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CREDIT ARRANGEMENTS | 9 Months Ended
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May 31, 2020
Debt Disclosure [Abstract] |
Credit arrangements | NOTE 8. CREDIT ARRANGEMENTS Long-term debt at May 31, 2020 and August 31, 2019 was as follows:
(in thousands) |  | Weighted Average Interest Rate at May 31, 2020 |  | May 31, 2020 |  | August 31, 2019
2027 Notes |  | 5.375% |  | $ | 300,000 |  |  | $ | 300,000 |
2026 Notes |  | 5.750% |  | 350,000 |  |  | 350,000 |
2023 Notes |  | 4.875% |  | 330,000 |  |  | 330,000 |
Term Loan |  | 3.113% |  | 110,125 |  |  | 210,125 |
Poland credit facilities |  | 1.989% |  | 22,350 |  |  | — |
Short-term borrowings |  | 1.900% |  | 2,765 |  |  | 3,929 |
Other |  | 5.100% |  | 21,329 |  |  | 23,168 |
Finance leases |  |  |  | 43,505 |  |  | 37,699 |
Total debt |  |  |  | 1,180,074 |  |  | 1,254,921 |
Less debt issuance costs |  |  |  | 9,003 |  |  | 10,268 |
Total amounts outstanding |  |  |  | 1,171,071 |  |  | 1,244,653 |
Less current maturities |  |  |  | 14,506 |  |  | 13,510 |
Less short-term borrowings |  |  |  | 2,765 |  |  | 3,929 |
Current maturities of long-term debt and short-term borrowings |  |  |  | 17,271 |  |  | 17,439 |
Long-term debt |  |  |  | $ | 1,153,800 |  |  | $ | 1,227,214 |
The Company had no amounts drawn under the $350.0 million revolving credit facility (the "Revolver") at May 31, 2020 and August 31, 2019. The availability under the Revolver was reduced by outstanding stand-by letters of credit of $3.0 million a t May 31, 2020 and August 31, 2019. The Company also has credit facilities in Poland through its subsidiary CMCP. At May 31, 2020, CMCP's credit facilities totaled Polish zloty ("PLN") 275.0 million, or $68.6 million. These facilities expire in March 2022. At May 31, 2020, $22.4 million was outstanding under these facilities. No amounts were outstanding as of August 31, 2019. The available balance of these credit facilities was further reduced by outstanding stand-by letters of credit, guarantees, and/or other financial assurance instruments, which totaled $0.8 million and $1.1 million at May 31, 2020 and August 31, 2019, respectively. The Company's debt agreements require the Company to comply with certain non-financial and financial covenants, including an interest coverage ratio and a debt to capitalization ratio. At May 31, 2020, the Company was in compliance with all covenants contained in its debt agreements. Accounts Receivable Facilities The Company had no advance payments outstanding under the U.S. accounts receivable facility at May 31, 2020 or August 31, 2019. The Poland accounts receivable facility has a limit of PLN 220.0 million ($54.9 million at May 31, 2020). The Company had $2.8 million of advance payments outstanding under the Poland accounts receivable facility at May 31, 2020, and $3.9 million at August 31, 2019.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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