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Pension Plan (Tables)

12 Months Ended

Feb. 28, 2014

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:

		2014				2013
Equity securities			56	%			53	%
Debt securities			37	%			39	%
Cash and cash equivalents			7	%			8	%
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, 2014 is as follows:

Asset Class		Target Allocation Percentage
Cash		2 - 5%
Fixed Income		43 - 53%
Equity		45 - 55%

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

The following tables present the Plan’s fair value hierarchy for those assets measured at fair value as of February 28, 2014 and 2013 (in thousands):

		Assets Measured at Fair Value				Fair Value Measurements
Description		at 2/28/14				(Level 1)				(Level 2)				(Level 3)
Cash and cash equivalents		$	3,247			$	3,247			$	—			$	—
Government bonds			10,713				—				10,713				—
Corporate bonds			7,695				—				7,695				—
Domestic equities			21,928				21,928				—				—
Foreign equities			5,841				5,841				—				—
		$	49,424			$	31,016			$	18,408			$	—
		Assets Measured at Fair Value				Fair Value Measurements
Description		at 2/28/13				(Level 1)				(Level 2)				(Level 3)
Cash and cash equivalents		$	3,605			$	3,605			$	—			$	—
Government bonds			9,972				—				9,972				—
Corporate bonds			7,443				—				7,443				—
Domestic equities			20,771				20,771				—				—
Foreign equities			3,183				3,183				—				—
		$	44,974			$	27,559			$	17,415			$	—

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 earnings for fiscal years ended (in thousands):

		2014				2013				2012
Components of net periodic benefit cost
Service cost		$	1,262			$	1,283			$	1,214
Interest cost			2,402				2,402				2,523
Expected return on plan assets			(3,490	)			(3,208	)			(3,214	)
Amortization of:
Prior service cost			(145	)			(145	)			(145	)
Unrecognized net loss			2,052				1,823				1,262
Net periodic benefit cost			2,081				2,155				1,640
Other changes in Plan Assets and Projected Benefit Obligation Recognized in Other comprehensive Income
Net actuarial loss (gain)			(4,600	)			4,370				7,923
Amortization of net actuarial loss			(2,052	)			(1,823	)			(1,262	)
Amortization of prior service credit			145				145				145
			(6,507	)			2,692				6,806
Total recognized in net periodic pension cost and other comprehensive income		($	4,426	)		$	4,847			$	8,446

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:

		2014				2013				2012
Weighted average discount rate (net periodic pension cost)			4.60	%			5.05	%			5.85	%
Earnings progression (net periodic pension cost)			3.00	%			3.00	%			3.00	%
Expected long-term rate of return on plan assets			8.00	%			8.00	%			8.00	%
Weighted average discount rate (benefit obligations)			4.90	%			4.60	%			5.05	%
Earnings progression (benefit obligations)			3.00	%			3.00	%			3.00	%

Schedule of Accumulated Benefit Obligation, Change in Projected Benefit Obligation, Change in 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 plan assets, funded status, and reconciliation to amounts recognized in the consolidated balance sheets are as follows (in thousands):

		2014				2013
Change in benefit obligation
Projected benefit obligation at beginning of year		$	54,315			$	49,496
Service cost			1,262				1,283
Interest cost			2,402				2,402
Actuarial (gain)/loss			(3,095	)			3,579
Benefits paid			(3,545	)			(2,445	)
Projected benefit obligation at end of year		$	51,339			$	54,315
Change in plan assets:
Fair value of plan assets at beginning of year		$	44,974			$	42,002
Company contributions			3,000				3,000
Gains on plan assets			4,995				2,418
Benefits paid			(3,545	)			(2,446	)
Fair value of plan assets at end of year		$	49,424			$	44,974
Funded status (benefit obligation less plan assets)		($	1,915	)		$	(9,341	)
Accumulated benefit obligation at end of year		$	46,815			$	49,791

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 in the fiscal years ended (in thousands):

Year		Projected Payments
2015		$	2,700
2016			2,900
2017			3,200
2018			3,300
2019			3,400
2020 - 2024			13,200

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