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, 2019	$	69,000	$	7,540	$	486	$	60,974	6.1	%
August 31, 2018	$	69,000	$	—	$	632	$	68,368	—	%

As of August 31, 2019 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 August 31, 2019 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 twelve months ended August 31, 2019:


(Amounts in thousands)	Current portion of long-term debt		Long-term debt (net of current portion)		Total
Balances as of August 31, 2017	$	18,358	$	87,939	$	106,297	(1)
Proceeds from long-term debt incurred during the period:
Panama subsidiary		1,500		13,500		15,000
Honduras subsidiary		1,350		12,150		13,500
Repayments of long-term debt:
Repayment of loan by Honduras subsidiary with Scotiabank		(600)		(850)		(1,450)
Repayment of loan by Honduras subsidiary with Citibank		(1,850)		(6,063)		(7,913)
Repayment of loan by Trinidad subsidiary		(3,000)		(3,000)		(6,000)
Regularly scheduled loan payments		(4,052)		(12,673)		(16,725)
Reclassifications of long-term debt		3,005		(3,005)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar		144		(278)		(134)
Balances as of August 31, 2018		14,855		87,720		102,575	(2)
Regularly scheduled loan payments		(4,467)		(8,472)		(12,939)
Reclassifications of long-term debt		15,394		(15,394)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (3)		93		(143)		(50)
Balances as of August 31, 2019	$	25,875	$	63,711	$	89,586	(4)

⁽¹⁾

The carrying amount on non-cash assets assigned as collateral for these loans was $128.4 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 $125.9 million. No cash assets were assigned as collateral for these loans.

⁽³⁾

These foreign currency translation adjustments are recorded within other comprehensive income.

⁽⁴⁾

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.

The following table provides a summary of the long-term loans entered into by the Company:


	August 31,		August 31,
	2019		2018
Loans entered into by the Company's subsidiaries with a balloon payment due at the end of the loan term and with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants	$	7,481	$	9,509
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		53,544		60,849
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		4,337		4,392
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		24,224		27,825
Total long-term debt		89,586		102,575
Less: current portion		25,875		14,855
Long-term debt, net of current portion	$	63,711	$	87,720

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, which include debt service and leverage ratios. As of August 31, 2019, 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 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 August 31, 2018, the Company was in compliance with all covenants or amended covenants.

Annual maturities of long-term debt are as follows (in thousands):


Twelve Months Ended August 31,	Amount
2020	$	25,875
2021		9,218
2022		6,310
2023		17,848
2024		1,542
Thereafter		28,793
Total	$	89,586