XML 43 R17.htm IDEA: XBRL DOCUMENT v3.20.1

CREDIT ARRANGEMENTS

9 Months Ended

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 at 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.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration