Borrowings | BORROWINGS: Borrowings consist of the following: As of August 31, 2017 November 30, 2016 SYNNEX U.S. AR arrangement $ 353,000 $ 262,900 SYNNEX Canada AR arrangement 24,033 — SYNNEX U.S. credit agreement 558,594 585,938 SYNNEX Infotec credit facility 95,472 81,251 India credit facilities 12,000 12,000 Other borrowings 13,099 24,877 Total borrowings 1,056,198 966,966 Less: unamortized debt discount and issuance costs (2,209 ) (2,982 ) Total borrowings, net of unamortized debt discount and issuance costs 1,053,989 963,984 Less: current portion (489,904 ) (362,889 ) Noncurrent portion $ 564,085 $ 601,095 SYNNEX U.S. AR arrangement The Company has an accounts receivable securitization program to provide additional capital for its operations (the “U.S. AR Arrangement”). The U.S. AR Arrangement expires on November 1, 2019. Under the terms of the U.S. 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 U.S. 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 U.S. 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 August 31, 2017 and November 30, 2016 , $353,000 and $262,900 , respectively, was outstanding under the U.S. AR Arrangement. Under the terms of the U.S. 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 U.S. 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 $52,071 , 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 $20,027 . 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 August 31, 2017 , borrowings outstanding under this arrangement were $24,033 . SYNNEX U.S. credit agreement As of August 31, 2017, the Company’s senior secured credit agreement (the “U.S. Credit Agreement”) was comprised of a $275,000 revolving credit facility and a $625,000 term loan. The Company could request incremental commitments to increase the principal amount of the revolving line of credit or term loan available under the U.S. Credit Agreement up to $350,000 . Interest on borrowings under the U.S. Credit Agreement can be based on LIBOR or a base rate at the Company’s option. Through August 31, 2017, loans borrowed under the U.S. Credit Agreement had interest, in the case of LIBOR loans, at a per annum rate equal to the applicable LIBOR, plus a margin which could 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 were not LIBOR loans, but were instead base rate loans, had 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 could 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 was subject to a commitment fee ranging from 0.20% to 0.35% per annum, based on the Company's consolidated leverage ratios. As of August 31, 2017 and November 30, 2016 , balances outstanding under the term loan component of the U.S. Credit Agreement were $558,594 and $585,938 , respectively. There were no borrowings outstanding under the revolving credit facility as of either August 31, 2017 or November 30, 2016 . Subsequent to the fiscal quarter ended August 31, 2017, on September 1, 2017, the U.S. Credit Agreement was amended to increase the revolving credit facility commitment to $600,000 and the term loan to $1,200,000 . The incremental commitment amount to increase the principal amount of the revolving line of credit or term loan was increased to $400,000 . The U.S. Credit Agreement was extended to mature in September 2022. The outstanding principal amount of the term loan is repayable in quarterly installments of $15,000 commencing on February 28, 2018, with the unpaid balance due in full on the September 2022 maturity date. Interest on the borrowings under the U.S. Credit Agreement was amended to change the margin for LIBOR loans to range from 1.25% to 2.00% and for base rate loans to range from 0.25% to 1.00% , provided that LIBOR shall not be less than zero . In addition, the commitment fee was modified to range from 0.175% to 0.30% per annum. The entire term loan of $1,200,000 was fully drawn in September 2017. 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 $127,296 . The credit facility is comprised of a JPY6,000,000 , or $54,555 , term loan and a JPY8,000,000 , or $72,741 , 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 August 31, 2017 and November 30, 2016 , the balances outstanding under the term loan component of the facility were $54,555 and $52,420 , respectively. Balances outstanding under the revolving credit facility were $40,917 and $28,831 as of August 31, 2017 and November 30, 2016 , respectively. The term loan can be repaid at any time prior to the 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 $28,038 . 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 August 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 both August 31, 2017 and November 30, 2016 , $12,000 was outstanding under these facilities. Other borrowings As of August 31, 2017 and November 30, 2016 , the Company recorded $8,683 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 lines of credit with financial institutions at certain locations outside the United States aggregating $21,907 . Interest rates and other terms of borrowing under these lines of credit vary from country to country, depending on local market conditions. As of August 31, 2017 and November 30, 2016 , $31 and $8,774 , respectively, was 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 August 31, 2017 and November 30, 2016 , the Company had book overdrafts of $4,385 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 August 31, 2017 exchange rates. Future principal payments As of August 31, 2017 , future principal payments under the above loans are as follows: Fiscal Years Ending November 30, 2017 (remaining three months) $ 450,842 2018 105,349 2019 62,507 2020 437,500 $ 1,056,198 Refer above for the increase in the Company’s term loan amount and extension of the maturity date under the U.S. credit agreement subsequent to August 31, 2017. Interest expense and finance charges The total interest expense and finance charges for the Company's borrowings were $10,224 and $28,186 , respectively, for the three and nine months ended August 31, 2017 , and $8,178 and $22,022 , respectively, for the three and nine months ended August 31, 2016 . The variable interest rates ranged between 0.71% and 4.50% during the three months ended August 31, 2017 , and 0.58% and 4.50% during the nine months ended August 31, 2017 , and between 0.73% and 4.00% during both the three and nine months ended August 31, 2016 . 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 August 31, 2017 , the Company was in compliance with all material covenants for the above arrangements. |