DEBT

9 Months Ended

May 31, 2021

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
May 31, 2021	$	131,000	$	—	$	125	$	130,875	—	%
August 31, 2020	$	81,210	$	65,143	$	388	$	15,679	3.7	%

As of May 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 nine-months ended May 31, 2021:


(Amounts in thousands)	Current ‎portion of ‎long-term debt		Long-term ‎debt (net of current portion)		Total
Balances as of August 31, 2020	$	19,437	$	112,610	$	132,047	⁽¹⁾
Proceeds from long-term debt incurred during the period:
Trinidad subsidiary		547		2,453		3,000
Regularly scheduled loan payments		(1,164)		(11,971)		(13,135)
Reclassifications of long-term debt due in the next 12 months		1,706		(1,706)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar⁽²⁾		28		(92)		(64)
Balances as of May 31, 2021	$	20,554	$	101,294	$	121,848	⁽³⁾

⁽¹⁾The carrying amount of non-cash assets assigned as collateral for these loans was $158.6 million. No cash assets were assigned as collateral for these loans.

⁽²⁾These foreign currency translation adjustments are recorded within Other comprehensive loss.

⁽³⁾The carrying amount of cash and non-cash assets assigned as collateral for these loans was $2.8 million and $143.7 million, respectively.

As of May 31, 2021 and August 31, 2020, the Company had approximately $96.0 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 May 31,	Amount
2022	$	20,554
2023		26,381
2024		9,174
2025		25,608
2026		4,310
Thereafter		35,821
Total	$	121,848