Pension Plan (Tables)

12 Months Ended

Feb. 28, 2021

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:

	2021			2020
Equity securities		57	%		47	%
Debt securities		40	%		44	%
Cash and cash equivalents		3	%		9	%
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, 2021 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, 2021 and February 29, 2020 (in thousands):

	February 28, 2021
Description	Total		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	1,545	$	1,545	$	—	$	—
Government bonds		8,592		—		8,592		—
Corporate bonds		15,593		—		15,593		—
Domestic equities		20,935		20,935		—		—
Foreign equities		13,054		13,054		—		—
	$	59,719	$	35,534	$	24,185	$	—
	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		15,791		15,791		—		—
Foreign equities		12,479		12,479		—		—
	$	60,600	$	33,885	$	26,715	$	—

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):

	2021			2020			2019
Components of net periodic benefit cost
Service cost	$	1,271		$	1,088		$	1,106
Interest cost		1,754			2,254			2,274
Expected return on plan assets		(4,074	)		(4,198	)		(4,109	)
Amortization of:
Unrecognized net loss		3,358			2,036			2,047
Settlement charge		1,619			—			—
Net periodic benefit cost		3,928			1,180			1,318
Other changes in Plan Assets and Projected    Benefit Obligation
Recognized in Other comprehensive Income
Net actuarial loss (gain)		(1,588	)		13,371			2,414
Amortization of net actuarial loss		(4,977	)		(2,036	)		(2,047	)
		(6,565	)		11,335			367
Total recognized in net periodic pension cost and    other comprehensive income	$	(2,637	)	$	12,515		$	1,685

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:

	2021			2020			2019
Weighted average discount rate (net periodic    pension cost)		2.65	%		4.10	%		4.05	%
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)		6.50	%		7.00	%		7.50	%
Weighted average discount rate (benefit    obligations)		2.65	%		2.65	%		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):

	2021			2020
Change in benefit obligation
Projected benefit obligation at beginning of year	$	69,536		$	57,141
Service cost		1,271			1,088
Interest cost		1,754			2,254
Actuarial (gain) loss		(638	)		12,853
Other assumption change		(347	)		(549	)
Benefits paid		(5,126	)		(3,251	)
Settlement		(432	)		—
Projected benefit obligation at end of year	$	66,018		$	69,536
Change in plan assets:
Fair value of plan assets at beginning of year	$	60,600		$	57,721
Company contributions		—			3,000
Gain on plan assets		4,245			3,130
Benefits paid		(5,126	)		(3,251	)
Fair value of plan assets at end of year	$	59,719		$	60,600
Unfunded status	$	(6,299	)	$	(8,936	)
Accumulated benefit obligation at end of year	$	60,981		$	63,340

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
2022	$	3,600
2023		2,600
2024		3,900
2025		4,500
2026		4,000
2027 – 2031		18,900