DEBT

6 Months Ended

Feb. 29, 2020

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