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Benefit Plans (Tables)
12 Months Ended
Feb. 28, 2014
Defined Benefit Plan Disclosure [Line Items]  
Benefit Plan Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 28

 

Pension Plan

Restoration Plan

Total

(In thousands)

2014

2013

2014

2013

2014

2013

Change in projected benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligation at beginning of year

 

$

177,531 

 

$

154,632 

 

$

9,408 

 

$

9,892 

 

$

186,939 

 

 

$

164,524 

 

Interest cost

 

 

7,583 

 

 

7,299 

 

 

433 

 

 

458 

 

 

8,016 

 

 

 

7,757 

 

Actuarial (gain) loss

 

 

(4,980)

 

 

17,766 

 

 

803 

 

 

(488)

 

 

(4,177)

 

 

 

17,278 

 

Benefits paid

 

 

(2,460)

 

 

(2,166)

 

 

(457)

 

 

(454)

 

 

(2,917)

 

 

 

(2,620)

 

Obligation at end of year

 

 

177,674 

 

 

177,531 

 

 

10,187 

 

 

9,408 

 

 

187,861 

 

 

 

186,939 

 

Change in fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan assets at beginning of year

 

 

107,968 

 

 

96,897 

 

 

 ―

 

 

 ―

 

 

107,968 

 

 

 

96,897 

 

Actual return on plan assets

 

 

19,204 

 

 

8,175 

 

 

 ―

 

 

 ―

 

 

19,204 

 

 

 

8,175 

 

Employer contributions

 

 

 ―

 

 

5,062 

 

 

457 

 

 

454 

 

 

457 

 

 

 

5,516 

 

Benefits paid

 

 

(2,460)

 

 

(2,166)

 

 

(457)

 

 

(454)

 

 

(2,917)

 

 

 

(2,620)

 

Plan assets at end of year

 

 

124,712 

 

 

107,968 

 

 

 ―

 

 

 ―

 

 

124,712 

 

 

 

107,968 

 

Funded status recognized

 

$

(52,962)

 

$

(69,563)

 

$

(10,187)

 

$

(9,408)

 

$

(63,149)

 

 

$

(78,971)

 

Amounts recognized in the

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

consolidated balance sheets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liability

 

$

 ―

 

$

 ―

 

$

(451)

 

$

(453)

 

$

(451)

 

 

$

(453)

 

Noncurrent liability

 

 

(52,962)

 

 

(69,563)

 

 

(9,736)

 

 

(8,955)

 

 

(62,698)

 

 

 

(78,518)

 

Net amount recognized

 

$

(52,962)

 

$

(69,563)

 

$

(10,187)

 

$

(9,408)

 

$

(63,149)

 

 

$

(78,971)

 

Accumulated benefit obligation

 

$

177,674 

 

$

177,531 

 

$

10,187 

 

$

9,408 

 

$

187,861 

 

 

$

186,939 

 

 

Schedule Of Fair Value Of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

As of February 28

(In thousands)

2014

2013

Mutual funds (Level 1):

 

 

 

 

 

 

 

 

Equity securities (1)

 

$

78,576 

 

 

$

67,957 

 

Equity securities – international (2)

 

 

15,649 

 

 

 

13,536 

 

Fixed income securities (3)

 

 

29,500 

 

 

 

26,218 

 

Collective funds (Level 2):

 

 

 

 

 

 

 

 

Short-term investments (4)

 

 

1,046 

 

 

 

255 

 

Investment (payables) receivables, net (Level 1)

 

 

(59)

 

 

 

 

Total

 

$

124,712 

 

 

$

107,968 

 

 

(1)Includes large-, mid- and small-cap companies primarily from diverse U.S. industries including bank, oil and gas, retail and  pharmaceutical sectors; approximately 95% of securities relate to U.S. entities and 5% of securities relate to non-U.S. entities as of February 28, 2014 (95% and 5%, respectively, as of February 28, 2013) .

(2)Consists of equity securities of primarily foreign corporations from diverse industries including bank, pharmaceutical, telecommunication, oil and gas, insurance and food sectors; 100% of securities relate to non-U.S. entities as of February 28, 2014 (100% relate to non-U.S. entities, as of February 28, 2013).

(3)Includes debt securities of U.S. and foreign governments, their agencies and corporations, and diverse investments in mortgage-backed securities and banks; approximately 90% of securities relate to U.S. entities and 10% of securities relate to non-U.S. entities as of February 28, 2014 (85% and 15%, respectively, as of February 28, 2013).

(4)Includes pooled funds representing short-term instruments that include governments, their agencies and corporations and large-, mid- and small-cap companies primarily from the U.S. bank sector; nearly 100% of securities relate to U.S. entities as of February 28, 2014 (nearly 100%  as of February 28, 2013).

Estimated Future Benefit Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension

Restoration

(In thousands)

 

 

 

Plan

Plan

Fiscal 2015

 

 

 

$

 

2,056 

 

 

$

451 

 

Fiscal 2016

 

 

 

$

 

2,407 

 

 

$

466 

 

Fiscal 2017

 

 

 

$

 

2,726 

 

 

$

476 

 

Fiscal 2018

 

 

 

$

 

3,076 

 

 

$

482 

 

Fiscal 2019

$

 

3,464 

 

 

$

485 

 

Fiscal 2020 to 2024

$

 

24,182 

 

 

$

2,810 

 

 

Components Of Net Pension Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended February 28 or 29

(In thousands)

 

Pension Plan

 

Restoration Plan

 

Total

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

Interest cost

 

$

7,583 

 

$

7,299 

 

$

6,830 

 

$

433 

 

$

458 

 

$

518 

 

$

8,016 

 

$

7,757 

 

$

7,348 

Expected return on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

plan assets

 

 

(7,916)

 

 

(7,591)

 

 

(6,870)

 

 

 ―

 

 

 ―

 

 

 ―

 

 

(7,916)

 

 

(7,591)

 

 

(6,870)

Recognized actuarial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

loss

 

 

1,674 

 

 

1,200 

 

 

461 

 

 

 ―

 

 

 ―

 

 

 ―

 

 

1,674 

 

 

1,200 

 

 

461 

Net pension expense

 

$

1,341 

 

$

908 

 

$

421 

 

$

433 

 

$

458 

 

$

518 

 

$

1,774 

 

$

1,366 

 

$

939 

 

Changes Recognized In Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended February 28

 

Pension Plan

Restoration Plan

Total

(In thousands)

2014

2013

2014

2013

2014

2013

Net actuarial (gain) loss

 

$

(16,268)

 

 

$

17,182 

 

 

$

803 

 

 

$

(488)

 

 

$

(15,465)

 

 

$

16,694 

 

 

Benefit Obligations [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule Of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 28

 

Pension Plan

Restoration Plan

 

2014

2013

 

2014

 

 

2013

Discount rate (1)

4.55 

%

4.30 

%

 

4.55 

%

 

 

4.30 

%

 

(1)For the restoration plan, the discount rate presented is applied to the pre-2004 annuity amounts.  A rate of 4.50% is assumed for the post-2004 lump sum amounts paid from the plan for fiscal 2014 and fiscal 2013.

Net Pension Expense [Member]
 
Defined Benefit Plan Disclosure [Line Items]  
Schedule Of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended February 28 or 29

 

Pension Plan

 

Restoration Plan

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

Discount rate (1)

4.30 

%

 

4.75 

%

 

5.80 

%

 

4.30 

%

 

4.75 

%

 

5.80 

%

Expected rate of return on plan assets

7.75 

%

 

7.75 

%

 

7.75 

%

 

 ―

 

 

 ―

 

 

 ―

 

 

 (1)For the restoration plan, the discount rate presented is applied to the pre-2004 annuity amounts.  A rate of 4.50% is assumed for post-2004 lump sum amounts paid from the plan for fiscal 2014 and fiscal 2013.  For fiscal 2012 and prior years, a rate of 5.00% was assumed for post-2004 lump sum amounts paid from the plan.