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Benefit Plans | 12 Months Ended
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Feb. 28, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Benefit Plans | BENEFIT PLANS (A)Retirement Benefit Plans We have two frozen 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 they were frozen; however, we have a continuing obligation to fund the pension plan and will continue to recognize net periodic pension expense for both plans for benefits earned prior to being frozen. We use a fiscal year end measurement date for both the pension plan and the restoration plan. Benefit Plan Information
| As of February 28 or 29
| Pension Plan |  | Restoration Plan |  | Total
(In thousands) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Plan assets | $ | 209,773 |  |  | $ | 168,835 |  |  | $ | — |  |  | $ | — |  |  | $ | 209,773 |  |  | $ | 168,835 |
Projected benefit obligation | 295,930 |  |  | 298,441 |  |  | 12,062 |  |  | 12,498 |  |  | 307,992 |  |  | 310,939 |
Funded status recognized | $ | (86,157) |  |  | $ | (129,606) |  |  | $ | (12,062) |  |  | $ | (12,498) |  |  | $ | (98,219) |  |  | $ | (142,104) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |
Current liability | $ | — |  |  | $ | — |  |  | $ | (639) |  |  | $ | (615) |  |  | $ | (639) |  |  | $ | (615) |
Noncurrent liability | (86,157) |  |  | (129,606) |  |  | (11,423) |  |  | (11,883) |  |  | (97,580) |  |  | (141,489) |
Net amount recognized | $ | (86,157) |  |  | $ | (129,606) |  |  | $ | (12,062) |  |  | $ | (12,498) |  |  | $ | (98,219) |  |  | $ | (142,104) |
| Pension Plan |  | Restoration Plan |  | Total
(In thousands) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Total net pension (benefit) expense | (1,378) |  | (1,595) |  |  | (681) |  |  | 433 |  |  | 488 |  |  | 474 |  |  | (945) |  |  | (1,107) |  |  | (207) |
Total net actuarial (gain) loss (1) | (33,703) |  | 67,385 |  |  | 4,478 |  |  | (210) |  |  | 1,476 |  |  | 82 |  |  | (33,913) |  |  | 68,861 |  |  | 4,560 |
(1) Changes recognized in Accumulated Other Comprehensive Loss. The projected benefit obligation (“PBO”) will change primarily due to interest cost and total net actuarial (gain) loss, and plan assets will change primarily as a result of the actual return on plan assets. Benefit payments, which reduce the PBO and plan assets, were not material in fiscal 2021 or 2020. Employer contributions, which increase plan assets, were $4.6 million in fiscal 2021; there were no contributions in fiscal 2020. The net actuarial (gain) loss in a fiscal year is recognized in accumulated other comprehensive loss and may later be recognized as a component of future pension expense. In fiscal 2022, we anticipate that $3.4 million in estimated actuarial losses of the pension plan will be amortized from accumulated other comprehensive loss. Estimated actuarial losses to be amortized from accumulated other comprehensive loss for the restoration plan are not expected to be significant. Benefit Obligations. The accumulated benefit obligation (“ABO”) and PBO represent the obligations of the benefit plans for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current service and compensation levels. PBO is ABO increased to reflect expected future service and increased compensation levels. As a result of the freeze of plan benefits under our pension and restoration plans, the ABO and PBO balances are equal to one another at all subsequent dates. Funding Policy. For the pension plan, we contribute amounts sufficient to meet minimum funding requirements as set forth in the employee benefit and tax laws, plus any additional amounts as we may determine to be appropriate. We do not expect to make any contributions to the pension plan in fiscal 2022. We expect the pension plan to make benefit payments of approximately $5.7 million for each of the next three fiscal years, and $7.0 million for each of the subsequent two fiscal years. For the non-funded restoration plan, we contribute an amount equal to the benefit payments, which we expect to be approximately $0.6 million for each of the next five fiscal years. Assumptions Used to Determine Benefit Obligations
| As of February 28 or 29
| Pension Plan |  | Restoration Plan
| 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate | 2.95 | % |  | 2.85 | % |  | 2.95 | % |  | 2.85 | %
Assumptions Used to Determine Net Pension Expense
| As of February 28 or 29
| Pension Plan |  | Restoration Plan
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate | 2.85 | % |  | 4.20 | % |  | 4.10 | % |  | 2.85 | % |  | 4.20 | % |  | 4.10 | %
Expected rate of return on plan assets | 7.75 | % |  | 7.75 | % |  | 7.75 | % |  | — | % |  | — | % |  | — | %
Assumptions. Underlying both the calculation of the PBO and the net pension expense are actuarial calculations of each plan’s liability. These calculations use participant-specific information such as salary, age and years of service, as well as certain assumptions, the most significant being the discount rate, rate of return on plan assets and mortality rate. We evaluate these assumptions at least once a year and make changes as necessary. The discount rate used for retirement benefit plan accounting reflects the yields available on high-quality, fixed income debt instruments. For our plans, we review high quality corporate bond indices in addition to a hypothetical portfolio of corporate bonds with maturities that approximate the expected timing of the anticipated benefit payments. To determine the expected long-term return on plan assets, we consider the current and anticipated asset allocations, as well as historical and estimated returns on various categories of plan assets. We apply the estimated rate of return to a market-related value of assets, which reduces the underlying variability in the asset values. The use of expected long-term rates of return on pension plan assets could result in recognized asset returns that are greater or less than the actual returns of those pension plan assets in any given year. Over time, however, the expected long-term returns are anticipated to approximate the actual long-term returns, and therefore, result in a pattern of income and expense recognition that more closely matches the pattern of the services provided by the employees. Differences between actual and expected returns, which are a component of unrecognized actuarial gains/losses, are recognized over the average life expectancy of all plan participants. Fair Value of Plan Assets
| As of February 28 or 29
(In thousands) | 2021 |  | 2020
Mutual funds (Level 1): |  |  |
Equity securities – international | $ | 25,741 |  |  | $ | 20,410 |
Collective funds (NAV): |  |  |
Short-term investments | 1,633 |  |  | 420 |
Equity securities | 131,039 |  |  | 104,823 |
Fixed income securities | 51,360 |  |  | 43,182 |
Total | $ | 209,773 |  |  | $ | 168,835 |
Plan Assets. Our pension plan assets are held in trust and a fiduciary committee sets the investment policies and strategies. Long-term strategic investment objectives include achieving reasonable returns while prudently balancing risk and return, and controlling costs. We target allocating approximately 75% of plan assets to equity and equity-related instruments and approximately 25% to fixed income securities. Equity securities are currently composed of both collective funds and mutual funds that include highly diversified investments in large-, mid- and small-cap companies located in the United States and internationally. The fixed income securities are currently composed of collective funds that include investments in debt securities, corporate bonds, mortgage-backed securities and other debt obligations primarily in the United States. We do not expect any plan assets to be returned to us during fiscal 2022. The fair values of the plan’s assets are provided by the plan’s trustee and the investment managers. Within the fair value hierarchy (see Note 6), the mutual funds are classified as Level 1 as quoted active market prices for identical assets are used to measure fair value. The collective funds are public investment vehicles valued using a net asset value (“NAV”) and, therefore, are outside of the fair value hierarchy. The collective funds may be liquidated with minimal restrictions. (B)Retirement Savings 401(k) Plan We sponsor a 401(k) plan for all associates meeting certain eligibility criteria. The plan contains a company matching contribution as well as an additional discretionary company-funded contribution to those associates meeting certain age and service requirements. The total cost for company contributions was $48.5 million in fiscal 2021, $47.4 million in fiscal 2020 and $42.3 million in fiscal 2019. (C)Retirement Restoration Plan We sponsor a non-qualified retirement plan for certain senior executives who are affected by Internal Revenue Code limitations on benefits provided under the Retirement Savings 401(k) Plan. Under this plan, these associates may continue to defer portions of their compensation for retirement savings. We match the associates’ contributions at the same rate provided under the 401(k) plan, and also may provide an annual discretionary company-funded contribution under the same terms of the 401(k) plan. This plan is unfunded with lump sum payments to be made upon the associate’s retirement. The total cost for this plan was not significant in fiscal 2021, fiscal 2020 and fiscal 2019. (D)Executive Deferred Compensation Plan We sponsor an unfunded nonqualified deferred compensation plan to permit certain eligible associates to defer receipt of a portion of their compensation to a future date. This plan also includes a restorative company contribution designed to compensate the plan participants for any loss of company contributions under the Retirement Savings 401(k) Plan and the Retirement Restoration Plan due to a reduction in their eligible compensation resulting from deferrals into the Executive Deferred Compensation Plan. The total cost for this plan was not significant in fiscal 2021, fiscal 2020 and fiscal 2019.

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