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136 - Disclosure - Pension Plan (Tables)
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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