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CREDIT ARRANGEMENTS | 3 Months Ended
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Nov. 30, 2021
Debt Disclosure [Abstract] |
Credit arrangements | NOTE 8. CREDIT ARRANGEMENTS Long-term debt was as follows:
(in thousands) |  | Weighted Average Interest Rate as of November 30, 2021 |  | November 30, 2021 |  | August 31, 2021
2031 Notes |  | 3.875% |  | $ | 300,000 |  |  | $ | 300,000 |
2027 Notes |  | 5.375% |  | 300,000 |  |  | 300,000 |
2023 Notes |  | 4.875% |  | 330,000 |  |  | 330,000 |
Poland Term Loan |  | 3.080% |  | 44,055 |  |  | 49,726 |
Short-term borrowings |  | 1.161% |  | 29,992 |  |  | 26,560 |
Other |  | 5.100% |  | 19,492 |  |  | 19,492 |
Finance leases |  |  |  | 48,936 |  |  | 52,144 |
Total debt |  |  |  | 1,072,475 |  |  | 1,077,922 |
Less debt issuance costs |  |  |  | 7,778 |  |  | 8,141 |
Total amounts outstanding |  |  |  | 1,064,697 |  |  | 1,069,781 |
Less current maturities of long-term debt and short-term borrowings |  |  |  | 56,896 |  |  | 54,366 |
Long-term debt |  |  |  | $ | 1,007,801 |  |  | $ | 1,015,415 |
The Company had no amounts drawn under its $400.0 million revolving credit facility (the "Revolver") at November 30, 2021 or August 31, 2021. The availability under the Revolver was reduced by outstanding stand-by letters of credit totaling $3.0 million at November 30, 2021 and August 31, 2021. The Company has a Term Loan facility (the "Poland Term Loan") through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP"). At November 30, 2021, PLN 181.0 million, or $44.1 million, was outstanding, compared to the maximum amount available under the facility, PLN 190.5 million, or $49.7 million, which was outstanding as of August 31, 2021. The Company also has credit facilities in Poland through its subsidiary, CMCP. At November 30, 2021, CMCP's credit facilities totaled PLN 300.0 million, or $73.0 million. There were no amounts outstanding under these facilities as of November 30, 2021 or August 31, 2021. 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 $0.9 million and $5.7 million at November 30, 2021 and August 31, 2021, respectively. 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, 2021, 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. trade accounts receivable facility at November 30, 2021 or August 31, 2021. The Poland accounts receivable facility had a limit of PLN 288.0 million, or $70.1 million, at November 30, 2021. The Company had PLN 123.2 million, or $30.0 million, advance payments outstanding under the Poland accounts receivable facility at November 30, 2021, and PLN 101.7 million, or $26.6 million, advance payments outstanding at August 31, 2021.

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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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