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Defined Benefit Pension Plan (Tables)
 12 Months Ended
Feb. 28, 2025
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 28, 2025February 29, 2024February 28, 2023
Disclosed benefit cost
Interest cost$6,833 $7,031 $5,264 
Expected return on plan assets(5,954)(5,947)(4,686)
Subtotal879 1,084 578 
Net periodic benefit cost (income)879 1,084 578 
Disclosed net benefit cost879 1,084 578 
Presentation of benefit cost pursuant to ASC 715-20
Other components of net periodic benefit cost879 1,084 578 
Disclosed net benefit cost$879 $1,084 $578 
Assumptions used to determine benefit cost:
Discount rate5.61 %5.59 %4.76 %
Expected long-term rate of return on plan assets6.25 %6.25 %5.50 %
Schedule of Changes in Projected Benefit Obligations
The changes in benefit obligation and the funded status of the Plan as of and for the years ended below were as follows (in thousands):
As of
Current and non-current classificationFebruary 28, 2025February 29, 2024
Non-current liability$(24,587)$(31,148)
Net balance sheet asset (liability)(24,587)(31,148)
Reconciliation of net balance sheet asset (liability)
Net balance sheet asset (liability) at beginning of fiscal year(31,148)(31,287)
Interest cost(6,833)(7,031)
Expected return on plan assets5,954 5,947 
Actuarial gain (loss)(530)(408)
Employer contributions7,970 1,631 
Net balance sheet asset (liability) at end of fiscal year$(24,587)$(31,148)
Assumptions and dates used for disclosure:
Discount rate5.52 %5.61 %
Census dateOctober 1, 2024October 1, 2023
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
The following table presents information for the Plan with projected benefit obligations in excess of plan assets (in thousands):
As of
February 28, 2025February 29, 2024
Projected benefit obligation$(124,898)$(127,890)
Fair value of plan assets, excluding receivable contributions100,311 96,742 
Net balance sheet asset (liability)$(24,587)$(31,148)
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 End
February 28, 2025February 29, 2024February 28, 2023
Net loss (gain)$776 $246 $(162)
Accumulated other comprehensive (income) loss before adjustment for tax effects ("AOCI")776 246 (162)
Development of AOCI
AOCI at beginning of fiscal year246 (162)— 
Occurring during the year:
Net loss (gain)530 408 (162)
AOCI at fiscal year end$776 $246 $(162)
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
2026$12,422 
202711,609 
202811,350 
202911,053 
203010,736 
2031 through 203548,033 
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 28, 2025February 29, 2024
Change in projected benefit obligation ("PBO")
PBO at beginning of fiscal year$127,890 $131,787 
Interest cost6,833 7,031 
Actuarial loss (gain)1,727 637 
Benefits paid from plan assets(11,552)(11,565)
PBO at fiscal year end$124,898 $127,890 
Change in plan assets
Fair value of plan assets at beginning of fiscal year96,742 100,500 
Actual return on plan assets7,151 6,176 
Employer contributions7,970 1,631 
Benefits paid(11,552)(11,565)
Fair value of plan assets at fiscal year end$100,311 $96,742 
Year Ended
February 28, 2025February 29, 2024February 28, 2023
Reconciliation of net loss (gain)
Net amount at beginning of fiscal year$246 $(162)$— 
Experience loss (gain)530 408 (162)
Net amount at fiscal year end$776 $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 28, 2025February 29, 2024
Reconciliation of fair value of plan assets
Fair value of plan assets at beginning of fiscal year$96,742 $100,500 
Actual return on plan assets7,151 6,176 
Employer contributions7,970 1,631 
Benefits paid(11,552)(11,565)
Fair value of plan assets at end of fiscal year$100,311 $96,742 
Rate of return on invested assets
Weighted invested assets95,654 95,542 
Rate of return7.48 %5.90 %
Investment Loss/(Gain)
Actual return7,151 6,176 
Expected return5,954 5,947 
Loss (gain)(1,197)229 
The following table presents the fair values of the assets of our pension plans as of February 28, 2025 and February 29, 2024 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. No assets were categorized in Level 2 or Level 3 of the hierarchy as of February 28, 2025 and February 29, 2024. Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables to permit a reconciliation to total plan assets. We do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements.
As of
February 28, 2025February 29, 2024
Level 1Level 2Assets measured at Net Asset ValueTotalLevel 1Level 2Assets measured at Net Asset ValueTotal
Equity securities$— $— $46,936 $46,936 $— $— $46,205 $46,205 
Collective investment trusts— — 10,164 10,164 — — 10,100 10,100 
Corporate bonds— — 13,258 13,258 — — 11,617 11,617 
U.S. Government bonds— — 6,729 6,729 — — 6,389 6,389 
Municipal bonds— — 19,090 19,090 — — 18,362 18,362 
Cash and cash equivalents4,134 — — 4,134 4,069 — — 4,069 
Total pension plan assets$4,134 $— $96,177 $100,311 $4,069 $— $92,673 $96,742 
Defined Benefit Plan, Assumptions
The weighted-average assumptions used to determine the benefit obligation were as follows:
As of
February 28, 2025February 29, 2024
Discount rate5.52 %5.61 %
Expected long-term rate of return on plan assets6.75 %6.25 %