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Debt | 12 Months Ended
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Mar. 02, 2019
Debt Disclosure [Abstract] |
Debt | Debt We maintain a committed revolving credit facility with maximum borrowings of up to $335.0 million, maturing in November 2021. Outstanding borrowings under our committed revolving credit facility were $225.0 million, as of March 2, 2019 and $195.0 million outstanding as of March 3, 2018. Under this facility, we are subject to 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 2, 2019, 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 2, 2019, $84.9 million was available under this credit facility. Debt at March 2, 2019 also included $20.4 million of industrial revenue bonds that mature in fiscal years 2021 through 2043 and $0.4 million of long-term debt in Canada that matures in August 2022. The fair value of the industrial revenue bonds approximated carrying value at March 2, 2019, 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 two Canadian demand revolving credit facilities totaling $12.0 million Canadian dollars. No borrowings were outstanding under the facilities as of March 2, 2019 or March 3, 2018. Borrowings under the facilities are made available at the sole discretion of the lender and are payable on demand, with interest at rates specified in the credit agreements for the demand facilities. Debt maturities and other selected information follows:
(In thousands) |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total
Maturities |  | $121 |  | $5,521 |  | $227,121 |  | $1,082 |  | $— |  | $12,000 |  | $ | 245,845 |
(In thousands, except percentages) |  | 2019 |  | 2018
Average daily borrowings during the year |  | $ | 207,358 |  |  | $ | 195,400 |
Maximum borrowings outstanding during the year |  | 249,000 |  |  | 276,100 |
Weighted average interest rate during the year |  | 3.61 | % |  | 2.61 | %
(In thousands) |  | 2019 |  | 2018 |  | 2017
Interest on debt |  | $ | 8,114 |  |  | $ | 5,208 |  |  | $ | 971 |
Other interest expense |  | 335 |  |  | 300 |  |  | — |
Interest expense |  | $ | 8,449 |  |  | $ | 5,508 |  |  | $ | 971 |
Interest payments were $8.1 million in fiscal 2019, $5.3 million in fiscal 2018 and $0.8 million in fiscal 2017.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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