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Debt | 12 Months Ended
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Mar. 04, 2017
Debt Disclosure [Abstract] |
Debt | Debt In December 2016, we amended and restated the credit agreement governing our credit facility to, among other changes, increase the amount of the revolving credit facility to $175.0 million, extend the maturity date to November 2021 and to modify the financial covenants under the credit agreement. We had $45.0 million outstanding on our revolving credit facility as of March 4, 2017 and no borrowings outstanding as of February 27, 2016. As defined within our facility, we have two financial covenants that require us to stay below a maximum debt-to-EBITDA ratio and maintain a minimum ratio of interest expense-to-EBITDA. Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis. If the Company is not in compliance with either of these covenants, our credit facility may be terminated and/or any amounts then outstanding may be declared immediately due and payable. At March 4, 2017, we were in compliance with both financial covenants. We have the ability to issue letters of credit of up to $70.0 million under this credit facility, the outstanding amounts of which decrease the available commitment. At March 4, 2017, $106.5 million was available under this credit facility. Debt at March 4, 2017 also included $20.4 million of industrial revenue bonds that mature in fiscal years 2021 through 2043. The fair value of the industrial revenue bonds approximated carrying value at March 4, 2017, due to the variable interest rates on these instruments. The bonds would be classified as Level 2 within the fair value hierarchy described in Note 5. We also maintain a $4.0 million Canadian dollar revolving demand facility. No borrowings were outstanding under the facility as of March 4, 2017 or February 27, 2016. Borrowings under the facility are made available at the sole discretion of the lender and are payable on demand, with interest at rates specified in the credit agreement for the demand facility. Debt maturities and other selected information follows:
(In thousands) | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | Thereafter |  | Total
Maturities | $— |  | $— |  | $— |  | $5,400 |  | $47,000 |  | $13,000 |  | $ | 65,400 |
(In thousands, except percentages) | 2017 |  | 2016
Average daily borrowings during the year | $ | 34,320 |  |  | $ | 21,730 |
Maximum borrowings outstanding during the year | 91,400 |  |  | 22,480 |
Weighted average interest rate during the year | 2.22 | % |  | 0.29 | %
(In thousands) | 2017 |  | 2016 |  | 2015
Interest on debt | $ | 971 |  |  | $ | 544 |  |  | $ | 581 |
Other interest expense | — |  |  | 49 |  |  | 343 |
Interest expense | $ | 971 |  |  | $ | 593 |  |  | $ | 924 |
Interest payments were $0.8 million in fiscal 2017, $0.5 million in fiscal 2016 and $0.8 million in fiscal 2015.

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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 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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