XML 52 R41.htm IDEA: XBRL DOCUMENT v3.25.1
Benefit Plans (Tables)
 12 Months Ended
Feb. 28, 2025
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:

 

 

 

2025

 

 

2024

 

Equity securities

 

 

31

%

 

 

43

%

Debt securities

 

 

68

%

 

 

51

%

Cash and cash equivalents

 

 

1

%

 

 

6

%

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, 2025 is as follows:

Asset Class

 

Target
Allocation
Percentage

Cash

 

1 – 5%

Fixed Income

 

44 – 64%

Equity

 

34 – 54%
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 on a reoccurring basis as of February 28, 2025 and February 29, 2024 (in thousands):

 

 

 

February 28, 2025

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Cash and cash equivalents

 

$

1,010

 

 

$

1,010

 

 

$

—

 

 

$

—

 

Government bonds

 

 

12,547

 

 

 

—

 

 

 

12,547

 

 

 

—

 

Corporate bonds

 

 

23,431

 

 

 

—

 

 

 

23,431

 

 

 

—

 

Domestic equities

 

 

14,603

 

 

 

14,603

 

 

 

—

 

 

 

—

 

Foreign equities

 

 

1,745

 

 

 

1,745

 

 

 

—

 

 

 

—

 

 

$

53,336

 

 

$

17,358

 

 

$

35,978

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 29, 2024

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Cash and cash equivalents

 

$

3,275

 

 

$

3,275

 

 

$

—

 

 

$

—

 

Government bonds

 

 

10,029

 

 

 

—

 

 

 

10,029

 

 

 

—

 

Corporate bonds

 

 

16,215

 

 

 

—

 

 

 

16,215

 

 

 

—

 

Domestic equities

 

 

19,711

 

 

 

19,711

 

 

 

—

 

 

 

—

 

Foreign equities

 

 

2,586

 

 

 

2,586

 

 

 

—

 

 

 

—

 

 

$

51,816

 

 

$

25,572

 

 

$

26,244

 

 

$

—

 
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):

 

 

 

2025

 

 

2024

 

 

2023

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

Service cost

 

$

663

 

 

$

673

 

 

$

944

 

Interest cost

 

 

2,596

 

 

 

2,456

 

 

 

1,967

 

Expected return on plan assets

 

 

(3,019

)

 

 

(3,104

)

 

 

(3,699

)

Amortization of:

 

 

 

 

 

 

 

 

 

Unrecognized net loss

 

 

1,742

 

 

 

1,894

 

 

 

2,409

 

Settlement charge

 

 

—

 

 

 

—

 

 

 

1,273

 

Net periodic benefit cost

 

 

1,982

 

 

 

1,919

 

 

 

2,894

 

 

 

 

 

 

 

 

 

 

Other changes in Plan Assets and Projected
   Benefit Obligation

 

 

 

 

 

 

 

 

 

Recognized in Other comprehensive loss (income)

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

(381

)

 

 

449

 

 

 

(2,295

)

Amortization of net actuarial loss

 

 

(1,742

)

 

 

(1,896

)

 

 

(3,682

)

 

 

(2,123

)

 

 

(1,447

)

 

 

(5,977

)

Total recognized in net periodic pension cost and
   other comprehensive loss (income)

 

 

(141

)

 

$

472

 

 

$

(3,083

)
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:

 

 

 

2025

 

 

2024

 

 

2023

 

Weighted average discount rate (net periodic
   pension cost)

 

 

5.15

%

 

 

5.00

%

 

 

3.10

%

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)

 

 

5.50

%

 

 

6.00

%

 

 

6.50

%

Weighted average discount rate (benefit
   obligations)

 

 

5.15

%

 

 

5.15

%

 

 

5.00

%

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):

 

 

2025

 

 

2024

 

Change in benefit obligation

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

51,736

 

 

$

49,888

 

Service cost

 

 

663

 

 

 

673

 

Interest cost

 

 

2,596

 

 

 

2,456

 

Actuarial (gain) loss

 

 

435

 

 

 

1,572

 

Discount Rate change

 

 

—

 

 

 

—

 

Other assumption change

 

 

107

 

 

 

(122

)

Benefits paid

 

 

(3,623

)

 

 

(2,731

)

Settlement

 

 

—

 

 

 

—

 

Projected benefit obligation at end of year

 

$

51,914

 

 

$

51,736

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

51,816

 

 

$

49,242

 

Company contributions

 

 

1,200

 

 

 

1,200

 

Gain on plan assets

 

 

3,943

 

 

 

4,105

 

Benefits paid

 

 

(3,623

)

 

 

(2,731

)

Fair value of plan assets at end of year

 

$

53,336

 

 

$

51,816

 

Funded (unfunded) status

 

$

1,422

 

 

$

80

 

Accumulated benefit obligation at end of year

 

$

48,990

 

 

$

48,438

 
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

 

2026

 

$

3,900

 

2027

 

 

3,800

 

2028

 

 

3,400

 

2029

 

 

4,300

 

2030

 

 

4,500

 

2031 – 2035

 

 

20,600