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ACCOUNTS RECEIVABLE PROGRAMS | 12 Months Ended
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Aug. 31, 2019
Transfers and Servicing [Abstract] |
ACCOUNTS RECEIVABLE PROGRAMS | NOTE 7. ACCOUNTS RECEIVABLE PROGRAMS As an additional source of liquidity, the Company sells certain trade accounts receivable both in the U.S. and Poland (hereinafter referred to as the "Programs"). For years prior to 2019, the Company accounted for transfers of the trade accounts receivable under the Programs as sales of financial assets, and the trade accounts receivable balances sold were removed from the consolidated balance sheets. On September 1, 2018, the Company amended certain terms of the Programs, disqualifying the sale of such receivables from being accounted for as sales of financial assets. For activity in the Programs occurring prior to the September 1, 2018 amendment, disclosures required under ASC 860-20-50 are provided below. See Note 10, Credit Arrangements for further details regarding the Programs after September 1, 2018. Prior to September 1, 2018, in exchange for trade receivables transferred into the Programs, the Company received either cash (referred to as a cash purchase prior or "CPP") or a deferred purchase price ("DPP"). Upon adoption of ASU 2016-15, the CPP received was reflected as cash provided by operating activities in the Company's consolidated statements of cash flows, and cash received to settle the DPP related to the transfer of receivables was included as part of investing activities in the Company's consolidated statement of cash flows. For periods prior to 2019, DPP on the Programs was included in accounts receivable on the Company's consolidated balance sheets.
(in thousands) |  | Total |  | U.S.* |  | Poland |  | Australia**
Deferred purchase price |  |  |  |  |  |  |  |
Balance at September 1, 2016 |  | $ | 289,748 |  |  | $ | 212,762 |  |  | $ | 50,324 |  |  | $ | 26,662 |
Transfers of trade receivables |  | 2,646,513 |  |  | 2,251,118 |  |  | 378,481 |  |  | 16,914 |
Less: CPP |  | (1,899,088 | ) |  | (1,635,701 | ) |  | (249,850 | ) |  | (13,537 | )
Non-cash increase to DPP |  | 747,425 |  |  | 615,417 |  |  | 128,631 |  |  | 3,377 |
Cash collections of DPP |  | (616,017 | ) |  | (512,171 | ) |  | (99,455 | ) |  | (4,391 | )
Net repayments (advances) |  | (81,731 | ) |  | (90,000 | ) |  | — |  |  | 8,269 |
Exit from Programs |  | (124,302 | ) |  | (90,385 | ) |  | — |  |  | (33,917 | )
Net collections of DPP |  | (822,050 | ) |  | (692,556 | ) |  | (99,455 | ) |  | (30,039 | )
Balance at August 31, 2017 |  | 215,123 |  |  | 135,623 |  |  | 79,500 |  |  | — |
Transfers of trade receivables |  | 2,932,379 |  |  | 2,396,780 |  |  | 535,599 |  |  | — |
Less: CPP |  | (2,187,377 | ) |  | (1,818,781 | ) |  | (368,596 | ) |  | — |
Non-cash increase to DPP |  | 745,002 |  |  | 577,999 |  |  | 167,003 |  |  | — |
Cash collections of DPP |  | (670,457 | ) |  | (531,541 | ) |  | (138,916 | ) |  | — |
Net repayments (advances) |  | 77,853 |  |  | 90,000 |  |  | (12,147 | ) |  | — |
Net collections of DPP |  | (592,604 | ) |  | (441,541 | ) |  | (151,063 | ) |  | — |
Balance at August 31, 2018 |  | $ | 367,521 |  |  | $ | 272,081 |  |  | $ | 95,440 |  |  | $ | — |
_________________ * Includes the sale of trade accounts receivable activities related to discontinued operations. See Note 4, Changes in Business, for further discussion. For 2017, transfers of trade accounts receivable were $354.5 million, and collections were $325.7 million. Redemptions of trade accounts receivable associated with the exit from the program were $83.7 million for 2017. ** Includes the sale of trade accounts receivable activities related to the Company's former Australian steel distribution business. See Note 4, Changes in Business, for further discussion. For 2017, there were no transfers of trade accounts receivable, collections were $3.7 million and redemptions of trade accounts receivable associated with the exit from the program were $1.6 million. At August 31, 2018, the Company transferred $381.1 million of trade accounts receivable to the financial institutions and had no advance payments outstanding under the U.S. Program and $12.1 million outstanding under the Polish Program.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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