v2.4.0.6
Retirement Plans
 9 Months Ended
Nov. 30, 2012
Retirement Plans [Abstract]  
Retirement Plans

8.   Retirement Plans

 

Effective December 31, 2008, we froze both of our noncontributory defined benefit plans: our pension plan (the “pension plan”) and our unfunded, nonqualified plan (the “restoration plan”), which restores retirement benefits for certain associates who are affected by Internal Revenue Code limitations on benefits provided under the pension plan.  No additional benefits have accrued under these plans since that date.  In connection with benefits earned prior to December 31, 2008, we have a continuing obligation to fund the pension plan and will continue to recognize net periodic pension expense for both plans.  We use a fiscal year end measurement date for both the pension plan and the restoration plan.

 

Components of Net Pension Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended November 30

(In thousands)

 

 

Pension Plan

 

 

Restoration Plan

 

 

Total

 

 

 

2012

 

 

2011

 

 

2012

 

 

2011

 

 

2012

 

 

2011

Interest cost

 

$
1,825 

 

$
1,708 

 

$
115 

 

$
130 

 

$
1,940 

 

$
1,838 

Expected return on plan assets

 

 
(1,898)

 

 
(1,718)

 

 

 ―

 

 

 ―

 

 
(1,898)

 

 
(1,718)

Recognized actuarial loss

 

 
300 

 

 
115 

 

 

 ―

 

 

 ―

 

 
300 

 

 
115 

Net pension expense

 

$
227 

 

$
105 

 

$
115 

 

$
130 

 

$
342 

 

$
235 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended November 30

(In thousands)

 

 

Pension Plan

 

 

Restoration Plan

 

 

Total

 

 

 

2012

 

 

2011

 

 

2012

 

 

2011

 

 

2012

 

 

2011

Interest cost

 

$
5,475 

 

$
5,124 

 

$
345 

 

$
390 

 

$
5,820 

 

$
5,514 

Expected return on plan assets

 

 
(5,694)

 

 
(5,154)

 

 

 ―

 

 

 ―

 

 
(5,694)

 

 
(5,154)

Recognized actuarial loss

 

 
900 

 

 
345 

 

 

 ―

 

 

 ―

 

 
900 

 

 
345 

Net pension expense

 

$
681 

 

$
315 

 

$
345 

 

$
390 

 

$
1,026 

 

$
705 

 

We made contributions of $5.1 million to the pension plan during the nine months ended November 30, 2012.  We do not anticipate making any further contributions during the remainder of fiscal 2013.  The expected long-term rate of return on plan assets for the pension plan was 7.75% as of February 29, 2012.