Retirement Plans (Tables)

12 Months Ended

Mar. 04, 2023

Retirement Plans

Summary of net periodic pension expense for the defined benefit plans

	Defined Benefit Pension Plan
	2023		2022		2021
Service cost	$	336	$	425	$	486
Interest cost		5,036		4,861		4,753
Expected return on plan assets		(4,998)		(5,194)		(4,614)
Amortization of unrecognized net loss		—		344		3,749
Net periodic pension expense	$	374	$	436	$	4,374
Other changes recognized in other comprehensive loss:
Unrecognized net gain arising during period	$	(585)	$	(8,246)	$	(20,633)
Amortization of unrecognized net (loss) gain		—		(344)		(3,749)
Net amount recognized in other comprehensive loss		(585)		(8,590)		(24,382)
Net amount recognized in pension expense and other comprehensive loss	$	(211)	$	(8,154)	$	(20,008)

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
	2023		2022
Change in benefit obligations:
Benefit obligation at end of prior year	$	160,133	$	168,872
Service cost		336		425
Interest cost		5,036		4,861
Distributions		(8,328)		(8,582)
Actuarial gain		(26,014)		(5,443)
Benefit obligation at end of year	$	131,163	$	160,133
Change in plan assets:
Fair value of plan assets at beginning of year	$	149,527	$	148,412
Employer contributions		—		1,700
Actual return on plan assets		(20,430)		7,997
Distributions (including expenses paid by the plan)		(8,328)		(8,582)
Fair value of plan assets at end of year	$	120,769	$	149,527
Funded status	$	(10,394)	$	(10,606)
Net amount recognized	$	(10,394)	$	(10,606)
Amounts recognized in consolidated balance sheets consisted of:
Accrued pension liability		(10,394)		(10,606)
Net amount recognized	$	(10,394)	$	(10,606)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	11,202	$	(11,787)
Amount recognized	$	11,202	$	(11,787)

Schedule of accumulated benefit obligation and fair value of plan assets

	Defined Benefit
	Pension Plan
	2023			2022
Accumulated Benefit Obligations	$	131,163	$	160,133
Fair Value of Plan Assets	$	120,769	$	149,527

Schedule of projected benefit obligation and fair value of plan assets

	Defined Benefit
	Pension Plan
	2023			2022
Projected Benefit Obligations	$	131,163	$	160,133
Fair Value of Plan Assets	$	120,769	$	149,527

Schedules of assumptions used for benefit obligation and cost

	Defined Benefit
	Pension Plan
	2023		2022		2021
Discount rate	5.00	%	3.25	%	3.00	%
Rate of increase in future compensation levels	N/A		N/A		N/A
Expected long-term rate of return on plan assets	6.50	%	5.00	%	5.50	%

	Defined Benefit
	Pension Plan
	2023		2022		2021
Discount rate	3.25	%	3.00	%	2.75	%
Rate of increase in future compensation levels	N/A		N/A		N/A
Expected long-term rate of return on plan assets	5.00	%	5.50	%	6.00	%

Schedule of pension plan asset allocation percentages

	March 4,		February 26,
	2023		2022
Equity securities	30	%	30	%
Fixed income securities	59	%	57	%
Other	11	%	13	%
Total	100	%	100	%

Schedule of target allocation of plan assets

	Target
Category	Allocation
Equity securities	30	%
Fixed income securities	62	%
Other	8	%
Total	100	%

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

	Fair Value Measurements as of March 4, 2023
	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	$	—	$	—	$	—	$	13,901
Large Cap		—		—		—		18,556
Small-Mid Cap		—		—		—		3,309
Fixed Income
Aon High Yield Plus Bond		—		—		—		72
Aon Multi-Asset Credit		—		—		—		4,775
Long-Term Credit Bond Index		—		—		—		41,360
Long-Term U.S. Government Bonds		—		—		—		1,588
20+ Year Treasury STRIPS		—		—		—		12,821
Intermediate Fixed Income		—		—		—		9,781
AGT High Yield Bond		—		—		—		—
Other types of investments
Aon Global Real Estate		—		—		—		11
Aon Core Real Estate Fund		—		—		—		13,479
Short-Term Investments		—		1,111		—		1,111
Total	$	—	$	1,111	$	—	$	120,764

	Fair Value Measurements as of February 26, 2022
	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	$	—	$	—	$	—	$	17,783
Large Cap		—		—		—		23,027
Small-Mid Cap		—		—		—		4,213
Fixed Income
Aon High Yield Plus Bond		—		—		—		75
Aon Multi-Asset Credit		—		—		—		7,386
Long-Term Credit Bond Index		—		—		—		47,976
Long-Term U.S. Government Bonds		—		—		—		19,763
20+ Year Treasury STRIPS		—		—		—		483
Intermediate Fixed Income		—		—		—		8,554
AGT High Yield Bond		—		—		—		—
Other types of investments
Aon Global Real Estate		—		—		—		13
Aon Core Real Estate Fund		—		—		—		18,720
Short-Term Investments		—		1,532		—		1,532
Total	$	—	$	1,532	$	—	$	149,525

Schedule of future benefit payments expected to be paid

	Defined Benefit
Fiscal Year	Pension Plan
2024	$	9,497
2025		9,379
2026		9,373
2027		9,410
2028		9,252
2029 - 2033		44,769
Total	$	91,680