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Employee Benefit Plans (Tables)
 12 Months Ended
Mar. 02, 2024
Retirement Benefits [Abstract]  
Multiemployer plan
Our participation in these plans is outlined in the following table. The most recent Pension Protection Act zone status available in 2024 and 2023 relates to the plan years ending December 31, 2023 and December 31, 2022, 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% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded.
Pension Protection Act Zone Status
Contributions
(In thousands)
Pension FundEIN/Pension Plan Number20242023202420232022
FIP/RP Status Pending/Implemented(2)
Minimum Contribution Surcharge Imposed
Expiration Date of Collective Bargaining Agreement(1)
Iron Workers Local Union No. 5 and Iron Workers Employers Association Employees Pension Trust Fund521075473GreenGreen$1,015 $1,359 $1,454 NoNoNo5/31/2017
International Painters and Allied Trades Industry Pension Fund526073909RedRed971 869 932 ImplementedNoNo11/30/2017
Ironworkers Local 580 Pension Fund136178514GreenGreen883 596 31 ImplementedNoYes6/30/2023
Western Glaziers Retirement Plan (Washington)916123685GreenGreen423 815 160 NoNoNo6/30/2017
Iron Workers Mid-America Pension Fund366488227GreenGreen237 429 431 NoNoNo5/31/2017
Glazier's Union Local 27 Pension and Retirement Plan366034076GreenGreen145 174 290 NoNoNo5/31/2017
Atlanta Ironworkers Local Union 387 Pension Plan586051152GreenGreen109 125 209 NoNoNo1/31/2017
Western Glaziers Retirement Fund (Oregon and Southwest Washington)936074376GreenGreen22 441 — NoNoNo11/30/2017
Other funds801 493 530 
Total contributions$4,606 $5,301 $4,037 
(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.
(2) FIP is defined as Funding Improvement Plan; RP is defined as Rehabilitation Plan

The Company was listed in the plans' Forms 5500 as providing more than 5% 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 Association Employees Pension Trust Fund2024, 2023 and 2022
Western Glaziers Retirement Plan (Washington)2022
Iron Workers Mid-America Pension Fund2023 and 2022
Atlanta Ironworkers Local Union 387 Pension Plan2023
Schedule of defined benefit plans disclosures
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)20242023
Change in projected benefit obligation
Benefit obligation beginning of period$10,260 $12,405 
Interest cost497 380 
Actuarial gain(973)(1,484)
Benefits paid(887)(1,041)
Benefit obligation at measurement date8,897 10,260 
Change in plan assets
Fair value of plan assets beginning of period$3,992 $5,044 
Actual return on plan assets53 (706)
Company contributions635 695 
Benefits paid(887)(1,041)
Fair value of plan assets at measurement date3,793 3,992 
Underfunded status$(5,104)$(6,268)
Schedule of amounts recognized in balance sheet
The funded status was recognized in the consolidated balance sheets as follows:
(In thousands)20242023
Other non-current assets$111 $161 
Current liabilities(446)(680)
Other non-current liabilities(4,769)(5,749)
Total$(5,104)$(6,268)
Schedule of amounts in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit cost
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)20242023
Net actuarial loss$2,851 $3,968 
Schedule of net benefit costs
Components of the defined-benefit pension plans' net periodic benefit cost:
(In thousands)202420232022
Interest cost$497 $380 $339 
Expected return on assets(120)(84)(85)
Amortization of unrecognized net loss62 254 270 
Net periodic benefit cost$439 $550 $524 
Schedule of assumptions used
Benefit Obligation Weighted-Average Assumptions202420232022
Discount rate5.15 %5.10 %3.20 %
Net Periodic Benefit Expense Weighted-Average Assumptions202420232022
Discount rate5.10 %3.20 %2.60 %
Expected long-term rate of return on assets4.50 %2.75 %2.50 %
Schedule of expected benefit payments
The following benefit payments, which reflect expected future service, are expected to be paid by the plans:
(In thousands)202520262027202820292030-2034
Estimated future benefit payments$826 $795 $793 $780 $767 $3,526