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Employee Benefit Plans
 12 Months Ended
Feb. 27, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
401(k) Retirement Plan
We sponsor a single 401(k) retirement plan covering substantially all full-time, non-union employees, as well as union employees at two of our manufacturing facilities. Under the plan, employees are allowed to contribute up to 60 percent of eligible earnings to the plan, up to statutory limits. We match 100 percent of the first one percent contributed and 50 percent of the next five percent contributed on eligible compensation that non-union employees contribute and according to contract terms for union employees. In response to the effects of COVID-19 on our business, we suspended the matching contribution from June 1, 2020 until December 31, 2020. In total, our matching contributions were $3.5 million in fiscal 2021, $9.0 million in fiscal 2020 and $8.0 million in fiscal 2019.
Deferred Compensation Plan
We maintain a plan that allows participants to defer compensation. The deferred compensation liability was $15.0 million and $14.0 million at February 27, 2021 and February 29, 2020, respectively. We have investments in corporate-owned life insurance policies (COLI) of $18.6 million and money market funds (classified as cash equivalents) of $0.3 million with the intention of utilizing them as long-term funding sources for this plan. The COLI assets are recorded at their net cash surrender values and are included in other non-current assets in the consolidated balance sheet.

Plans under Collective Bargaining Agreements
We contribute to a number of multi-employer union retirement plans, which provide retirement benefits to the majority of our union-represented employees; none of the plans are considered significant. However, the risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:
•Assets contributed to these plans by one employer may be used to provide benefits to employees of other participating employers
•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers
•If we choose to stop participating in some of these plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability

Our participation in these plans is outlined in the following table. The most recent Pension Protection Act zone status available in 2021 and 2020 relates to the plan years ending December 31, 2020 and December 31, 2019, respectively. The zone status is based on information that we have received from each plan, certified by an actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.
Pension Protection Act Zone Status
Contributions
(In thousands)
Pension FundEIN/Pension Plan Number20212020202120202019FIP/RP Status Pending/ImplementedMinimum Contribution Surcharge Imposed
Expiration Date of Collective Bargaining Agreement(1)
Atlanta Ironworkers Local Union 387 Pension Plan58-6051152GreenGreen$209 $35 $61 NoNoNo1/31/2017
Glazier's Union Local 27 Pension and Retirement Plan36-6034076GreenGreen290 165 58 NoNoNo5/31/2017
International Painters and Allied Trades Industry Pension Fund52-6073909RedRed932 525 544 ImplementedNoNo11/30/2017
Iron Workers Local Union No. 5 and Iron Workers Employers Assocation Employees Pension Trsut Fund52-1075473GreenGreen1,454 940 858 NoNoNo5/31/2017
Iron Workers Mid-America Pension Fund36-6488227GreenGreen431 767 446 NoNoNo5/31/2017
Iron Workers St. Louis District Council Pension Trust Fund43-6052659GreenGreen63 217 225 NoNoNo
Western Glaziers Retirement Plan (Washington)91-6123685GreenGreen160 526 532 NoNoNo6/30/2017
Other funds584 751 963 
Total contributions$4,123 $3,926 $3,687 
(1) Plans include contributions required by collective bargaining agreements which have expired, but contain provisions automatically renewing their terms in the absence of a subsequent negotiated agreement.
The Company was listed in the plans' Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:
Pension FundYear contributions to Plan Exceeded More Than 5 Percent of Total Contributions
Iron Workers Local Union No. 5 and Iron Workers Employers Assocation Employees Pension Trsut Fund2021, 2020 and 2019
Iron Workers Mid-America Pension Fund2021 and 2020
Iron Workers St. Louis District Council Pension Trust Fund2020
Western Glaziers Retirement Plan (Washington)2020

Amounts contributed in fiscal 2021, 2020, and 2019 to defined contribution multiemployer plans were $1.5 million, $0.9 million and $1.3 million, respectively.

Obligations and Funded Status of Defined-Benefit Pension Plans
We sponsor the Tubelite Inc. Hourly Employees' Pension Plan, a defined-benefit pension plan that was frozen to new entrants in fiscal 2004, with no additional benefits accruing to plan participants after such time. We also sponsor an unfunded SERP, a defined-benefit pension plan that was frozen to new entrants in fiscal 2009, with no additional benefits accruing to plan participants after such time.

The following tables present reconciliations of the benefit obligation and the funded status of these plans. The Tubelite plan uses a measurement date as of the calendar month-end closest to our fiscal year-end, while the SERP uses a measurement date aligned with our fiscal year-end.
(In thousands)20212020
Change in projected benefit obligation
Benefit obligation beginning of period$14,371 $13,310 
Interest cost346 492 
Actuarial (gain) loss(175)1,567 
Benefits paid(1,001)(998)
Benefit obligation at measurement date13,541 14,371 
Change in plan assets
Fair value of plan assets beginning of period$5,986 $5,330 
Actual return on plan assets(88)1,002 
Company contributions654 652 
Benefits paid(1,001)(998)
Fair value of plan assets at measurement date5,551 5,986 
Underfunded status$(7,990)$(8,385)

The funded status was recognized in the consolidated balance sheets as follows:
(In thousands)20212020
Other non-current assets$423 $591 
Current liabilities(683)(682)
Other non-current liabilities(7,730)(8,294)
Total$(7,990)$(8,385)

The following was included in accumulated other comprehensive loss and has not yet been recognized as a component of net periodic benefit cost:
(In thousands)20212020
Net actuarial loss$5,416 $5,553 

The net actuarial gain recognized in comprehensive earnings, net of tax expense, was $0.1 million in fiscal 2021, while the net actuarial loss recognized in comprehensive earnings, net of tax benefit, was $0.4 million in fiscal 2020.
Components of the defined-benefit pension plans' net periodic benefit cost:
(In thousands)202120202019
Interest cost$346 $492 $506 
Expected return on assets(211)(182)(40)
Amortization of unrecognized net loss260 219 226 
Net periodic benefit cost$395 $529 $692 

Total net periodic pension benefit cost is expected to be approximately $0.5 million in fiscal 2022. The estimated net actuarial gain for the defined-benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost for fiscal 2022 is $0.2 million, net of tax expense.

Additional Information

Assumptions
Benefit Obligation Weighted-Average Assumptions202120202019
Discount rate2.60 %3.80 %3.80 %
Net Periodic Benefit Expense Weighted-Average Assumptions202120202019
Discount rate2.50 %2.50 %3.85 %
Expected long-term rate of return on assets4.50 %4.50 %4.50 %

Discount rate. The discount rate reflects the current rate at which the defined-benefit plans' pension liabilities could be effectively settled at the end of the year based on the measurement date. The discount rate was determined by matching the expected benefit payments to payments from the Principal Discount Yield Curve. There are no known or anticipated changes in the discount rate assumption that will have a significant impact on pension expense in fiscal 2022.

Expected return on assets. To develop the expected long-term rate of return on assets, we considered historical long-term rates of return achieved by the plan investments, the plan's investment strategy, and current and projected market conditions. During fiscal 2019, the assets of the Tubelite plan were moved from investment in a short-term bond fund to various duration fixed income funds. The investments are carried at fair value based on prices from recent trades of similar securities, which would be classified as Level 2 in the valuation hierarchy. We do not maintain assets intended for the future use of the SERP.

Contributions
Company contributions to the plans for fiscal 2021 and fiscal 2020 were $0.7 million in each year, which equaled or exceeded the minimum funding requirements.

Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, are expected to be paid by the plans:
(In thousands)202220232024202520262027-2031
Estimated future benefit payments$1,053 $1,007 $971 $935 $919 $4,136