47 / Schnitzer Steel Industries, Inc. Form 10-K 2021 Recently Issued Accounting Standards We have not identified any recent accounting pronouncements that are expected to have a material impact on our financial condition, results of operations or cash flows upon adoption. Non-GAAP Financial Measures Debt, net of cash Debt, net of cash is the difference between (i) the sum of long-term debt and short-term borrowings (i.e., total debt) and (ii) cash and cash equivalents. We believe that presenting debt, net of cash is useful to investors as a measure of our leverage, as cash and cash equivalents can be used, among other things, to repay indebtedness. The following is a reconciliation of debt, net of cash (in thousands): August 31, 2021 August 31, 2020 August 31, 2019 Short-term borrowings $ 3,654 $ 2,184 $ 1,321 Long-term debt, net of current maturities 71,299 102,235 103,775 Total debt 74,953 104,419 105,096 Less cash and cash equivalents 27,818 17,887 12,377 Total debt, net of cash $ 47,135 $ 86,532 $ 92,719 Net borrowings (repayments) of debt Net borrowings (repayments) of debt is the sum of borrowings from long-term debt and repayments of long-term debt. We present this amount as the net change in our borrowings (repayments) for the period because we believe it is useful for investors as a meaningful presentation of the change in debt. The following is a reconciliation of net borrowings (repayments) of debt (in thousands): Fiscal 2021 Fiscal 2020 Fiscal 2019 Borrowings from long-term debt $ 546,706 $ 690,162 $ 431,048 Repayments of long-term debt (578,030) (698,492) (435,353) Net borrowings (repayments) of debt $ (31,324) $ (8,330) $ (4,305)
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