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Debt
 12 Months Ended
Feb. 29, 2024
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] DEBT
(In thousands)As of February 29 or 28
Debt Description (1)
Maturity Date20242023
Revolving credit facility (2)
June 2028$— $— 
Term loan (2)
June 2024300,000 300,000 
Term loan (2)
October 2026699,633 699,493 
3.86% Senior notesApril 2023— 100,000 
4.17% Senior notes April 2026200,000 200,000 
4.27% Senior notesApril 2028200,000 200,000 
Financing obligationsVarious dates through February 2059516,544 522,526 
Non-recourse notes payableVarious dates through December 203016,866,972 16,360,092 
Total debt18,783,149 18,382,111 
Less: current portion(797,449)(579,468)
Less: unamortized debt issuance costs(26,044)(27,506)
Long-term debt, net $17,959,656 $17,775,137 

 (1)    Interest is payable monthly, with the exception of our senior notes, which are payable semi-annually.
 (2)    Borrowings accrue interest at variable rates based on SOFR, the federal funds rate, or the prime rate, depending on the type of borrowing.

Revolving Credit Facility. Borrowings under our $2.00 billion unsecured revolving credit facility (the “credit facility”) are available for working capital and general corporate purposes.  We pay a commitment fee on the unused portions of the available funds.  Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of borrowing.  Borrowings with “on demand” repayment terms are presented as short-term debt while amounts due at maturity are presented as long-term debt.  As of February 29, 2024, the unused capacity of $2.00 billion was fully available to us.
The weighted average interest rate on outstanding short-term and long-term debt was 3.99% in fiscal 2024, 2.87% in fiscal 2023 and 1.97% in fiscal 2022.
Term Loans.  Borrowings under our $300 million and $700 million term loans are available for working capital and general corporate purposes. The interest rate on our term loans was 6.31% in fiscal 2024, 5.47% in fiscal 2023 and 1.01% in fiscal 2022. The $300 million term loan matures in June 2024 and was therefore classified as current. The $700 million term loan was classified as long-term debt as no repayments are scheduled to be made within the next 12 months.

Senior Notes.  The 3.86% senior notes matured during the first quarter of fiscal 2024. Borrowings under our unsecured senior notes totaling $400 million are available for working capital and general corporate purposes. As of February 29, 2024, all notes were classified as long-term as no repayments are scheduled to be made within the next 12 months.
Financing Obligations.  Financing obligations relate to stores subject to sale-leaseback transactions that do not qualify for sale accounting.  The financing obligations were structured at varying interest rates and generally have initial lease terms ranging from 15 to 20 years with payments made monthly.  We have not entered into any new sale-leaseback transactions since fiscal 2009.  In the event the agreements are modified or extended beyond their original term, the related obligation is adjusted based on the present value of the revised future payments, with a corresponding change to the assets subject to these transactions. Upon modification, the amortization of the obligation is reset, resulting in more of the payments being applied to interest expense in the initial years following the modification.
Future maturities of financing obligations were as follows:
(In thousands)As of February 29, 2024
Fiscal 2025$55,315 
Fiscal 202660,223 
Fiscal 202750,872 
Fiscal 202850,464 
Fiscal 202952,277 
Thereafter716,725 
Total payments985,876 
Less: interest(469,332)
Present value of financing obligations$516,544 

Non-Recourse Notes Payable.  The non-recourse notes payable relate to auto loans receivable funded through non-recourse funding vehicles.  The timing of principal payments on the non-recourse notes payable is based on the timing of principal collections and defaults on the related auto loans receivable.  The current portion of non-recourse notes payable represents principal payments that are due to be distributed in the following period.
Notes payable related to our asset-backed term funding transactions accrue interest predominantly at fixed rates and have scheduled maturities through December 2030, but may mature earlier, depending upon the repayment rate of the underlying auto loans receivable.
Information on our funding vehicles of non-recourse notes payable as of February 29, 2024 are as follows:
(In billions)Capacity
Warehouse facilities:
March 2024 expiration$2.80 
August 2024 expiration2.30 
December 2024 expiration0.70 
Combined warehouse facility limit$5.80 
Unused capacity$2.06 
Non-recourse notes payable outstanding:
Warehouse facilities$3.74 
Asset-backed term funding transactions13.13 
Non-recourse notes payable$16.87 

We generally enter into warehouse facility agreements for one-year terms and typically renew the agreements annually. In March 2024, we extended the $2.8 billion facility with an expiration date of March 2025 and increased the capacity by $300 million to $3.1 billion. The return requirements of warehouse facility investors could fluctuate significantly depending on market conditions.  At renewal, the cost, structure and capacity of the facilities could change. These changes could have a significant impact on our funding costs.
See Notes 1(F) and 4 for additional information on the related auto loans receivable.
Capitalized Interest.  We capitalize interest in connection with the construction of certain facilities. For fiscal 2024, fiscal 2023 and fiscal 2022, we capitalized interest of $6.2 million, $5.6 million, and $5.9 million, respectively.
Financial Covenants.  The credit facility, term loans and senior note agreements contain representations and warranties, conditions and covenants.  We must also meet financial covenants in conjunction with certain financing obligations.  The agreements governing our non-recourse funding vehicles contain representations and warranties, as well as financial covenants
and performance triggers related to events of default.  As of February 29, 2024, we were in compliance with these financial covenants and our non-recourse funding vehicles were in compliance with these performance triggers.