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Retirement Plans (Tables)
12 Months Ended
Feb. 29, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Summary of net periodic pension expense for the defined benefit plans

Defined Benefit Pension Plan

    

2020

    

2019

    

2018

Service cost

$

462

$

597

    

$

1,212

Interest cost

 

6,186

 

6,159

 

6,340

Expected return on plan assets

 

(4,793)

 

(5,673)

 

(4,525)

Amortization of unrecognized net loss

 

1,695

 

1,769

 

3,393

Net periodic pension expense

$

3,550

$

2,852

$

6,420

Other changes recognized in other comprehensive loss:

Unrecognized net (gain) loss arising during period

$

19,046

$

(3,486)

$

(8,704)

Amortization of unrecognized net (loss) gain

 

(1,695)

 

(1,769)

 

(3,393)

Net amount recognized in other comprehensive loss

 

17,351

 

(5,255)

 

(12,097)

Net amount recognized in pension expense and other comprehensive loss

$

20,901

$

(2,403)

$

(5,677)

Schedule of reconciliation for both benefit obligation and plan assets of defined benefit plans, as well as funded status and amounts recognized in balance sheet

Defined Benefit

Pension Plan

    

2020

    

2019

Change in benefit obligations:

    

    

Benefit obligation at end of prior year

$

150,705

$

161,851

Service cost

 

462

 

597

Interest cost

 

6,186

 

6,159

Distributions

 

(7,525)

 

(8,816)

Actuarial loss (gain)

 

29,076

 

(9,086)

Benefit obligation at end of year

$

178,904

$

150,705

Change in plan assets:

Fair value of plan assets at beginning of year

$

124,832

$

130,860

Employer contributions

 

 

2,715

Actual return on plan assets

 

14,823

 

72

Distributions (including expenses paid by the plan)

 

(7,525)

 

(8,815)

Fair value of plan assets at end of year

$

132,130

$

124,832

Funded status

$

(46,774)

$

(25,873)

Net amount recognized

$

(46,774)

$

(25,873)

Amounts recognized in consolidated balance sheets consisted of:

Accrued pension liability

 

(46,774)

 

(25,873)

Net amount recognized

$

(46,774)

$

(25,873)

Amounts recognized in accumulated other comprehensive loss consist of:

Net actuarial loss

$

(44,760)

$

(27,409)

Amount recognized

$

(44,760)

$

(27,409)

Schedules of assumptions used for benefit obligation and cost

Defined Benefit

Pension Plan

    

2020

    

2019

    

2018

Discount rate

    

2.75

%  

4.25

%  

4.00

%

Rate of increase in future compensation levels

 

N/A

N/A

N/A

Expected long-term rate of return on plan assets

 

6.00

%  

6.25

%  

6.25

%

Defined Benefit

Pension Plan

    

2020

2019

2018

Discount rate

4.25

%   

4.00

%   

4.00

%

Rate of increase in future compensation levels

 

N/A

N/A

N/A

Expected long-term rate of return on plan assets

 

6.25

%  

6.25

%  

6.50

%

Schedule of pension plan asset allocation percentages

    

February 29,

    

March 2,

 

2020

2019

 

Equity securities

 

47

%  

52

%

Fixed income securities

 

53

%  

48

%

Total

 

100

%  

100

%

Schedule of target allocation of plan assets

    

Target

 

Category

Allocation

    

Equity securities

 

52

%

Fixed income securities

 

48

%

Total

 

100

%

Summary of the plan's investments measured at fair value on a recurring basis

Fair Value Measurements at February 29, 2020

Quoted Prices in

Active Markets

Significant

Significant

for Identical

Observable

Unobservable

    

Assets (Level 1)

    

Inputs (Level 2)

    

Inputs (Level 3)

    

Total

Equity Securities

International equity

$

$

$

$

15,251

Large Cap

 

 

 

 

33,174

Small-Mid Cap

 

 

 

 

14,223

Fixed Income

Long Term Credit Bond Index

 

 

 

 

25,129

Long Term US Government Bonds

18,897

20+ Year Treasury STRIPS

1,447

Intermediate Fixed Income

14,606

AGT High Yield Bond

7,673

Other types of investments

Short Term Investments

 

 

1,729

 

 

1,729

Total

$

$

1,729

$

$

132,129

Fair Value Measurements at March 2, 2019

Quoted Prices in

Active Markets

Significant

Significant

for Identical

Observable

Unobservable

    

Assets (Level 1)

    

Inputs (Level 2)

    

Inputs (Level 3)

    

Total

Equity Securities

International equity

$

$

$

$

15,396

Large Cap

 

 

 

 

34,058

Small-Mid Cap

 

 

 

 

14,534

Fixed Income

Long Term Credit Bond Index

 

 

 

 

44,103

Long Term US Government Bonds

8,383

20+ Year Treasury STRIPS

847

Intermediate Fixed Income

5,920

Other types of investments

Short Term Investments

 

 

 

 

1,591

Total

$

$

$

$

124,832

Schedule of future benefit payments expected to be paid

Defined Benefit

Fiscal Year

    

Pension Plan

2021

$

8,992

2022

 

9,025

2023

 

8,963

2024

 

9,212

2025

 

9,157

2026 - 2030

 

45,471

Total

$

90,820