Pension Plan (Tables)

12 Months Ended

Feb. 28, 2019

Compensation And Retirement Disclosure [Abstract]

Company's Pension Plan Asset Allocation, by Asset Category

The Company’s Pension Plan asset allocation, by asset category, is as follows for the fiscal years ended:

	2019			2018
Equity securities		46	%		57	%
Debt securities		48	%		42	%
Cash and cash equivalents		6	%		1	%
Total		100	%		100	%

Company's Target Asset Allocation Percentage, by Asset Class

The Company’s target asset allocation percentage, by asset class, for the year ended February 28, 2019 is as follows:

Asset Class	Target Allocation Percentage
Cash	1 - 5%
Fixed Income	35 - 55%
Equity	45 - 60%

Pension Plan's Fair Value Hierarchy for Assets Measured at Fair Value

The following tables present the Pension Plan’s fair value hierarchy for those assets measured at fair value as of February 28, 2019 and February 28, 2018 (in thousands):

	Assets
	Measured at
	Fair Value		Fair Value Measurements
Description	at 2/28/19		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	3,945	$	3,945	$	—	$	—
Government bonds		16,128		—		16,128		—
Corporate bonds		10,722		—		10,722		—
Domestic equities		20,903		20,903		—		—
Foreign equities		6,023		6,023		—		—
	$	57,721	$	30,871	$	26,850	$	—

	Assets
	Measured at
	Fair Value		Fair Value Measurements
Description	at 2/28/18		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	893	$	893	$	—	$	—
Government bonds		14,005		—		14,005		—
Corporate bonds		9,609		—		9,609		—
Domestic equities		25,558		25,558		—		—
Foreign equities		6,819		6,819		—		—
	$	56,884	$	33,270	$	23,614	$	—

Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses

Pension expense is composed of the following components included in cost of goods sold and selling, general and administrative expenses in the Company’s consolidated statements of operations for fiscal years ended (in thousands):

	2019			2018			2017
Components of net periodic benefit cost
Service cost	$	1,106		$	1,083		$	1,166
Interest cost		2,274			2,270			2,372
Expected return on plan assets		(4,109	)		(3,794	)		(3,665	)
Amortization of:
Prior service cost		—			—			—
Unrecognized net loss		2,047			2,041			2,683
Net periodic benefit cost		1,318			1,600			2,556
Other changes in Plan Assets and Projected    Benefit Obligation
Recognized in Other comprehensive Income
Net actuarial loss (gain)		2,414			(669	)		(723	)
Amortization of net actuarial loss		(2,047	)		(2,041	)		(2,683	)
Amortization of prior service credit		—			—			—
		367			(2,710	)		(3,406	)
Total recognized in net periodic pension cost and    other comprehensive income	$	1,685		$	(1,110	)	$	(850	)

Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost

The following table represents the assumptions used to determine benefit obligations and net periodic pension cost for fiscal years ended:

	2019			2018			2017
Weighted average discount rate (net periodic    pension cost)		4.05	%		4.10	%		4.30	%
Earnings progression (net periodic pension cost)		3.00	%		3.00	%		3.00	%
Expected long-term rate of return on plan assets    (net periodic pension cost)		7.50	%		7.50	%		7.50	%
Weighted average discount rate (benefit    obligations)		4.10	%		4.05	%		4.10	%
Earnings progression (benefit obligations)		3.00	%		3.00	%		3.00	%

Schedule of Accumulated Benefit Obligation, Change in Projected Benefit Obligation, Change in Pension Plan Assets, Funded Status, and Reconciliation to Amounts Recognized in Consolidated Balance Sheets

The accumulated benefit obligation (“ABO”), change in projected benefit obligation (“PBO”), change in Pension Plan assets, funded status, and reconciliation to amounts recognized in the consolidated balance sheets are as follows (in thousands):

	2019			2018
Change in benefit obligation
Projected benefit obligation at beginning of year	$	57,619		$	57,658
Service cost		1,106			1,083
Interest cost		2,274			2,270
Actuarial (gain) loss		(367	)		978
Other assumption change		(120	)		(423	)
Benefits paid		(3,371	)		(3,947	)
Projected benefit obligation at end of year	$	57,141		$	57,619
Change in plan assets:
Fair value of plan assets at beginning of year	$	56,884		$	52,812
Company contributions		3,000			3,000
Gain on plan assets		1,208			5,019
Benefits paid		(3,371	)		(3,947	)
Fair value of plan assets at end of year	$	57,721		$	56,884
Funded (unfunded) status	$	580		$	(735	)
Accumulated benefit obligation at end of year	$	52,747		$	53,244

Schedule of Estimated Future Benefit Payments which Reflect Expected Future Service

Estimated future benefit payments which reflect expected future service, as appropriate, are expected to be paid to the Pension Plan participants in the fiscal years ended (in thousands):

Year	Projected Payments
2020	$	3,500
2021		4,200
2022		4,300
2023		3,000
2024		4,800
2025 - 2029		21,000