Borrowings | BORROWINGS: Borrowings consist of the following: As of February 28, 2018 November 30, 2017 SYNNEX United States accounts receivable securitization arrangement $ 216,200 $ 288,400 SYNNEX Canada accounts receivable securitization arrangement 15,586 19,389 Westcon-Comstor North America revolving line of credit facility 230,079 220,241 Westcon-Comstor Latin America revolving lines of credit facilities 45,745 78,407 SYNNEX Japan credit facility - revolving line of credit component 46,874 52,426 Concentrix India revolving lines of credit facilities — 12,000 SYNNEX United States credit agreement - current portion of term loan component 60,000 60,000 SYNNEX Japan credit facility - current portion of term loan component 56,248 53,314 Other borrowings 23,828 21,294 Borrowings, current $ 694,560 $ 805,471 SYNNEX United States credit agreement - term loan component $ 1,125,000 $ 1,140,000 Other term debt 420 569 Long-term borrowings, before unamortized debt discount and issuance costs 1,125,420 1,140,569 Less: unamortized debt discount and issuance costs (4,214 ) (4,480 ) Long-term borrowings $ 1,121,206 $ 1,136,089 SYNNEX United States accounts receivable securitization arrangement In the United States, 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 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. Under the terms of the U.S. AR Arrangement, the Company and one of its U.S. 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 accounts receivable securitization 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 $50,655 , 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 $19,483 . 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 . Westcon-Comstor North America revolving line of credit facility In connection with the acquisition of Westcon-Comstor Americas effective September 1, 2017, the Company assumed a credit facility of some of the North American subsidiaries the Company acquired. The facility maintained with certain banks comprises a $350,000 commitment for a revolving credit facility and matures in January 2021. The Company may request incremental commitments to increase the principal amount of the revolving line of credit by $75,000 . Advances under the Westcon-Comstor North America Facility are subject to a borrowing base calculation based on eligible accounts receivable and inventories of these subsidiaries and are secured by the assets of these borrowers and the stock of one of the Company’s subsidiaries which is their direct parent company. Interest on the Westcon-Comstor North America facility is based on LIBOR, plus a margin which could range from 1.25% to 1.75% , or an index rate, plus a margin which could range from 0.25% to 0.75% , at the borrowers option, and a commitment fee of 0.20% . The borrower subsidiaries under the Westcon-Comstor North America Facility are required to maintain a minimum fixed charge ratio covenant of 1.0 x if excess availability falls below a certain level. Westcon-Comstor Latin America revolving lines of credit facilities In connection with the acquisition of Westcon-Comstor Americas effective September 1, 2017, the Company also assumed credit facilities of some of the Central and South American subsidiaries the Company acquired (the "Westcon-Comstor LATAM facilities"). The Westcon-Comstor LATAM facilities maintained with financial institutions in the respective countries are denominated in local currency of such countries or United States Dollars and aggregate to $97,428 in revolving commitments. One of the Westcon-Comstor LATAM facilities comprising $40,000 in revolving commitments matures in February 2020. The remaining Westcon-Comstor LATAM facilities aggregating $57,428 in revolving commitments mature in one year or less. The Company guarantees the obligations under these credit facilities. The terms of borrowing under these lines of credit vary from country to country, depending on local market conditions, and the interest rates range from 3.70% to 14.01% . SYNNEX Japan credit facility SYNNEX Infotec has a credit agreement with a group of financial institutions for a maximum commitment of JPY 14,000,000 , or $131,246 . The credit facility is comprised of a JPY 6,000,000 , or $56,248 , term loan and a JPY 8,000,000 , or $74,998 , 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. 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. Concentrix India revolving lines of 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 under these facilities is the higher of the bank's minimum lending rate or LIBOR, plus a margin of 0.9% per annum. The Company guarantees the obligations under these credit facilities. These credit facilities can be terminated at any time by the Company’s Indian subsidiaries or the financial institution. SYNNEX United States credit agreement In the United States, the Company has a senior secured credit agreement (the "U.S. Credit Agreement") with a group of financial institutions. The U.S. Credit Agreement, as amended from time to time, includes a $600,000 commitment for revolving credit facility and $1,200,000 term loan. The Company may request incremental commitments to increase the principal amount of the revolving line of credit or term loan by $400,000 . The U.S. Credit Agreement matures in September 2022. The outstanding principal amount of the term loan is repayable in quarterly installments of $15,000 , with the unpaid balance due in full on the September 2022 maturity date. Interest on borrowings under the U.S. Credit Agreement can be based on LIBOR or a base rate at the Company’s option, plus a margin. Margin for LIBOR loans ranges from 1.25% to 2.00% and for base rate loans, ranges from 0.25% to 1.00% , provided that LIBOR shall not be less than zero . The base rate is a variable rate which is the highest of (a) the Federal Funds Rate, plus a margin of 0.5% , (b) the rate of interest announced, from time to time, by the agent, Bank of America, N.A, as its “prime rate,” or (c) the Eurodollar Rate, plus 1.0% . The unused revolving credit facility commitment fee ranges from 0.175% to 0.30% per annum. The margins above the applicable interest rates and the revolving commitment fee for revolving loans are based on the Company’s consolidated leverage ratio, as calculated under the U.S. Credit Agreement. 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 our United States domestic subsidiaries. There were no borrowings outstanding under the revolving credit facility as of either February 28, 2018 or November 30, 2017 . 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 $27,276 . 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 U.S. Base Rate. As of both February 28, 2018 , and November 30, 2017, there were no borrowings outstanding under this credit facility. Other borrowings and other term debt Other borrowings include lines of credit with financial institutions at certain locations outside the United States, factoring of accounts receivable with recourse provisions, capital leases, building mortgages and book overdrafts. As of February 28, 2018 , commitments for revolving credit aggregated $31,510 . Interest rates and other terms of borrowing under these lines of credit vary from country to country, depending on local market conditions. Borrowings under these facilities are guaranteed by the Company or secured by eligible inventory or accounts receivable. The maximum commitment amounts for local currency credit facilities have been translated into United States Dollars at February 28, 2018 exchange rates. Future principal payments As of February 28, 2018 , future principal payments under the above loans are as follows: Fiscal Years Ending November 30, 2018 (remaining nine months) $ 679,560 2019 60,171 2020 60,158 2021 60,091 2022 960,000 $ 1,819,980 Interest expense and finance charges The total interest expense and finance charges for the Company's borrowings were $18,224 and $8,551 , respectively, for the three months ended February 28, 2018 , and February 28, 2017 . The variable interest rates ranged between 0.70% and 12.74% during the three months ended February 28, 2018 , and between 0.58% and 4.50% during the three months ended February 28, 2017 . 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 February 28, 2018 , the Company was in compliance with all material covenants for the above arrangements. |