (benefit): | | | | | Federal | $ | 28,099 |
| $ | 3,770 |
| $ | 28,901 |
| | Foreign | 2,706 |
| 3,025 |
| 1,903 |
| | State and Local | (337 | ) | 2,575 |
| 4,382 |
| Total current provision for income taxes | $ | 30,468 |
| $ | 9,370 |
| $ | 35,186 |
| Deferred provision (benefit): | | | | | Federal | $ | (5,813 | ) | $ | 15,455 |
| $ | (2,143 | ) | | Foreign | (123 | ) | (858 | ) | 1,230 |
| | State and Local | 3,046 |
| 1,220 |
| 41 |
| Total deferred provision (benefit) for income taxes | $ | (2,890 | ) | $ | 15,817 |
| $ | (872 | ) | Total provision for income taxes | $ | 27,578 |
| $ | 25,187 |
| $ | 34,314 |
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| Summary of Operating Loss Carryforwards |
The following table summarizes the Net Operating Loss Carry forward: | | | | | | | | | | | | 2016 | | 2015 | | | (In thousands) | Federal | | $ | — |
| | $ | — |
| State | | $ | 2,903 |
| | $ | 1,919 |
| Foreign | | $ | — |
| | $ | — |
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| 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: | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Statutory federal income tax rate | | 35.0 | % | | 35.0 | % | | 35.0 | % | Permanent differences | | 0.4 |
| | 0.6 |
| | 1.3 |
| State income taxes, net of federal income tax benefit | | (1.5 | ) | | 2.7 |
| | 3.0 |
| Benefit of Section 199 of the Code, manufacturing deduction | | (2.7 | ) | | (2.4 | ) | | (2.2 | ) | Valuation allowance | | (1.2 | ) | | (3.4 | ) | | — |
| Tax credits | | (3.2 | ) | | (3.4 | ) | | — |
| Foreign tax rate differential | | (0.4 | ) | | (0.7 | ) | | (0.6 | ) | Other | | — |
| | (0.5 | ) | | — |
| Effective income tax rate | | 26.4 | % | | 27.9 | % | | 36.5 | % |
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