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DEBT | 6 Months Ended
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Feb. 29, 2020
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 29, 2020 |  | $ | 76,200 |  | $ | 3,579 |  | $ | 638 |  | $ | 71,983 |  | 4.3 | %
August 31, 2019 |  | $ | 69,000 |  | $ | 7,540 |  | $ | 486 |  | $ | 60,974 |  | 6.1 | %
As of February 29, 2020 and August 31, 2019, 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 29, 2020 and August 31, 2019, 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 29, 2020:
(Amounts in thousands) |  | Current ‎portion of ‎long-term debt |  | Long-term ‎debt (net of current portion) |  | Total |
Balances as of August 31, 2019 |  | $ | 25,875 |  | $ | 63,711 |  | $ | 89,586 | (1)
Proceeds from long-term debt incurred during the period: |  |  |  |  |  |  |  |  |  |
Colombia subsidiary |  |  | — |  |  | 25,000 |  |  | 25,000 |
Guatemala subsidiary |  |  | — |  |  | 20,820 |  |  | 20,820 |
Regularly scheduled loan payments |  |  | (1,268) |  |  | (4,040) |  |  | (5,308) |
Reclassifications of short-term debt |  |  | (8,421) |  |  | 8,421 |  |  | — |
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (2) |  |  | 61 |  |  | (33) |  |  | 28 |
Balances as of February 29, 2020 |  | $ | 16,247 |  | $ | 113,879 |  | $ | 130,126 | (3)
(1)The carrying amount of non-cash assets assigned as collateral for these loans was $111.3 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 $156.7 million. No cash assets were assigned as collateral for these loans. As of February 29, 2020, the Company had approximately $104.1 million of long-term loans in several foreign subsidiaries that require these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. As of February 29, 2020, the Company was in compliance with all covenants or amended covenants. As of August 31, 2019, the Company had approximately $83.1 million of long-term loans in several foreign subsidiaries 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
2021 |  | $ | 16,247
2022 |  |  | 11,470
2023 |  |  | 19,057
2024 |  |  | 16,489
2025 |  |  | 26,136
Thereafter |  |  | 40,727
Total |  | $ | 130,126

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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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