| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2015-03-01 - 2016-02-29 |
|---|
Compensation and Retirement Disclosure [Abstract] | |
Company's Pension Plan Asset Allocation, by Asset Category |
The Company’s pension plan asset allocation, by asset
category, is as follows for the fiscal years ended:
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
Equity securities
|
|
|
55 |
% |
|
|
55 |
% |
|
Debt securities
|
|
|
38 |
% |
|
|
37 |
% |
|
Cash and cash equivalents
|
|
|
7 |
% |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
100 |
% |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
Company's Target Asset Allocation Percentage, by Asset Class |
The Company’s target asset allocation percentage, by asset
class, for the year ended February 29, 2016 is as follows:
|
|
|
|
Asset Class
|
|
Target Allocation
Percentage |
|
Cash
|
|
1 - 5% |
|
Fixed Income
|
|
35 - 55% |
|
Equity
|
|
45 - 60% |
|
Plan's Fair Value Hierarchy for Assets Measured at Fair Value |
The following tables present the Plan’s fair value hierarchy
for those assets measured at fair value as of February 29,
2016 and February 28, 2015 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Assets
Measured at
Fair Value
at 2/29/16 |
|
|
Fair Value Measurements |
|
|
Description
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Cash and cash equivalents
|
|
$ |
3,576 |
|
|
$ |
3,576 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Government bonds
|
|
|
10,887 |
|
|
|
— |
|
|
|
10,887 |
|
|
|
— |
|
|
Corporate bonds
|
|
|
7,134 |
|
|
|
— |
|
|
|
7,134 |
|
|
|
— |
|
|
Domestic equities
|
|
|
20,226 |
|
|
|
20,226 |
|
|
|
— |
|
|
|
— |
|
|
Foreign equities
|
|
|
5,724 |
|
|
|
5,724 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
47,547 |
|
|
$ |
29,526 |
|
|
$ |
18,021 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Assets
Measured at
Fair Value
at 2/28/15 |
|
|
Fair Value Measurements |
|
|
Description
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Cash and cash equivalents
|
|
$ |
4,262 |
|
|
$ |
4,262 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Government bonds
|
|
|
10,642 |
|
|
|
— |
|
|
|
10,642 |
|
|
|
— |
|
|
Corporate bonds
|
|
|
8,154 |
|
|
|
— |
|
|
|
8,154 |
|
|
|
— |
|
|
Domestic equities
|
|
|
21,974 |
|
|
|
21,974 |
|
|
|
— |
|
|
|
— |
|
|
Foreign equities
|
|
|
5,961 |
|
|
|
5,961 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
50,993 |
|
|
$ |
32,197 |
|
|
$ |
18,796 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses |
Pension expense is composed of the following components included in
cost of goods sold and selling, general and administrative expenses
in the Company’s consolidated statements of earnings for
fiscal years ended (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Components of net periodic benefit cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
1,301 |
|
|
$ |
1,122 |
|
|
$ |
1,262 |
|
|
Interest cost
|
|
|
2,369 |
|
|
|
2,447 |
|
|
|
2,402 |
|
|
Expected return on plan assets
|
|
|
(3,928 |
) |
|
|
(3,856 |
) |
|
|
(3,490 |
) |
|
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service cost
|
|
|
(86 |
) |
|
|
(145 |
) |
|
|
(145 |
) |
|
Unrecognized net loss
|
|
|
2,551 |
|
|
|
1,524 |
|
|
|
2,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit cost
|
|
|
2,207 |
|
|
|
1,092 |
|
|
|
2,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other changes in Plan Assets and Projected Benefit Obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized in Other comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss (gain)
|
|
|
2,102 |
|
|
|
11,224 |
|
|
|
(4,600 |
) |
|
Amortization of net actuarial loss
|
|
|
(2,551 |
) |
|
|
(1,524 |
) |
|
|
(2,052 |
) |
|
Amortization of prior service credit
|
|
|
86 |
|
|
|
145 |
|
|
|
145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(363 |
) |
|
|
9,845 |
|
|
|
(6,507 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recognized in net periodic pension cost and other
comprehensive income
|
|
$ |
1,844 |
|
|
$ |
10,937 |
|
|
$ |
(4,426 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost |
The following table represents the assumptions used to determine
benefit obligations and net periodic pension cost for fiscal years
ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Weighted average discount rate (net periodic pension cost)
|
|
|
4.00 |
% |
|
|
4.90 |
% |
|
|
4.60 |
% |
|
Earnings progression (net periodic pension cost)
|
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.00 |
% |
|
Expected long-term rate of return on plan assets
|
|
|
8.00 |
% |
|
|
8.00 |
% |
|
|
8.00 |
% |
|
Weighted average discount rate (benefit obligations)
|
|
|
4.30 |
% |
|
|
4.00 |
% |
|
|
4.90 |
% |
|
Earnings progression (benefit obligations)
|
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.00 |
% |
|
Schedule of Accumulated Benefit Obligation, Change in Projected Benefit Obligation, Change in Plan Assets, Funded Status, and Reconciliation to Amounts Recognized in Consolidated Balance Sheets |
The accumulated benefit obligation (“ABO”),
change in projected benefit obligation (“PBO”),
change in plan assets, funded status, and reconciliation to amounts
recognized in the consolidated balance sheets are as follows (in
thousands):
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
Change in benefit obligation
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$ |
60,845 |
|
|
$ |
51,339 |
|
|
Service cost
|
|
|
1,301 |
|
|
|
1,122 |
|
|
Interest cost
|
|
|
2,369 |
|
|
|
2,447 |
|
|
Actuarial (gain)/loss
|
|
|
(2,661 |
) |
|
|
6,637 |
|
|
Other assumption change
|
|
|
(1,603 |
) |
|
|
3,695 |
|
|
Benefits paid
|
|
|
(4,008 |
) |
|
|
(4,395 |
) |
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at end of year
|
|
$ |
56,243 |
|
|
$ |
60,845 |
|
|
|
|
|
|
|
|
|
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$ |
50,993 |
|
|
$ |
49,423 |
|
|
Company contributions
|
|
|
3,000 |
|
|
|
3,000 |
|
|
Gain (loss) on plan assets
|
|
|
(2,438 |
) |
|
|
2,965 |
|
|
Benefits paid
|
|
|
(4,008 |
) |
|
|
(4,395 |
) |
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at end of year
|
|
$ |
47,547 |
|
|
$ |
50,993 |
|
|
|
|
|
|
|
|
|
|
|
Funded status (benefit obligation less plan assets)
|
|
$ |
(8,696 |
) |
|
$ |
(9,852 |
) |
|
|
|
|
|
|
|
|
|
|
Accumulated benefit obligation at end of year
|
|
$ |
51,948 |
|
|
$ |
56,170 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Estimated Future Benefit Payments which Reflect Expected Future Service |
Estimated future benefit payments which reflect expected future
service, as appropriate, are expected to be paid in the fiscal
years ended (in thousands):
|
|
|
|
|
| |
|
Projected |
|
|
Year
|
|
Payments |
|
|
2017
|
|
$ |
3,200 |
|
|
2018
|
|
|
3,800 |
|
|
2019
|
|
|
2,700 |
|
|
2020
|
|
|
3,400 |
|
|
2021
|
|
|
4,200 |
|
|
2022 – 2026
|
|
|
16,900 |
|
|