Debt

Debt consists of $20.4 million of industrial revenue bonds, which mature in fiscal years 2021 through 2043. The fair value of the industrial revenue bonds approximates carrying value at February 27, 2016, due to the variable interest rates on these instruments. The bonds would be considered classified as Level 2 within the fair value hierarchy described in Note 4.

We maintain a $125.0 million committed revolving credit facility that expires in December 2019. No borrowings were outstanding under the credit facility as of February 27, 2016 or February 28, 2015. At February 27, 2016, the Company was in compliance with all financial covenants as provided below:



Debt covenant financial ratios	Maximum		Company's ratio
Debt-to-EBITDA ratio	3.00		0.16
	Minimum		Company's net worth
Net worth calculation (in millions)	$	356.7	406.2

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. We have the ability to issue letters of credit of up to $40.0 million under this credit facility, the outstanding amounts of which decrease the available commitment. At both February 27, 2016 and February 28, 2015, $101.5 million was available under this credit facility.

We also maintain a $4.0 million Canadian dollar revolving demand facility available to our Canadian operation. No borrowings were outstanding under the facility as of February 27, 2016 or February 28, 2015. 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 are as follows:



(In thousands)	2017	2018	2019	2020	2021	Thereafter	Total
Maturities	$—	$—	$—	$—	$5,400	$15,000	$	20,400



(In thousands, except percentages)	2016			2015
Average daily borrowings during the year	$	21,730		$	21,260
Maximum borrowings outstanding during the year	22,480			22,600
Weighted average interest rate during the year	0.29		%	0.30		%



(In thousands)	2016		2015		2014
Interest on debt	$	544	$	581	$	895
Other interest expense	49		343		364
Interest expense	$	593	$	924	$	1,259

Interest payments were $0.5 million in fiscal 2016, $0.8 million in fiscal 2015 and $0.7 million in fiscal 2014.