Pension Plan (Tables)

12 Months Ended

Feb. 28, 2017

Compensation and Retirement Disclosure [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:

	2017			2016
Equity securities		56	%		55	%
Debt securities		38	%		38	%
Cash and cash equivalents		6	%		7	%
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, 2017 is as follows:

Asset Class	Target Allocation Percentage
Cash		1 - 5	%
Fixed Income		35 - 55	%
Equity		45 - 60	%

Plan's Fair Value Hierarchy for Assets Measured at Fair Value

The following tables present the Plan’s fair value hierarchy for those assets measured at fair value as of February 28, 2017 and February 29, 2016 (in thousands):

	Assets Measured at Fair Value		Fair Value Measurements
Description	at 2/28/17		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	3,105	$	3,105	$	—	$	—
Government bonds		11,861		—		11,861		—
Corporate bonds		8,037		—		8,037		—
Domestic equities		24,777		24,777		—		—
Foreign equities		5,032		5,032		—		—
	$	52,812	$	32,914	$	19,898	$	—

	Assets Measured at Fair Value		Fair Value Measurements
Description	at 2/29/16		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	3,576	$	3,576	$	—	$	—
Government bonds		10,887		—		10,887		—
Corporate bonds		7,134		—		7,134		—
Domestic equities		20,226		20,226		—		—
Foreign equities		5,724		5,724		—		—
	$	47,547	$	29,526	$	18,021	$	—

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 earnings for fiscal years ended (in thousands):

	2017			2016			2015
Components of net periodic benefit cost
Service cost	$	1,166		$	1,301		$	1,122
Interest cost		2,372			2,369			2,447
Expected return on plan assets		(3,665	)		(3,928	)		(3,856	)
Amortization of:
Prior service cost		—			(86	)		(145	)
Unrecognized net loss		2,683			2,551			1,524
Net periodic benefit cost		2,556			2,207			1,092
Other changes in Plan Assets and Projected Benefit Obligation Recognized in Other comprehensive Income
Net actuarial loss (gain)		(723	)		2,102			11,224
Amortization of net actuarial loss		(2,683	)		(2,551	)		(1,524	)
Amortization of prior service credit		—			86			145
		(3,406	)		(363	)		9,845
Total recognized in net periodic pension cost and other comprehensive income	($	850	)	$	1,844		$	10,937

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:

	2017			2016			2015
Weighted average discount rate (net periodic pension cost)		4.30	%		4.00	%		4.90	%
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)		7.50	%		8.00	%		8.00	%
Weighted average discount rate (benefit obligations)		4.10	%		4.30	%		4.00	%
Earnings progression (benefit obligations)		3.00	%		3.00	%		3.00	%

Schedule of Accumulated Benefit Obligation, Change in Projected Benefit Obligation, Change in 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 plan assets, funded status, and reconciliation to amounts recognized in the consolidated balance sheets are as follows (in thousands):

	2017			2016
Projected benefit obligation at beginning of year	$	56,243		$	60,845
Service cost		1,166			1,301
Interest cost		2,372			2,369
Actuarial (gain)/loss		2,479			(2,661	)
Other assumption change		(730	)		(1,603	)
Benefits paid		(3,872	)		(4,008	)
Projected benefit obligation at end of year	$	57,658		$	56,243
Change in plan assets:
Fair value of plan assets at beginning of year	$	47,547		$	50,993
Company contributions		3,000			3,000
Gain (loss) on plan assets		6,137			(2,438	)
Benefits paid		(3,872	)		(4,008	)
Fair value of plan assets at end of year	$	52,812		$	47,547
Unfunded status	($	4,846	)	($	8,696	)
Accumulated benefit obligation at end of year	$	53,590		$	51,948

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 in the fiscal years ended (in thousands):

	Projected
Year	Payments
2018	$	4,100
2019		4,100
2020		4,200
2021		4,300
2022		4,300
2023 - 2027		18,700