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Pension Plan (Tables) | 12 Months Ended
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Feb. 28, 2022
Retirement Benefits [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:
|  | 2022 |  |  | 2021 |
Equity securities |  |  | 57 | % |  |  | 57 | %
Debt securities |  |  | 40 | % |  |  | 40 | %
Cash and cash equivalents |  |  | 3 | % |  |  | 3 | %
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, 2022 is as follows:
Asset Class |  | Target Allocation Percentage
Cash |  | 1 – 5%
Fixed Income |  | 35 – 55%
Equity |  | 45 – 60%
Pension Plan's Fair Value Hierarchy for Assets Measured at Fair Value | The following tables present the Pension Plan’s fair value hierarchy for those assets measured at fair value as of February 28, 2022 and February 28, 2021 (in thousands):
|  | February 28, 2022 |
Description |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Cash and cash equivalents |  | $ | 2,172 |  |  | $ | 2,172 |  |  | $ | — |  |  | $ | — |
Government bonds |  |  | 8,623 |  |  |  | — |  |  |  | 8,623 |  |  |  | — |
Corporate bonds |  |  | 14,941 |  |  |  | — |  |  |  | 14,941 |  |  |  | — |
Domestic equities |  |  | 26,582 |  |  |  | 26,582 |  |  |  | — |  |  |  | — |
Foreign equities |  |  | 6,705 |  |  |  | 6,705 |  |  |  | — |  |  |  | — |
|  | $ | 59,023 |  |  | $ | 35,459 |  |  | $ | 23,564 |  |  | $ | — |
|  | February 28, 2021 |
Description |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Cash and cash equivalents |  | $ | 1,545 |  |  | $ | 1,545 |  |  | $ | — |  |  | $ | — |
Government bonds |  |  | 8,592 |  |  |  | — |  |  |  | 8,592 |  |  |  | — |
Corporate bonds |  |  | 15,593 |  |  |  | — |  |  |  | 15,593 |  |  |  | — |
Domestic equities |  |  | 20,935 |  |  |  | 20,935 |  |  |  | — |  |  |  | — |
Foreign equities |  |  | 13,054 |  |  |  | 13,054 |  |  |  | — |  |  |  | — |
|  | $ | 59,719 |  |  | $ | 35,534 |  |  | $ | 24,185 |  |  | $ | — |
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 operations for fiscal years ended (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1,075 |  |  | $ | 1,271 |  |  | $ | 1,088 |
Interest cost |  |  | 1,682 |  |  |  | 1,754 |  |  |  | 2,254 |
Expected return on plan assets |  |  | (3,723 | ) |  |  | (4,074 | ) |  |  | (4,198 | )
Amortization of: |  |  |  |  |  |  |  |  |
Unrecognized net loss |  |  | 2,558 |  |  |  | 3,358 |  |  |  | 2,036 |
Settlement charge |  |  | 1,097 |  |  |  | 1,619 |  |  |  | — |
Net periodic benefit cost |  |  | 2,689 |  |  |  | 3,928 |  |  |  | 1,180 |
Other changes in Plan Assets and Projected Benefit Obligation |  |  |  |  |  |  |  |  |
Recognized in Other comprehensive Income |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  |  | 1,396 |  |  |  | (1,588 | ) |  |  | 13,371 |
Amortization of net actuarial loss |  |  | (3,655 | ) |  |  | (4,977 | ) |  |  | (2,036 | )
|  |  | (2,259 | ) |  |  | (6,565 | ) |  |  | 11,335 |
Total recognized in net periodic pension cost and other comprehensive income |  | $ | 430 |  |  | $ | (2,637 | ) |  | $ | 12,515 |
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:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Weighted average discount rate (net periodic pension cost) |  |  | 2.65 | % |  |  | 2.65 | % |  |  | 4.10 | %
Earnings progression (net periodic pension cost) |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Expected long-term rate of return on plan assets (net periodic pension cost) |  |  | 6.50 | % |  |  | 6.50 | % |  |  | 7.00 | %
Weighted average discount rate (benefit obligations) |  |  | 3.10 | % |  |  | 2.65 | % |  |  | 2.65 | %
Earnings progression (benefit obligations) |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Schedule of Accumulated Benefit Obligation, Change in Projected Benefit Obligation, Change in Pension 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 Pension Plan assets, funded status, and reconciliation to amounts recognized in the consolidated balance sheets are as follows (in thousands):
|  | 2022 |  |  | 2021 |
Change in benefit obligation |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 66,018 |  |  | $ | 69,536 |
Service cost |  |  | 1,075 |  |  |  | 1,271 |
Interest cost |  |  | 1,682 |  |  |  | 1,754 |
Actuarial (gain) loss |  |  | (151 | ) |  |  | (638 | )
Other assumption change |  |  | 155 |  |  |  | (347 | )
Benefits paid |  |  | (4,148 | ) |  |  | (5,126 | )
Settlement |  |  | 121 |  |  |  | (432 | )
Projected benefit obligation at end of year |  | $ | 64,752 |  |  | $ | 66,018 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 59,719 |  |  | $ | 60,600 |
Company contributions |  |  | 1,000 |  |  |  | — |
Gain on plan assets |  |  | 2,452 |  |  |  | 4,245 |
Benefits paid |  |  | (4,148 | ) |  |  | (5,126 | )
Fair value of plan assets at end of year |  | $ | 59,023 |  |  | $ | 59,719 |
Funded (unfunded) status |  | $ | (5,729 | ) |  | $ | (6,299 | )
Accumulated benefit obligation at end of year |  | $ | 60,216 |  |  | $ | 60,981 |
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 to the Pension Plan participants in the fiscal years ended (in thousands):
Year |  | Projected Payments |
2023 |  | $ | 2,300 |
2024 |  |  | 3,900 |
2025 |  |  | 3,800 |
2026 |  |  | 4,100 |
2027 |  |  | 4,000 |
2028 – 2032 |  |  | 20,000 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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