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Debt
 12 Months Ended
Feb. 26, 2022
Debt Disclosure [Abstract]  
Debt DebtAs of February 26, 2022, 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 26, 2022 and February 27, 2021, respectively. As of February 26, 2022 and February 27, 2021, we also had a $150 million term loan with a maturity of June 2024.
Our revolving credit facility and term loan contain two affirmative 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 26, 2022, 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 26, 2022, $218.6 million was available under this revolving credit facility.

Debt at February 26, 2022 also included $13.0 million of industrial revenue bonds that mature in fiscal years 2023 through 2043. The fair value of the industrial revenue bonds approximated carrying value at February 26, 2022, 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 26, 2022 or as of February 27, 2021.

Debt maturities and other selected information follows:
(In thousands)20232024202520262027ThereafterTotal
Maturities$1,000 $— $150,000 $— $— $12,000 $163,000 
(In thousands, except percentages)20222021
Average daily borrowings during the year$167,542 $187,397 
Maximum borrowings outstanding during the year168,669 235,232 
Weighted average interest rate during the year1.45 %1.89 %
(In thousands)February 26, 2022February 27, 2021February 29, 2020
Interest on debt$3,695 $4,981 $8,891 
Other interest expense866 604 326 
Interest expense$4,561 $5,585 $9,217 

Interest payments were $3.5 million in fiscal February 26, 2022, $4.6 million in fiscal February 27, 2021 and $9.1 million in fiscal February 29, 2020.