Pension Plan (Tables)

12 Months Ended

Feb. 29, 2020

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:

	2020			2019
Equity securities		47	%		46	%
Debt securities		44	%		48	%
Cash and cash equivalents		9	%		6	%
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 29, 2020 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 29, 2020 and February 28, 2019 (in thousands):

	February 29, 2020
Description	Total		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	5,615	$	5,615	$	—	$	—
Government bonds		9,836		—		9,836		—
Corporate bonds		16,879		—		16,879		—
Domestic equities		20,567		20,567		—		—
Foreign equities		7,703		7,703		—		—
	$	60,600	$	33,885	$	26,715	$	—
	February 28, 2019
Description	Total		(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	$	—

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):

	2020			2019			2018
Components of net periodic benefit cost
Service cost	$	1,088		$	1,106		$	1,083
Interest cost		2,254			2,274			2,270
Expected return on plan assets		(4,198	)		(4,109	)		(3,794	)
Amortization of:
Unrecognized net loss		2,036			2,047			2,041
Net periodic benefit cost		1,180			1,318			1,600
Other changes in Plan Assets and Projected    Benefit Obligation
Recognized in Other comprehensive Income
Net actuarial loss (gain)		13,371			2,414			(669	)
Amortization of net actuarial loss		(2,036	)		(2,047	)		(2,041	)
		11,335			367			(2,710	)
Total recognized in net periodic pension cost and    other comprehensive income	$	12,515		$	1,685		$	(1,110	)

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:

	2020			2019			2018
Weighted average discount rate (net periodic    pension cost)		4.10	%		4.05	%		4.10	%
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)		7.00	%		7.50	%		7.50	%
Weighted average discount rate (benefit    obligations)		2.65	%		4.10	%		4.05	%
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):

	2020			2019
Change in benefit obligation
Projected benefit obligation at beginning of year	$	57,141		$	57,619
Service cost		1,088			1,106
Interest cost		2,254			2,274
Actuarial (gain) loss		12,853			(367	)
Other assumption change		(549	)		(120	)
Benefits paid		(3,251	)		(3,371	)
Projected benefit obligation at end of year	$	69,536		$	57,141
Change in plan assets:
Fair value of plan assets at beginning of year	$	57,721		$	56,884
Company contributions		3,000			3,000
Gain on plan assets		3,130			1,208
Benefits paid		(3,251	)		(3,371	)
Fair value of plan assets at end of year	$	60,600		$	57,721
Funded (unfunded) status	$	(8,936	)	$	580
Accumulated benefit obligation at end of year	$	63,340		$	52,747

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
2021	$	4,600
2022		4,700
2023		3,200
2024		4,900
2025		5,000
2026 – 2030		20,600