Debt

6 Months Ended

Aug. 29, 2026

Debt Disclosure [Abstract]

Debt

Debt

We are party to a Credit Agreement (the Credit Agreement) with Bank of America, N.A., as administrative agent, and other lenders. The Credit Agreement provides for an unsecured senior credit facility in an aggregate principal amount of up to $700.0 million, in which commitments were made through a $450.0 million, five-year floating rate revolving credit facility and a committed $250.0 million delayed draw term loan facility. Borrowings under the revolving credit facility can be in Canadian dollars (CAD) limited to $25.0 million USD. The senior credit facility has a term of five years with a maturity date of July 19, 2029.

The Credit Agreement contains two maintenance financial covenants that require our Consolidated Leverage Ratio (as defined in the Credit Agreement) to be less than 3.50 and our Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) to exceed 3.00. At August 29, 2026, we were in compliance with all covenants as defined under the terms of the Credit Agreement.

Borrowings under the Credit Agreement bear floating interest at either the Base Rate or Term Secured Overnight Financing Rate (SOFR), or, for CAD borrowings, Canadian Overnight Repo Rate Average (CORRA), plus a margin based on the Consolidated Leverage Ratio (as defined in the Credit Agreement). For Base Rate borrowings, the margin ranges from 0.25% to 0.75%. For Term SOFR and CORRA borrowings, the margin ranges from 1.25% to 1.75%, with an incremental Term SOFR and CORRA adjustment of 0.10% and 0.29547%, respectively.

Outstanding borrowings under the term loan facility and current floating rate revolving facility were $206.5 million and $129.0 million, respectively, as of August 29, 2026. At August 29, 2026, we had a total of $2.6 million of ongoing letters of credit related to the senior credit facility, construction contracts and insurance collateral that expire in fiscal 2027 and reduce borrowing capacity under the floating rate revolving credit facility to an amount of $318.4 million.

Interest payments under the credit facilities were $6.7 million and $9.0 million for the six months ended August 29, 2026 and August 30, 2025, respectively. The weighted average interest rates on borrowings outstanding, inclusive of the impact of our interest rate swaps as of August 29, 2026, and February 28, 2026, were 4.45% and 4.44%, respectively.

	Three Months Ended				Six Months Ended
(In thousands)	August 29, 2026		August 30, 2025		August 29, 2026		August 30, 2025
Interest on debt	$	3,988	$	4,612	$	7,038	$	9,094
Interest rate swap expense (income)	113		(132)		198		(313)
Other interest expense	102		187		294		302
Interest income	(649)		(591)		(1,142)		(1,163)
Interest expense, net	$	3,554	$	4,076	$	6,388	$	7,920

The fair value of our senior credit facility approximated carrying value at August 29, 2026, and would be classified as Level 2 within the fair value hierarchy described in Note 4, due to the variable interest rates on these instruments.