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Pension Plan (Tables)

12 Months Ended

Feb. 28, 2015

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:

		2015				2014
Equity securities			55	%			56	%
Debt securities			37	%			37	%
Cash and cash equivalents			8	%			7	%
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, 2015 is as follows:

Asset Class		Target Allocation Percentage
Cash		1 -5%
Fixed Income		35 -55%
Equity		45 -60%

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, 2015 and 2014 (in thousands):

		Assets Measured at Fair Value at 2/28/15				Fair Value Measurements
Description						(Level 1)				(Level 2)				(Level 3)
Cash and cash equivalents		$	4,262			$	4,262			$	—			$	—
Government bonds			10,642				—				10,642				—
Corporate bonds			8,154				—				8,154				—
Domestic equities			21,974				21,974				—				—
Foreign equities			5,961				5,961				—				—
		$	50,993			$	32,197			$	18,796			$	—
		Assets Measured at Fair Value at 2/28/14				Fair Value Measurements
Description						(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			$	—

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):

		2015				2014				2013
Components of net periodic benefit cost
Service cost		$	1,122			$	1,262			$	1,283
Interest cost			2,447				2,402				2,402
Expected return on plan assets			(3,856	)			(3,490	)			(3,208	)
Amortization of:
Prior service cost			(145	)			(145	)			(145	)
Unrecognized net loss			1,524				2,052				1,823
Net periodic benefit cost			1,092				2,081				2,155
Other changes in Plan Assets and Projected Benefit Obligation
Recognized in Other comprehensive Income
Net actuarial loss (gain)			11,224				(4,600	)			4,370
Amortization of net actuarial loss			(1,524	)			(2,052	)			(1,823	)
Amortization of prior service credit			145				145				145
			9,845				(6,507	)			2,692
Total recognized in net periodic pension cost and other comprehensive income		$	10,937			($	4,426	)		$	4,847

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:

		2015				2014				2013
Weighted average discount rate (net periodic pension cost)			4.90	%			4.60	%			5.05	%
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)			4.00	%			4.90	%			4.60	%
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):

		2015				2014
Change in benefit obligation
Projected benefit obligation at beginning of year		$	51,339			$	54,315
Service cost			1,122				1,262
Interest cost			2,447				2,402
Actuarial (gain)/loss			6,637				(3,095	)
Other assumption change			3,695				—
Benefits paid			(4,395	)			(3,545	)
Projected benefit obligation at end of year		$	60,845			$	51,339
Change in plan assets:
Fair value of plan assets at beginning of year		$	49,423			$	44,974
Company contributions			3,000				3,000
Gains on plan assets			2,965				4,995
Benefits paid			(4,395	)			(3,545	)
Fair value of plan assets at end of year		$	50,993			$	49,424
Funded status (benefit obligation less plan assets)		($	9,852	)		($	1,915	)
Accumulated benefit obligation at end of year		$	56,170			$	46,815

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
2016		$	3,500
2017			3,600
2018			3,700
2019			3,800
2020			4,000
2021 - 2025			16,300

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