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CREDIT ARRANGEMENTS | 3 Months Ended
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Nov. 30, 2020
Debt Disclosure [Abstract] |
Credit arrangements | NOTE 8. CREDIT ARRANGEMENTS Long-term debt was as follows:
(in thousands) |  | Weighted Average Interest Rate at November 30, 2020 |  | November 30, 2020 |  | August 31, 2020
2027 Notes |  | 5.375% |  | $ | 300,000 |  |  | $ | 300,000 |
2026 Notes |  | 5.750% |  | 350,000 |  |  | 350,000 |
2023 Notes |  | 4.875% |  | 330,000 |  |  | 330,000 |
Poland Term Loan |  | 1.720% |  | 39,944 |  |  | 40,713 |
Other |  | 5.100% |  | 21,329 |  |  | 21,329 |
Finance leases |  |  |  | 52,481 |  |  | 50,224 |
Total debt |  |  |  | 1,093,754 |  |  | 1,092,266 |
Less debt issuance costs |  |  |  | 8,160 |  |  | 8,581 |
Total amounts outstanding |  |  |  | 1,085,594 |  |  | 1,083,685 |
Less current maturities of long-term debt |  |  |  | 20,701 |  |  | 18,149 |
Long-term debt |  |  |  | $ | 1,064,893 |  |  | $ | 1,065,536 |
The Company had no amounts drawn under its $350.0 million revolving credit facility (the "Revolver") at November 30, 2020 and August 31, 2020. The availability under the Revolver was reduced by outstanding stand-by letters of credit totaling $3.0 million a t November 30, 2020 and August 31, 2020. The Company has a Term Loan facility (the "Poland Term Loan") through its subsidiary, CMC Poland Sp. zo.o. (“CMCP”), which allows for a maximum aggregate principal amount of Polish zloty ("PLN") 250.0 million, or $66.6 million, at November 30, 2020. At November 30, 2020 and August 31, 2020, PLN 150.0 million, or $39.9 million, and PLN 150.0 million, or $40.7 million, respectively, was outstanding. The Company also has credit facilities in Poland through its subsidiary CMCP. At November 30, 2020, CMCP's credit facilities totaled PLN 275.0 million, or $73.2 million. These facilities expire in March 2022. No amounts were outstanding under these facilities as of November 30, 2020 or August 31, 2020. The available balance of these credit facilities was reduced by outstanding stand-by letters of credit, guarantees, and/or other financial assurance instruments, which totaled $0.8 million at November 30, 2020 and August 31, 2020. The Company's debt agreements require compliance with certain non-financial and financial covenants, including an interest coverage ratio and a debt to capitalization ratio. At November 30, 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 its U.S. accounts receivable facility at November 30, 2020 or August 31, 2020. The Poland accounts receivable facility has a limit of PLN 220.0 million ($58.6 million at November 30, 2020). The Company had no advance payments outstanding under the Poland accounts receivable facility at November 30, 2020 or August 31, 2020.

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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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