Pension Plan (Tables)

12 Months Ended

Feb. 28, 2023

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:

	2023			2022
Equity securities		52	%		57	%
Debt securities		44	%		40	%
Cash and cash equivalents		4	%		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, 2023 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 as of February 28, 2023 and February 28, 2022 (in thousands):

	February 28, 2023
Description	Total		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	2,093	$	2,093	$	—	$	—
Government bonds		9,793		—		9,793		—
Corporate bonds		15,797		—		15,797		—
Domestic equities		16,833		16,833		—		—
Foreign equities		4,726		4,726		—		—
	$	49,242	$	23,652	$	25,590	$	—
	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	$	—

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):

	2023			2022			2021
Components of net periodic benefit cost
Service cost	$	944		$	1,075		$	1,271
Interest cost		1,967			1,682			1,754
Expected return on plan assets		(3,699	)		(3,723	)		(4,074	)
Amortization of:
Unrecognized net loss		2,409			2,558			3,358
Settlement charge		1,273			1,097			1,619
Net periodic benefit cost		2,894			2,689			3,928
Other changes in Plan Assets and Projected    Benefit Obligation
Recognized in Other comprehensive Income
Net actuarial loss (gain)		(2,295	)		1,396			(1,588	)
Amortization of net actuarial loss		(3,682	)		(3,655	)		(4,977	)
		(5,977	)		(2,259	)		(6,565	)
Total recognized in net periodic pension cost and    other comprehensive income	$	(3,083	)	$	430		$	(2,637	)

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:

	2023			2022			2021
Weighted average discount rate (net periodic    pension cost)		3.10	%		2.65	%		2.65	%
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	%		6.50	%
Weighted average discount rate (benefit    obligations)		5.00	%		3.10	%		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):

	2023			2022
Change in benefit obligation
Projected benefit obligation at beginning of year	$	64,752		$	66,018
Service cost		944			1,075
Interest cost		1,967			1,682
Actuarial (gain) loss		(12,824	)		(151	)
Other assumption change		69			155
Benefits paid		(4,885	)		(4,148	)
Settlement		(135	)		121
Projected benefit obligation at end of year	$	49,888		$	64,752
Change in plan assets:
Fair value of plan assets at beginning of year	$	59,023		$	59,719
Company contributions		2,000			1,000
Gain on plan assets		(6,896	)		2,452
Benefits paid		(4,885	)		(4,148	)
Fair value of plan assets at end of year	$	49,242		$	59,023
Funded (unfunded) status	$	(646	)	$	(5,729	)
Accumulated benefit obligation at end of year	$	46,904		$	60,216

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
2024	$	3,000
2025		3,000
2026		3,700
2027		3,500
2028		3,000
2029 – 2033		19,900