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ACCOUNTS RECEIVABLE PROGRAMS
 12 Months Ended
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.