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
November 30, 2018	$	69,000	$	—	$	395	$	68,605	—	%
August 31, 2018	$	69,000	$	—	$	632	$	68,368	—	%

As of November 30, 2018 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 November 30, 2018 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 three months ended November 30, 2018:



(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		(763)		(2,700)		(3,463)
Reclassifications of long-term debt		5,319		(5,319)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (2)		(35)		176		141
Balances as of November 30, 2018	$	19,376	$	79,877	$	99,253	(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 $122.3 million. No cash assets were assigned as collateral for these loans.

As of November 30, 2018, the Company had approximately $91.1 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 November 30, 2018, 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 November 30,	Amount
2019	$	19,376
2020		15,954
2021		12,201
2022		5,360
2023		16,613
Thereafter		29,749
Total	$	99,253