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Employee Benefit Plans
 12 Months Ended
Mar. 01, 2025
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% of eligible earnings to the plan, up to statutory limits. On January 1, 2023, we began matching 100% of the first two percent contributed and 50% of the next four percent contributed on eligible compensation that non-union employees contribute. Previously, we matched 100% of the first one percent contributed and 50% of the next five percent contributed on eligible compensation that non-union employees contribute. We contribute to the union plans based on the contractual terms. In total, our matching contributions were $9.1 million in fiscal 2025, $9.6 million in fiscal 2024 and $8.6 million in fiscal 2023.

Deferred Compensation Plan
We maintain a plan that allows participants to defer compensation. The deferred compensation liability was $5.6 million and $5.9 million at March 1, 2025 and March 2, 2024, respectively. We have investments in corporate-owned life insurance policies (COLI) of $9.5 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 sheets.

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

Under the Pension Protection Act, multiemployer pension plans are categorized into zones (green, yellow, red, and deep red). 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. The most recent Pension Protection Act zone status available for fiscals 2025 and 2024 relates to the plan years ending December 31, 2024 and December 31, 2023, respectively.

Our participation in these plans is outlined in the following table.
Pension Protection Act Zone Status
Contributions
(In thousands)
Pension FundEIN/Pension Plan Number20252024202520242023
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$722 $1,015 $1,359 NoNoNo5/31/2017
International Painters and Allied Trades Industry Pension Fund526073909RedRed730 971 869 ImplementedNoNo11/30/2017
Ironworkers Local 580 Pension Fund136178514GreenGreen2,121 883 596 ImplementedNoYes6/30/2023
Western Glaziers Retirement Plan (Washington)916123685GreenGreen365 423 815 NoNoNo6/30/2017
Iron Workers Mid-America Pension Fund366488227GreenGreen320 237 429 NoNoNo5/31/2017
Western Glaziers Retirement Fund (Oregon and Southwest Washington)936074376GreenGreen— 22 441 NoNoNo11/30/2017
Glazier's Union Local 27 Pension and Retirement Plan366034076GreenGreen80 145 174 NoNoNo5/31/2017
Atlanta Ironworkers Local Union 387 Pension Plan586051152GreenGreen131 109 125 NoNoNo1/31/2017
Other funds603 801 493 
Total contributions$5,072 $4,606 $5,301 
(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 Fund2025, 2024 and 2023
Western Glaziers Retirement Fund (Oregon and Southwest Washington)2025
Iron Workers Mid-America Pension Fund2023
Atlanta Ironworkers Local Union 387 Pension Plan2023

Amounts contributed in fiscal 2025, 2024, and 2023 to defined contribution multiemployer plans were $3.6 million, $2.2 million and $2.2 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 Supplemental Executive Retirement Plan (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)March 1, 2025March 2, 2024
Change in projected benefit obligation
Benefit obligation beginning of period$8,897 $10,260 
Interest cost437 497 
Actuarial loss (gain)
39 (973)
Benefits paid(781)(887)
Benefit obligation at measurement date8,592 8,897 
Change in plan assets
Fair value of plan assets beginning of period$3,793 $3,992 
Actual return on plan assets124 53 
Company contributions446 635 
Benefits paid(781)(887)
Fair value of plan assets at measurement date3,582 3,793 
Underfunded status$(5,010)$(5,104)

The funded status was recognized in the consolidated balance sheets as follows:
(In thousands)March 1, 2025March 2, 2024
Other non-current assets$76 $111 
Current liabilities(446)(446)
Other non-current liabilities(4,640)(4,769)
Total$(5,010)$(5,104)

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)20252024
Net actuarial loss$2,748 $2,851 

The net actuarial gain recognized in comprehensive earnings, net of tax expense, was $0.1 million in fiscal 2025, and $0.9 million in fiscal 2024.

Components of the defined-benefit pension plans' net periodic benefit cost:
(In thousands)202520242023
Interest cost$437 $497 $380 
Expected return on assets(115)(120)(84)
Amortization of unrecognized net loss66 62 254 
Net periodic benefit cost$388 $439 $550 

Total net periodic pension benefit cost is expected to be approximately $0.5 million in fiscal 2026. 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 2026 is $0.2 million, net of tax expense.
Additional Information

Assumptions
Benefit Obligation Weighted-Average Assumptions202520242023
Discount rate5.10 %5.15 %5.10 %
Net Periodic Benefit Expense Weighted-Average Assumptions202520242023
Discount rate5.15 %5.10 %3.20 %
Expected long-term rate of return on assets4.60 %4.50 %2.75 %

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.

Expected return on assets. The expected long-term rate of return on assets is based on 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 2025 were $0.4 million and fiscal 2024 were $0.6 million, 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)202620272028202920302031-2035
Estimated future benefit payments$816 $784 $782 $770 $746 $3,416