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Long-Term Debt (Tables) | 12 Months Ended
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Feb. 28, 2019
Debt Disclosure [Abstract] |
Summary of long-term debt | A summary of our long-term debt follows:
(dollars in thousands) | Original Date Borrowed | Interest Rates | Matures | February 28, 2019 | February 28, 2018
Mississippi Business Finance Corporation Loan (the "MBFC Loan") (1) | 03/13 | Floating | 03/23 | $ | 22,335 |  | $ | 24,219 |
Credit Agreement (2) | 01/15 | Floating | 12/21 | 298,449 |  | 265,650 |
Total long-term debt |  |  |  | 320,784 |  | 289,869 |
Less current maturities of long-term debt |  |  |  | (1,884 | ) | (1,884 | )
Long-term debt, excluding current maturities |  |  |  | $ | 318,900 |  | $ | 287,985 |
(1) | The MBFC Loan is unsecured with an original balance of $37.6 million and incurs floating interest based on applicable LIBOR plus a margin of up to 2.0% , or a base rate plus a margin of up to 1.0%, as determined by the interest rate elected and the Leverage Ratio. The loan is subject to holder’s call on or after March 1, 2018. The loan can be prepaid without penalty. The remaining principal balance is payable as follows: $1.9 million annually on March 1, 2019 through 2022; and $14.8 million on March 1, 2023. Any remaining outstanding principal and interest is due upon maturity on March 1, 2023.
(2) | Floating interest rates are hedged with an interest rate swap to effectively fix interest rates on $225 million of the outstanding principal balance under the Credit Agreement. Notes 15 and 16 to these consolidated financial statements provide additional information regarding the interest rate swap.
Schedule of interest rates on credit agreement | The following table contains information about interest rates on our Credit Agreement and the related weighted average borrowings outstanding for the periods covered by our consolidated statements of income:
| Fiscal Years Ended February 28,
(in thousands) | 2019 | 2018 | 2017
Average borrowings outstanding (1) | $ | 290,860 |  | $ | 382,960 |  | $ | 498,420 |
Average interest rate during each year (2) | 3.2 | % | 2.7 | % | 2.2 | %
Interest rate range during each year | 2.8% - 5.5% |  | 2.3 - 4.8% |  | 1.9 - 4.3% |
Weighted average interest rates on borrowings outstanding at year end | 3.6 | % | 2.9 | % | 2.3 | %
Summary of components of interest expense | The following table contains a summary of the components of our interest expense for the periods covered by our consolidated statements of income:
| Fiscal Years Ended February 28,
(in thousands) | 2019 | 2018 | 2017
Interest and commitment fees | $ | 11,366 |  | $ | 13,084 |  | $ | 13,745 |
Deferred finance costs | 1,015 |  | 887 |  | 706 |
Interest rate swap settlements, net | (515 | ) | 54 |  | — |
Cross-currency debt swap | (147 | ) | (74 | ) | (90 | )
Total interest expense | $ | 11,719 |  | $ | 13,951 |  | $ | 14,361 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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