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Pension Plan | 9 Months Ended
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Nov. 30, 2019
Compensation And Retirement Disclosure [Abstract] |
Pension Plan | 12. Pension Plan The Company and certain subsidiaries have a noncontributory defined benefit retirement plan (the “Pension Plan”), covering approximately 16% of the Company’s aggregate employees. Benefits are based on years of service and the employee’s average compensation for the highest five compensation years preceding retirement or termination. 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 (in thousands):
|  | Three months ended |  |  | Nine months ended |
|  | November 30, |  |  | November 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 272 |  |  | $ | 277 |  |  | $ | 816 |  |  | $ | 830 |
Interest cost |  |  | 564 |  |  |  | 568 |  |  |  | 1,691 |  |  |  | 1,705 |
Expected return on plan assets |  |  | (1,049 | ) |  |  | (1,028 | ) |  |  | (3,148 | ) |  |  | (3,082 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrecognized net loss |  |  | 509 |  |  |  | 512 |  |  |  | 1,527 |  |  |  | 1,535 |
Net periodic benefit cost |  | $ | 296 |  |  | $ | 329 |  |  | $ | 886 |  |  | $ | 988 |
The Company is required to make contributions to the Pension Plan. These contributions are required under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). Due to the enactment of the Highway and Transportation Funding Act (HATFA) in August 2014, plan sponsors can calculate the discount rate used to measure the Pension Plan liability using a 25-year average of interest rates plus or minus a corridor. The Company’s minimum required contribution to the Pension Plan is zero for the Pension Plan year ending February 29, 2020. Assuming a stable funding status, the Company would expect to make a cash contribution to the Pension Plan of between $1.3 million and $1.5 million per year. However, changes in actual investment returns or in discount rates could change this amount significantly. The Company contributed $3.0 million to the Pension Plan during fiscal year 2019.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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