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DEBT | 6 Months Ended
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Feb. 28, 2019
DEBT [Abstract] |
DEBT | NOTE 7 – DEBT ﻿ Short-term borrowings consist of unsecured lines of credit. 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 |
﻿February 28, 2019 |  | $ | 69,000 |  | $ | — |  | $ | 406 |  | $ | 68,594 |  | — | %
﻿August 31, 2018 |  | $ | 69,000 |  | $ | — |  | $ | 632 |  | $ | 68,368 |  | — | %
﻿ As of February 28, 2019 and August 31, 2018, 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 February 28, 2019 and August 31, 2018, the Company was in compliance with respect to these covenants. Each of the facilities expires annually except for the U.S. facility, which expires bi-annually. The facilities are normally renewed. ﻿ The following table provides the changes in long-term debt for the six-months ended February 28, 2019: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |
﻿(Amounts in thousands) |  | Current portion of long-term debt |  | Long-term debt (net of current portion) |  | Total |
﻿Balances as of August 31, 2018 |  | $ | 14,855 |  | $ | 87,720 |  | $ | 102,575 | (1)
﻿Regularly scheduled loan payments |  |  | (1,563) |  |  | (4,782) |  |  | (6,345) |
﻿Reclassifications of long-term debt |  |  | 13,138 |  |  | (13,138) |  |  | — |
﻿Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (2) |  |  | (237) |  |  | (7) |  |  | (244) |
﻿Balances as of February 28, 2019 |  | $ | 26,193 |  | $ | 69,793 |  | $ | 95,986 | (3)
﻿
| (1) |  | The carrying amount of non-cash assets assigned as collateral for these loans was $125.9 million. No cash assets were assigned as collateral for these loans.
| (2) |  | These foreign currency translation adjustments are recorded within Other comprehensive income.
| (3) |  | The carrying amount of non-cash assets assigned as collateral for these loans was $118.6 million. No cash assets were assigned as collateral for these loans.
As of February 28, 2019, the Company had approximately $88.5 million of long-term loans in the U.S., Trinidad, Panama, El Salvador, Honduras, Costa Rica and Colombia that require these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. As of February 28, 2019, the Company was in compliance with all covenants or amended covenants. ﻿ As of August 31, 2018, the Company had approximately $93.6 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. ﻿ Annual maturities of long-term debt are as follows (in thousands): ﻿ ﻿
﻿ |  |  |
﻿Twelve Months Ended February 28, |  | Amount
﻿2020 |  | $ | 26,193
﻿2021 |  |  | 7,944
﻿2022 |  |  | 11,679
﻿2023 |  |  | 4,839
﻿2024 |  |  | 15,900
﻿Thereafter |  |  | 29,431
﻿Total |  | $ | 95,986
﻿ ﻿

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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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