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DEBT | 9 Months Ended
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May 31, 2017
DEBT [Abstract] |
DEBT | NOTE 6 – DEBT ﻿ Short-term borrowings consist of lines of credit that are secured by certain assets of the Company and its subsidiaries, which, in some cases, are guaranteed by the Company. The following table summarizes the balances of total facilities, facilities used and facilities available (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  | Facilities Used |  |  |  |  |  |
﻿ |  | Total Amount |  | Short-term |  | Letters of |  | Facilities |  | Weighted average |
﻿ |  | of Facilities |  | Borrowings |  | Credit |  | Available |  | interest rate |
﻿May 31, 2017 |  | $ | 69,000 |  | $ | — |  | $ | 220 |  | $ | 68,780 |  | — | %
﻿August 31, 2016 |  | $ | 65,000 |  | $ | 16,534 |  | $ | 9,224 |  | $ | 39,242 |  | 10.1 | %
﻿ As of May 31, 2017 and August 31, 2016, the Company had approximately $40.0 million of short-term facilities in the U.S. that require compliance with certain quarterly financial covenants. As of May 31, 2017 and August 31, 2016, the Company was in compliance with respect to these covenants. E ach of the facilities expires annually and is normally renewed. ﻿ ﻿ The following table provides the changes in long-term debt for the nine months ended May 31, 2017: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |
﻿(Amounts in thousands) |  | Current portion of long-term debt |  | Long-term debt (net of current portion) |  | Total |
﻿Balances as of August 31, 2016 |  | $ | 14,565 |  | $ | 73,542 |  | $ | 88,107 | (1)
﻿Proceeds from long-term debt incurred during the period: |  |  |  |  |  |  |  |  |  |
﻿MUFG Union Bank |  |  | — |  |  | 35,700 |  |  | 35,700 |
﻿Trinidad subsidiary |  |  | 6,000 |  |  | 6,000 |  |  | 12,000 |
﻿Repayments of long-term debt: |  |  |  |  |  |  |  |  |  |
﻿Regularly scheduled loan payments |  |  | (225) |  |  | (10,784) |  |  | (11,009) |
﻿Translation adjustments on foreign-currency debt of subsidiaries whose functional currency is not the U.S. dollar (2) |  |  | 36 |  |  | (120) |  |  | (84) |
﻿Balances as of May 31, 2017 |  | $ | 20,376 |  | $ | 104,338 |  | $ | 124,714 | (3)
﻿
| (1) |  | The carrying amount o f non-cash assets assigned as collateral for th ese loans was $102.4 million. No cash assets were assigned as collateral for th ese loans.
| (2) |  | These foreign currency translation adjustments are recorded within Other comprehensive income.
| (3) |  | The carrying amount o f non-cash assets assigned as collateral for th ese loans was $124.1 million. No cash assets were assigned as collateral for th ese loans.
﻿ On March 31, 2017, the Company's Trinidad subsidiary entered into a loan agreement with Citibank, N.A. The agreement provides for a $12.0 million loan to be repaid in eight quarterly principal payments plus interest. The interest rate is set at the 90 day LIBOR rate plus 3%. The loan was funded on March 31, 2017. ﻿ In January 2017, the Company finalized its acquisition of a distribution center in Medley, Miami-Dade County, Florida, for a total purchase price of approximately $46.0 million. The Company transfer red the majority of its Miami distribution center activities previously located in leased facilities to the new distribution center during the third quarter of fiscal year 2017. To finance the acquisition of this prop erty, the Company entered into a 10-year real estate secured loan with MUFG Union Bank, N.A. (“Union Bank”) for $35.7 million in January 2017. This loan has a variable interest rate of 30-day LIBOR plus 1.7%, with monthly principal and interest payments maturing in 2027. The monthly principal and interest payments begin in April 2019. The Company also entered into an interest rate hedge with Union Bank for $35.7 million, the notional amount. Under the hedge, the Company will receive variable interest equal to 30-day LIBOR plus 1.7% and pay fixed interest at a rate of 3.65%, with an effective date of March 1, 2017 and maturity date of March 1, 2027. The Company has terminated the lease and with respect to portions of the Miami distribution facilities intends to terminate or enter into sublease agreements for the remaining portions of the leased facilities. The Company will record costs related to the termination of the leased facilities as liabilities, with the related expenses as warehouse expenses, once the leased facility is available for subleasing. As of May 31, 2017, the Company had approximately $102.0 million of long-term loans in the U.S., Trinidad, Panama, El Salvador, Honduras, Costa Rica, Barbados and Colombia that require these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. As of May 31, 2017, the Company was in compliance with all covenants or amended covenants. ﻿ As of August 31, 2016, the Company had approximately $76.0 million of long-term loans in Trinidad, Panama, El Salvador, Honduras, Costa Rica, Barbados, and Colombia that require these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. As of August 31, 2016, the Company was in compliance with all covenants or amended covenants. ﻿ Annual maturities of long-term debt are as follows (in thousands): ﻿ ﻿
﻿ |  |  |
﻿ |  |  |
﻿Twelve Months Ended May 31, |  | Amount
﻿2018 |  | $ | 20,376
﻿2019 |  |  | 19,972
﻿2020 |  |  | 29,396
﻿2021 |  |  | 18,816
﻿2022 |  |  | 3,182
﻿Thereafter |  |  | 32,972
﻿Total |  | $ | 124,714

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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