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Debt | 9 Months Ended
--- | ---
Nov. 30, 2014
Debt [Abstract] |
Debt | 10.Debt
|  | As of November 30 | As of February 28
(In thousands) | 2014 | 2014
Short-term revolving credit facility |  | $ | 2,574 |  | $ | 582 |
Current portion of finance and capital lease obligations |  |  | 20,915 |  |  | 18,459 |
Current portion of non-recourse notes payable |  |  | 241,807 |  |  | 223,938 |
Total current debt |  |  | 265,296 |  |  | 242,979 |
Long-term debt |  |  | 300,000 |  |  | ― |
Finance and capital lease obligations, excluding current portion |  |  | 311,771 |  |  | 315,925 |
Non-recourse notes payable, excluding current portion |  |  | 7,938,626 |  |  | 7,024,506 |
Total debt, excluding current portion |  |  | 8,550,397 |  |  | 7,340,431 |
Total debt |  | $ | 8,815,693 |  | $ | 7,583,410 |
Revolving Credit Facility. During the third quarter of fiscal 2015, we increased the borrowing capacity under our unsecured revolving credit facility (the “credit facility”) by $300 million to $1.0 b illion. The terms of the credit facility were unchanged and the expiration date remains August 2016. Borrowings under the credit facility are available for working capital and general corporate purposes. Borrowings accrue interest at variable rates based on LIBOR, the federal funds rate, or the prime rate, depending on the type of borrowing, and we pay a commitment fee on the unused portions of the available funds. As of November 30, 2014, the unused capacity of approximately $997 m illion was fully available to us. Finance and Capital Lease Obligations. Finance and capital lease obligations relate primarily to stores subject to sale-leaseback transactions that did not qualify for sale accounting, and therefore, are accounted for as financings. The leases were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly. Payments on the leases are recognized as interest expense and a reduction of the obligations. We have not entered into any sale-leaseback transactions since fiscal 2009. Non-Recourse Notes Payable. The non-recourse notes payable relate to auto loan receivables funded through term securitizations and our warehouse facilities. The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the securitized auto loan receivables. The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period. As of November 30, 2014, $7.22 billion of non-recourse notes payable was outstanding related to term securitizations. These notes payable accrue interest predominantly at fixed rates and have scheduled maturities through May 2021, but may mature earlier or later, depending upon the repayment rate of the underlying auto loan receivables. As of November 30, 2014, $959.0 m illion of non-recourse notes payable was outstanding related to our warehouse facilities. The combined warehouse facility limit was $2.3 billion, and unused warehouse capacity totaled $1.34 billion. We increased the combined limit of our warehouse facilities by $300 million in July 2014 and by an additional $200 million in November 2014. During the second quarter of fiscal 2015, we renewed our $800 million warehouse facility that was scheduled to expire in August 2014 for an additional 364-day term. Of the combined warehouse facility limit, $1.5 billion will expire in February 2015 and $800 million will expire in July 2 015. The return requirements of the warehouse facility investors could fluctuate significantly depending on market conditions. At renewal, the cost, structure and capacity of the facilities could change. These changes could have a significant impact on our funding costs. See Notes 2 and 4 for additional information on the related securitized auto loan receivables. Term Loan. During the third quarter of fiscal 2015, we entered into a $300 million term loan with total outstanding principal due in November 2017. The term loan accrues interest at variable rates based on the LIBOR rate, the federal funds rate, or the prime rate. As of November 30, 2014, $300 million remained outstanding and no repayments are scheduled to be made within the next 12 months. Borrowings under the loan are available for working capital a nd general corporate purposes. In December 2014, we entered into an interest rate derivative contract to manage our exposure to variable interest rates associated with this term loan. Financial Covenants. The credit facility and term loan agreement s contain representations and warranties, conditions and covenants. We must also meet financial covenants in conjunction with certain of the sale-leaseback transactions. Our securitization agreements contain representations and warranties, financial covenants and performance triggers. As of November 30, 2014, we were in compliance with all financial covenants and our securitized receivables were in compliance with the related performance triggers.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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