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Pension Plan | 6 Months Ended
--- | ---
Aug. 31, 2021
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 12% 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 |  |  | Six months ended |
|  | August 31, |  |  | August 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 268 |  |  | $ | 318 |  |  | $ | 537 |  |  | $ | 636 |
Interest cost |  |  | 421 |  |  |  | 439 |  |  |  | 841 |  |  |  | 877 |
Expected return on plan assets |  |  | (930 | ) |  |  | (1,018 | ) |  |  | (1,861 | ) |  |  | (2,037 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |
Unrecognized net loss |  |  | 640 |  |  |  | 839 |  |  |  | 1,280 |  |  |  | 1,679 |
Net periodic benefit cost |  | $ | 399 |  |  | $ | 578 |  |  | $ | 797 |  |  | $ | 1,155 |
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 28, 2022. Assuming a stable funding status, the Company would expect to make a cash contribution to the Pension Plan of between $1.5 million and $3.0 million per year. However, changes in actual investment returns or in discount rates could change this amount significantly. At August 31, 2021, we had an unfunded pension liability recorded on our balance sheet of $6.3 million. Management estimates the future lump-sum payments will exceed the settlement threshold resulting in a probable pension settlement charge of approximately $2.3 million. The settlement charges are non-cash charges that accelerate the recognition of unrecognized pension benefit costs, that would have been incurred in subsequent periods, when lump sum payments exceed a threshold of service and interest cost for the period.

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