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Debt | 12 Months Ended
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Feb. 28, 2015
Debt Disclosure [Abstract] |
Debt | Debt During the fourth quarter of fiscal 2015, we entered into an amendment of the Company's existing $100.0 million committed revolving credit facility. The amount of the facility was increased to $125.0 million, the expiration date was extended to December 2019; the letter of credit facility was reduced to $40.0 million from $50.0 million, the outstanding amounts of which decrease the available commitment; and the maximum debt-to-EBITDA ratio was increased to 3.00. No other provisions of the original agreement were materially amended by the amended credit agreement. No borrowings were outstanding under the facility as of February 28, 2015 or March 1, 2014. Letters of credit issued under the facility decrease the amount of available commitment; $101.5 million was available under the facility at February 28, 2015 and $76.5 million was available at March 1, 2014. The credit facility requires the Company to maintain a debt-to-EBITDA ratio of not more than 3.00. This ratio is computed quarterly, with EBITDA computed on a rolling four-quarter basis. The Company’s ratio was 0.22 at February 28, 2015. The credit facility also requires the Company to maintain a minimum level of net worth, as defined in the credit facility, based on certain quarterly financial calculations. The minimum required net worth computed in accordance with the credit facility at February 28, 2015 was $318.8 million, whereas the Company’s net worth as defined in the credit facility was $382.5 million. If the Company is not in compliance with either of these covenants, the lenders may terminate the commitment and/or declare any loan then outstanding to be immediately due and payable. At February 28, 2015, the Company was in compliance with the financial covenants of the credit facility. In the second quarter of fiscal 2015, the Company entered into a Canadian Dollar $4.0 million revolving demand facility available to our Canadian operation. Borrowings under the facility are made available at the sole discretion of the lender and are payable on demand. Borrowings under the facility bear interest at rates specified in the credit agreement for the facility. Outstanding balances under this demand facility are classified as long-term debt, since outstanding amounts can be refinanced through our committed revolving credit facility. No borrowings were outstanding as of February 28, 2015.
(In thousands) | 2015 |  | 2014
Borrowings under revolving credit agreement | $ | — |  |  | $ | — |
Other, interest at 0.2% and 0.3% for fiscal 2015 and 2014, respectively | 20,631 |  |  | 20,708 |
Total long-term debt | 20,631 |  |  | 20,708 |
Less current installments | (44 | ) |  | (49 | )
Net long-term debt | $ | 20,587 |  |  | $ | 20,659 |
Included in the totals above are $20.4 million of industrial revenue bonds, and $0.2 million of other debt. The industrial revenue bonds mature in fiscal years 2021 through 2043, and the other debt matures in fiscal years 2016 through 2021. The fair value of the industrial revenue bonds approximates carrying value at February 28, 2015, due to the variable interest rates on these instruments. The bonds are classified as level 2 within the fair value hierarchy. Debt maturities are as follows:
(In thousands) | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | Thereafter |  | Total
Maturities | $44 |  | $44 |  | $44 |  | $44 |  | $44 |  | $20,411 |  | $ | 20,631 |
Selected information related to long-term debt is as follows:
(In thousands, except percentages) | 2015 |  | 2014
Average daily borrowings during the year | $ | 21,260 |  |  | $ | 21,800 |
Maximum borrowings outstanding during the year | 22,600 |  |  | 30,820 |
Weighted average interest rate during the year | 0.30 | % |  | 0.30 | %
Interest expense was as follows for fiscal 2015, 2014 and 2013:
(In thousands) | 2015 |  | 2014 |  | 2013
Interest on debt | $ | 581 |  |  | $ | 895 |  |  | $ | 895 |
Other interest expense | 343 |  |  | 364 |  |  | 599 |
Interest expense | $ | 924 |  |  | $ | 1,259 |  |  | $ | 1,494 |
Interest payments were $0.8 million in fiscal 2015, $0.7 million in fiscal 2014 and $1.0 million in fiscal and 2013.

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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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