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DEBT | 12 Months Ended
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Aug. 31, 2021
DEBT [Abstract] |
DEBT | NOTE 11 – 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 |
August 31, 2021 |  | $ | 131,000 |  | $ | — |  | $ | 97 |  | $ | 130,903 |  | — | %
August 31, 2020 |  | $ | 81,210 |  | $ | 65,143 |  | $ | 388 |  | $ | 15,679 |  | 3.7 | %
As of August 31, 2021 and August 31, 2020, the Company was in compliance with all covenants or amended covenants for each of its short-term facility agreements. These facilities generally expire annually or bi-annually and are normally renewed. The following table provides the changes in long-term debt for the twelve months ended August 31, 2021:
(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 |
Trinidad subsidiary |  |  | 6,062 |  |  | 6,000 |  |  | 12,062 |
Regularly scheduled loan payments |  |  | (5,393) |  |  | (9,771) |  |  | (15,164) |
Refinances of short-term debt |  |  | (11,046) |  |  | 11,046 |  |  | — |
Reclassifications of long-term debt due in the next 12 months |  |  | 3,875 |  |  | (3,875) |  |  | — |
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (3) |  |  | 64 |  |  | (321) |  |  | (257) |
Balances as of August 31, 2020 |  |  | 19,437 |  |  | 112,610 |  |  | 132,047 | (2)
Proceeds from long-term debt incurred during the period: |  |  |  |  |  |  |  |  |  |
Trinidad subsidiary |  |  | 2,736 |  |  | 14,829 |  |  | 17,565 |
Regularly scheduled loan payments |  |  | (5,168) |  |  | (14,825) |  |  | (19,993) |
Reclassifications of long-term debt due in the next 12 months |  |  | 2,368 |  |  | (2,368) |  |  | — |
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (3) |  |  | 22 |  |  | (136) |  |  | (114) |
Balances as of August 31, 2021 |  | $ | 19,395 |  | $ | 110,110 |  | $ | 129,505 | (4)
(1)The carrying amount on non-cash assets assigned as collateral for these loans was $111.3 million. No cash assets were assigned as collateral for these loans. (2)The carrying amount on non-cash assets assigned as collateral for these loans was $158.6 million. No cash assets were assigned as collateral for these loans. (3)These foreign currency translation adjustments are recorded within other comprehensive loss. (4)The carrying amount on non-cash assets assigned as collateral for these loans was $153.5 million. The carrying amount on cash assets assigned as collateral for these loans was $7.0 million. The following table provides a summary of the long-term loans entered into by the Company:
|  | August 31, |  | August 31,
|  | 2021 |  | 2020
Loans entered into by the Company's subsidiaries for which the subsidiary has entered into a cross-currency interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants |  | $ | 38,531 |  | $ | 42,585
Loans entered into by the Company's subsidiaries for which the subsidiary has entered into an interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants |  |  | 42,744 |  |  | 45,519
Unswapped loans entered into by the Company's subsidiaries with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants |  |  | 48,230 |  |  | 43,943
Total long-term debt |  |  | 129,505 |  |  | 132,047
Less: current portion |  |  | 19,395 |  |  | 19,437
Long-term debt, net of current portion |  | $ | 110,110 |  | $ | 112,610
As of August 31, 2021 and August 31, 2020, the Company had approximately $103.4 million and $107.4 million, respectively, 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. The Company was in compliance with all covenants or amended covenants for both periods. Annual maturities of long-term debt are as follows (in thousands):
Twelve Months Ended August 31, |  | Amount
2022 |  | $ | 19,395
2023 |  |  | 27,427
2024 |  |  | 11,264
2025 |  |  | 25,730
2026 |  |  | 10,844
Thereafter |  |  | 34,845
Total |  | $ | 129,505

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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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