Borrowings | BORROWINGS: Borrowings consist of the following: As of May 31, 2017 November 30, 2016 SYNNEX U.S. AR arrangement $ 394,900 $ 262,900 SYNNEX Canada AR arrangement 11,111 — SYNNEX U.S. credit agreement 570,313 585,938 SYNNEX Infotec credit facility 92,074 81,251 India credit facilities — 12,000 Other borrowings 23,847 24,877 Total borrowings 1,092,245 966,966 Less: unamortized debt discount and issuance costs (2,496 ) (2,982 ) Total borrowings, net of unamortized debt discount and issuance costs 1,089,749 963,984 Less: current portion (510,717 ) (362,889 ) Noncurrent portion $ 579,032 $ 601,095 SYNNEX U.S. AR arrangement The Company has an accounts receivable securitization program to provide additional capital for its operations (the "US AR Arrangement"). The US AR Arrangement expires on November 1, 2019. Under the terms of the US AR Arrangement, the Company’s subsidiary that is the borrower under this facility can borrow up to a maximum of $600,000 based upon eligible trade accounts receivable denominated in United States dollars. The US AR Arrangement includes an accordion feature to allow requests for an increase in the lenders' commitment by an additional $120,000 . The effective borrowing cost under the US AR Arrangement is a blended rate that includes prevailing dealer commercial paper rates and the daily London Interbank Offered Rate (“LIBOR”), plus a program fee of 0.75% p er annum based on the used portion of the commitment, and a facility fee of 0.35% per annum payable on the adjusted commitment of the lenders. As of May 31, 2017 and November 30, 2016 , $394,900 and $262,900 , respectively, was outstanding under the US AR Arrangement. Under the terms of the US AR Arrangement, the Company and one of its subsidiaries sell, on a revolving basis, their receivables (other than certain specifically excluded receivables) to a wholly-owned, bankruptcy-remote subsidiary. The borrowings are funded by pledging all of the rights, title and interest in and to the receivables acquired by the Company's bankruptcy-remote subsidiary as security. Any borrowings under the US AR Arrangement are recorded as debt on the Company's Consolidated Balance Sheets. SYNNEX Canada AR arrangement In May 2017, SYNNEX Canada Limited (“SYNNEX Canada”) entered into an accounts receivable securitization program with a bank to transfer eligible trade accounts receivable, on an ongoing revolving basis, up to CAD65,000 , or $48,148 , through May 10, 2020. The program includes an accordion feature to allow a request to increase the lender's commitment by an additional CAD25,000 , or $18,519 . Any borrowings under this arrangement are recorded as debt on the Company's Consolidated Balance Sheets. The effective borrowing cost is based on the weighted average of the Canadian Dollar Offered Rate plus a margin of 2.00% per annum and the prevailing lender commercial paper rates. In addition, SYNNEX Canada is obligated to pay a program fee of 0.75% per annum based on the used portion of the commitment. It will pay a fee of 0.40% per annum for any unused portion of the commitment below CAD25,000 and an additional 0.55% per annum if the unused portion exceeds CAD25,000 . As of May 31, 2017 , borrowings outstanding under this arrangement were $11,111 . SYNNEX U.S. credit agreement In November 2013, the Company entered into a senior secured credit agreement (the “U.S. Credit Agreement”) which was comprised of a $275,000 revolving credit facility and a $225,000 term loan. In May 2015, the U.S. Credit Agreement was amended to increase the term loan to $625,000 . The Company may request incremental commitments to increase the principal amount of revolving loans or term loans available under the U.S. Credit Agreement up to $350,000 . The U.S. Credit Agreement matures in May 2020. Interest on borrowings under the U.S. Credit Agreement can be based on LIBOR or a base rate at the Company's option. Loans borrowed under the U.S. Credit Agreement bear interest, in the case of LIBOR loans, at a per annum rate equal to the applicable LIBOR, plus a margin which may range from 1.50% to 2.25% , based on the Company's consolidated leverage ratios, as determined in accordance with the U.S. Credit Agreement. Loans borrowed under the U.S. Credit Agreement that are not LIBOR loans, and are instead base rate loans, bear interest at a per annum rate equal to (i) the greatest of (A) the Federal Funds Rate plus a margin of 1/2 of 1.0%, (B) LIBOR plus 1.0% per annum, and (C) the rate of interest announced, from time to time, by the agent, Bank of America, N.A, as its “prime rate,” plus (ii) a margin which may range from 0.50% to 1.25% , based on the Company's consolidated leverage ratios as determined in accordance with the U.S. Credit Agreement. The unused revolving credit facility is subject to a commitment fee ranging from 0.20% to 0.35% per annum, based on the Company's consolidated leverage ratios. The outstanding principal amount of the term loan is repayable in quarterly installments, in an amount equal to (a) for each of the first eight full calendar quarters ending after the U.S. Credit Agreement was amended in May 2015, 1.25% of the amended principal amount of the term loan, (b) for each of the next four calendar quarters ending thereafter, 1.875% of the amended principal amount of the term loan, (c) for each calendar quarter ending thereafter, 2.50% of the amended principal amount of the term loan and (d) on the May 2020 maturity date of the term loan, the outstanding principal amount of the term loan. The Company’s obligations under the U.S. Credit Agreement are secured by substantially all of the parent company’s and its United States domestic subsidiaries’ assets and are guaranteed by certain of its United States domestic subsidiaries. As of May 31, 2017 and November 30, 2016 , balances outstanding under the term loan component of the U.S. Credit Agreement were $570,313 and $585,938 , respectively. There were no borrowings outstanding under the revolving credit facility as of either May 31, 2017 or November 30, 2016 . SYNNEX Infotec credit facility SYNNEX Infotec has a credit agreement with a group of financial institutions for a maximum commitment of JPY14,000,000 , or $126,377 . The credit facility is comprised of a JPY6,000,000 , or $54,161 , term loan and a JPY8,000,000 , or $72,216 , short-term revolving credit facility. The interest rate for the term loan and revolving credit facility is based on the Tokyo Interbank Offered Rate plus a margin of 0.70% per annum. The unused line fee on the revolving credit facility is 0.10% per annum. This credit facility expires in November 2018. As of May 31, 2017 and November 30, 2016 , the balances outstanding under the term loan component of the facility were $54,161 and $52,420 , respectively. Balances outstanding under the revolving credit facility were $37,913 and $28,831 as of May 31, 2017 and November 30, 2016 , respectively. The term loan can be repaid at any time prior to expiration date without penalty. The Company has guaranteed the obligations of SYNNEX Infotec under this facility. SYNNEX Canada revolving line of credit In May 2017, SYNNEX Canada entered into an uncommitted revolving line of credit with a bank under which it can borrow up to CAD35,000 , or $25,926 . Borrowings under the facility are secured by eligible inventory and bear interest at a base rate plus a margin ranging from 0.50% to 2.25% depending on the base rate used. The base rate could be a Banker's Acceptance Rate, a Canadian Prime Rate, LIBOR or US Base Rate. As of May 31, 2017 , there were no borrowings outstanding under the credit facility. India credit facilities The Company's Indian subsidiaries have credit facilities with a financial institution to borrow up to an aggregate amount of $22,000 . The interest rate is the higher of the bank's minimum lending rate or LIBOR plus a margin of 0.9% per annum. These credit facilities can be terminated at any time by the Company’s Indian subsidiaries or the financial institution. As of May 31, 2017 , there were no borrowings outstanding under these facilities. As of November 30, 2016 , $12,000 was outstanding under these facilities. Other borrowings As of May 31, 2017 and November 30, 2016 , the Company recorded $12,740 and $8,657 , respectively, on its Consolidated Balance Sheets in obligations attributable to SYNNEX Infotec for the sale and financing of this subsidiary’s approved accounts receivable and notes receivable with recourse provisions. The Company also maintains other local currency denominated lines of credit with financial institutions at certain locations outside the United States aggregating $29,873 . Interest rates and other terms of borrowing under these lines of credit vary from country to country, depending on local market conditions. As of May 31, 2017 and November 30, 2016 , $9,061 and $8,774 , respectively, were outstanding under these facilities. SYNNEX Canada had a term loan associated with the purchase of its logistics facility in Guelph, Canada. The interest rate for the unpaid principal amount was a fixed rate of 5.374% per annum. As of November 30, 2016 , the balance outstanding on the term loan was $4,064 . The loan was repaid in full upon maturity in April 2017. As of May 31, 2017 and November 30, 2016 , the Company had book overdrafts of $2,046 and $3,382 , respectively. Book overdrafts represent checks issued in excess of balances on deposit in the applicable bank accounts and which have not been paid by the applicable bank at the balance sheet date. Under the terms of the Company's banking arrangements, the respective financial institutions are not legally obligated to honor the book overdraft balances. The maximum commitment amounts for local currency credit facilities have been translated into United States Dollars at May 31, 2017 exchange rates. Future principal payments As of May 31, 2017 , future principal payments under the above loans are as follows: Fiscal Years Ending November 30, 2017 (remaining six months) $ 487,280 2018 104,955 2019 62,510 2020 437,500 $ 1,092,245 Interest expense and finance charges The total interest expense and finance charges for the Company's borrowings were $9,411 and $17,962 , respectively, for the three and six months ended May 31, 2017 , and $7,211 and $13,844 , respectively, for the three and six months ended May 31, 2016 . The variable interest rates ranged between 0.58% and 4.50% , during both the three and six months ended May 31, 2017 , and between 0.73% and 3.75% during both the three and six months ended May 31, 2016 , respectively. Covenant compliance The Company's credit facilities have a number of covenants and restrictions that, among other things, require the Company to maintain specified financial ratios and satisfy certain financial condition tests. The covenants also limit the Company’s ability to incur additional debt, make or forgive intercompany loans, pay dividends and make other types of distributions, make certain acquisitions, repurchase the Company’s stock, create liens, cancel debt owed to the Company, enter into agreements with affiliates, modify the nature of the Company’s business, enter into sale-leaseback transactions, make certain investments, enter into new real estate leases, transfer and sell assets, cancel or terminate any material contracts and merge or consolidate. As of May 31, 2017 , the Company was in compliance with all material covenants for the above arrangements. |