XML 36 R19.htm IDEA: XBRL DOCUMENT v3.26.1
Employee Benefit Plans
 12 Months Ended
Feb. 28, 2026
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. The Company matches 100% of the first two percent contributed and 50% of the next four 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 $8.8 million in fiscal 2026, $9.1 million in fiscal 2025 and $9.6 million in fiscal 2024.
Deferred Compensation Plan
We maintain a plan that allows participants to defer compensation. The deferred compensation liability was $8.3 million and $5.6 million at February 28, 2026 and March 1, 2025, respectively. We have investments in corporate-owned life insurance policies (COLI) of $10.3 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 net cash surrender values and are included in other non-current assets on 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, multi-employer 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 2026 and 2025 relates to the plan years ending December 31, 2025 and December 31, 2024, respectively.
Our participation in these plans is outlined in the following table.
Pension Protection Act Zone Status
Contributions
(In thousands)
Pension FundEIN/Pension Plan Number20262025202620252024
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$1,034 $722 $1,015 NoNoNo5/31/2029
International Painters and Allied Trades Industry Pension Fund526073909RedRed— 730 971 ImplementedNoNoVarious
Ironworkers Local 580 Pension Fund136178514GreenGreen1,099 2,121 883 ImplementedNoYes6/30/2023
Western Glaziers Retirement Plan (Washington)916123685GreenGreen304 365 423 NoNoNo6/30/2022
Iron Workers Mid-America Pension Fund366488227GreenGreen96 320 237 NoNoNo5/31/2027
Other funds1,220 814 1,077 
Total contributions$3,753 $5,072 $4,606 
(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' Form 5500s 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 Fund2026, 2025 and 2024
Western Glaziers Retirement Fund (Oregon and Southwest Washington)2026 and 2025
Ironworkers Local 580 Pension Fund2026
Amounts contributed in fiscal 2026, 2025, and 2024 to defined contribution multi-employer plans were $2.8 million, $3.6 million and $2.2 million, respectively.
Obligations and Funded Status of Defined-Benefit Pension Plans
We sponsor the Tubelite Inc. Hourly Employees' Pension Plan (Tubelite 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)February 28, 2026March 1, 2025
Change in projected benefit obligation
Benefit obligation beginning of period$8,592 $8,897 
Interest cost417 437 
Actuarial loss (gain)
108 39 
Benefits paid(769)(781)
Benefit obligation at measurement date8,348 8,592 
Change in plan assets
Fair value of plan assets beginning of period$3,582 $3,793 
Actual return on plan assets122 124 
Company contributions516 446 
Benefits paid(769)(781)
Fair value of plan assets at measurement date3,451 3,582 
Underfunded status$(4,897)$(5,010)
The funded status was recognized on the Consolidated Balance Sheets as follows:
(In thousands)February 28, 2026March 1, 2025
Other non-current assets$73 $76 
Current liabilities(446)(446)
Other non-current liabilities(4,524)(4,640)
Total$(4,897)$(5,010)
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)20262025
Net actuarial loss$2,700 $2,748 
Components of the defined-benefit pension plans' net periodic benefit cost:
(In thousands)202620252024
Interest cost$417 $437 $497 
Expected return on assets(94)(115)(120)
Amortization of unrecognized net loss62 66 62 
Net periodic benefit cost$385 $388 $439 
Total net periodic pension benefit cost is expected to be approximately $0.4 million in fiscal 2027. 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 2027 is $0.1 million, net of tax expense.
Additional Information
Assumptions
Benefit Obligation Weighted-Average Assumptions202620252024
Discount rate5.00 %5.10 %5.15 %
Net Periodic Benefit Expense Weighted-Average Assumptions202620252024
Discount rate5.10 %5.15 %5.10 %
Expected long-term rate of return on assets4.60 %4.60 %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.
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. The assets of the Tubelite Plan are invested in 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 fair value hierarchy presented in Note 4. We do not maintain assets intended for the future use of the SERP.
Contributions
Company contributions to the plans for fiscal 2026 were $0.5 million and fiscal 2025 were $0.4 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)202720282029203020312032-2036
Estimated future benefit payments$826 $774 $762 $748 $724 $3,309