Long-Term Debt (Tables)

12 Months Ended

Feb. 29, 2024

Debt Disclosure [Abstract]

Summary of long-term debt

A summary of our long-term debt follows:

(in thousands)	February 29, 2024		February 28, 2023
Credit Agreement (1):
Revolving loans	$	421,950	$	690,000
Term loans	250,000		246,875
Total borrowings under Credit Agreement (1)	671,950		936,875
Unamortized prepaid financing fees	(6,279)		(2,463)
Total long-term debt	665,671		934,412
Less: current maturities of long-term debt	(6,250)		(6,064)
Long-term debt, excluding current maturities	$	659,421	$	928,348

(1)Borrowings outstanding as of February 29, 2024 and February 28, 2023 are under the Credit Agreement and the Prior Credit Agreement, respectively.

Aggregate annual maturities of long-term debt

Aggregate annual maturities of our long-term debt as of February 29, 2024 were as follows:

(in thousands)
Fiscal 2025	$	6,250
Fiscal 2026	9,375
Fiscal 2027	12,500
Fiscal 2028	12,500
Fiscal 2029	631,325
Thereafter	—
Total	$	671,950

Schedule of interest rates on credit agreement

The following table contains information about interest rates and the related weighted average borrowings outstanding under our Credit Agreement, including under the Prior Credit Agreement, and the MBFC Loan for the periods presented below:

	Fiscal Years Ended Last Day of February,
(in thousands)	2024		2023		2022
Credit Agreement:
Average borrowings outstanding (1)	$	806,415	$	1,011,263	$	503,900
Average effective interest rate (2)	6.4%		4.4%		2.3%
Interest rate range (3)	6.5% - 9.3%		1.1% - 8.6%		1.1% - 3.3%
Weighted average interest rate on borrowings outstanding at year end (4)	6.0%		6.3%		1.6%
MBFC Loan:
Average borrowings outstanding (1)	(5)		$	12,226	$	17,087
Average effective interest rate (2)	(5)		5.0%		1.1%
Interest rate range	(5)		1.2% - 5.9%		1.1% - 1.2%
Weighted average interest rate on borrowings outstanding at year end	(5)		(5)		1.2%

(1)Average borrowings outstanding is computed as the average of the current and four prior quarters ending balances outstanding.

(2)The average effective interest rate during each year is computed by dividing the total interest expense associated with the borrowing for a fiscal year by the average borrowings outstanding for the same fiscal year. Beginning in fiscal 2024, we included the impact of our interest rate swaps and commitment fees incurred under the Credit Agreement and Prior Credit Agreement in computing total interest expense. Accordingly, we have recast the prior periods presented to conform.

(3)Interest rate range reflects the interest rates on the borrowings under the Credit Agreement and Prior Credit Agreement pursuant to the respective agreements and excludes the impact of our interest rate swaps.

(4)Beginning in the fourth quarter of fiscal 2024, the weighted average interest rate on borrowings outstanding at year end under the Credit Agreement is computed inclusive of the impact of our interest rate swaps. Accordingly, we have recast the prior periods presented to conform.

(5)As of February 29, 2024 and February 28, 2023, we no longer had any outstanding borrowings on the MBFC Loan as the MBFC Loan terminated pursuant to its terms on February 28, 2023.