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Debt | 12 Months Ended
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Feb. 27, 2021
Debt Disclosure [Abstract] |
Debt | Debt As of February 27, 2021, we had a committed revolving credit facility with maximum borrowings of up to $235 million with a maturity of June 2024. There were no outstanding borrowings under the revolving credit facility, as of February 27, 2021 and borrowings of $47.5 million were outstanding as of February 29, 2020. As of February 27, 2021 and February 29, 2020, we also had a $150 million term loan. The term loan was amended during the third quarter of fiscal 2021 to extend the maturity date to June 2024. Our revolving credit facility and term loan contain 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 and term loan may be terminated and/or any amounts then outstanding may be declared immediately due and payable. At February 27, 2021, we were in compliance with both financial covenants. We have the ability to issue letters of credit of up to $80.0 million under the credit facility, the outstanding amounts of which decrease the available commitment. At February 27, 2021, $216.3 million was available under this revolving credit facility. Debt at February 27, 2021 also included $15.0 million of industrial revenue bonds that mature in fiscal years 2022 through 2043. The fair value of the industrial revenue bonds approximated carrying value at February 27, 2021, 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 4. We also maintain two Canadian committed, revolving credit facilities totaling $25.0 million (USD). No borrowings were outstanding under the facilities in place as of February 27, 2021 or as of February 29, 2020. Debt maturities and other selected information follows:
(In thousands) |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter |  | Total
Maturities |  | $ | 2,000 |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | 150,000 |  |  | $ | — |  |  | $ | 12,000 |  |  | $ | 165,000 |
(In thousands, except percentages) |  | 2021 |  | 2020
Average daily borrowings during the year |  | $ | 187,397 |  |  | $ | 241,036 |
Maximum borrowings outstanding during the year |  | 235,232 |  |  | 282,000 |
Weighted average interest rate during the year |  | 1.89 | % |  | 2.91 | %
(In thousands) |  | February 27, 2021 |  | February 29, 2020 |  | March 2, 2019
Interest on debt |  | $ | 4,981 |  |  | $ | 8,891 |  |  | $ | 8,114 |
Other interest expense |  | 604 |  |  | 326 |  |  | 335 |
Interest expense |  | $ | 5,585 |  |  | $ | 9,217 |  |  | $ | 8,449 |
Interest payments were $4.6 million in fiscal February 27, 2021, $9.1 million in fiscal February 29, 2020 and $8.1 million in fiscal March 2, 2019.

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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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