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Employee Benefit Plans (Tables)
 12 Months Ended
Feb. 29, 2024
Postemployment Benefits [Abstract]  
Schedule of Net Benefit Costs The components of net benefit cost related to the Plan were as follows (in thousands):
Year Ended February 29/28,
20242023
Disclosed benefit cost
Interest cost$7,031 $5,264 
Expected return on plan assets(5,947)(4,686)
Subtotal$1,084 $578 
Net periodic benefit cost (income)1,084 578 
Disclosed net benefit cost$1,084 $578 
Presentation of benefit cost pursuant to ASC 715-20
Other components of net periodic benefit cost1,084 578 
Disclosed net benefit cost$1,084 $578 
Assumptions used to determine benefit cost:
Discount rate5.59 %4.76 %
Expected long-term rate of return on plan assets6.25 %5.50 %
Schedule of Changes in Projected Benefit Obligations
The changes in benefit obligation and the funded status of the Plan as of and for the years ended below were as follows (in thousands):
As of February 29/28,
20242023
Current and non-current classification
Non-current liability$(31,148)$(31,287)
Net balance sheet asset (liability)$(31,148)$(31,287)
Reconciliation of net balance sheet asset (liability)
Net balance sheet asset (liability) at beginning of fiscal year$(31,287)$(32,505)
Interest cost(7,031)(5,264)
Expected return on plan assets5,947 4,686 
Actuarial gain (loss)(408)162 
Employer contributions1,631 1,634 
Net balance sheet asset (liability) at end of fiscal year$(31,148)$(31,287)
Assumptions and dates used for disclosure:
Discount rate5.61 %5.59 %
Census dateOctober 1, 2023October 1, 2022
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
The following table presents information for the Plan with projected benefit obligations in excess of plan assets (in thousands):
As of February 29/28,
20242023
Projected benefit obligation$(127,890)$(131,787)
Fair value of plan assets, excluding receivable contributions96,742 100,500 
Net balance sheet asset (liability)$(31,148)$(31,287)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Pre-tax amounts recognized in other comprehensive income (loss) were as follows (in thousands):
Year Ended February 29/28,
20242023
Net loss (gain)$246 $(162)
Accumulated other comprehensive (income) loss before adjustment for tax effects ("AOCI")$246 $(162)
Development of AOCI
AOCI at beginning of fiscal year(162)— 
Occurring during the year:
Net loss (gain)408 (162)
AOCI at fiscal year end$246 $(162)
Additional disclosure information:
Schedule of Expected Benefit Payments
Benefit payments we expect to pay, including amounts related to expected future services that we expect to receive, are as follows (in thousands):
Fiscal Year:Pension Benefits
2025$12,344 
202611,721 
202711,498 
202811,253 
202910,974 
2030 through 203449,621 
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Changes in disclosed plan obligations and plan assets were as follows (in thousands):
As of February 29/28,
20242023
Change in projected benefit obligation ("PBO")
PBO at beginning of fiscal year$131,787 $144,890 
Interest cost7,031 5,264 
Actuarial loss (gain)637 (9,411)
Benefits paid from plan assets(11,565)(8,956)
PBO at fiscal year end$127,890 $131,787 
Change in plan assets
Fair value of plan assets at beginning of fiscal year$100,500 $112,385 
Actual return on plan assets6,176 (4,563)
Employer contributions1,631 1,634 
Benefits paid(11,565)(8,956)
Fair value of plan assets at fiscal year end$96,742 $100,500 
Schedule of Defined Benefit Plan, Reconciliation of Gain (Loss)
Year Ended February 29/28,
20242023
Reconciliation of net loss (gain)
Net amount at beginning of fiscal year$(162)$— 
Experience loss (gain)408 (162)
Net amount at fiscal year end$246 $(162)
Defined Benefit Plan, Plan Assets, Category
The following table presents a reconciliation of the fair value and market-related value of the Plan assets (in thousands).
As of February 29/28,
20242023
Reconciliation of fair value of plan assets
Fair value of plan assets at beginning of fiscal year$100,500 $112,385 
Actual return on plan assets6,176 (4,563)
Employer contributions1,631 1,634 
Benefits paid(11,565)(8,956)
Fair value of plan assets at end of fiscal year$96,742 $100,500 
Reconciliation of market-related value of plan assets
Market-related value of plan assets at beginning of fiscal year$100,500 $112,385 
Actual return on plan assets6,176 (4,563)
Employer contributions1,631 1,634 
Benefits paid(11,565)(8,956)
Market-related value of plan assets at fiscal year end$96,742 $100,500 
Rate of return on invested assets
Weighted invested assets95,542 108,012 
Rate of return5.90 %(3.18)%
Investment Loss/(Gain)
Actual return6,176 (4,563)
Expected return5,947 4,686 
Loss (gain)229 9,249 
The following table presents the fair values of the assets of our pension plans as of February 29, 2024 and February 28, 2023 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. No assets were categorized in Level 2 or Level 3 of the hierarchy as of February 29, 2024 and February 28, 2023. Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables to permit a reconciliation to total plan assets. We do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements.
February 29, 2024February 28, 2023
Level 1Level 2Assets measured at Net Asset ValueTotalLevel 1Level 2Assets measured at Net Asset ValueTotal
Equity securities$— $— $46,205 $46,205 $— $— $46,193 $46,193 
Collective investment trusts— — 10,100 10,100 — — 9,961 9,961 
Corporate bonds— — 11,617 11,617 — — 10,995 10,995 
U.S. Government bonds— — 6,389 6,389 — — 11,343 11,343 
Municipal bonds— — 18,362 18,362 — — 19,759 19,759 
Cash and cash equivalents4,069 — — 4,069 2,249 — — 2,249 
Total pension plan assets$4,069 $— $92,673 $96,742 $2,249 $— $98,251 $100,500 
Defined Benefit Plan, Assumptions
The weighted-average assumptions used to determine the benefit obligation were as follows:
February 29, 2024February 28, 2023
Discount rate5.61 %5.59 %
Expected long-term rate of return on plan assets6.25 %6.25 %