DEBT

12 Months Ended

Aug. 31, 2022

DEBT [Abstract]

DEBT

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, 2022 - Committed	$	75,000		—		73		74,927	—	%
August 31, 2022 - Uncommitted		91,000		10,608		—		80,392	5.3
August 31, 2022 - Total	$	166,000	$	10,608	$	73	$	155,319	5.3	%
August 31, 2021 - Committed	$	40,000		—		97		39,903	—	%
August 31, 2021 - Uncommitted		91,000		—		—		91,000	—
August 31, 2021 - Total	$	131,000	$	—	$	97	$	130,903	—	%

As of August 31, 2022 and August 31, 2021, the Company was in compliance with all covenants or amended covenants for each of its short-term facility agreements. These facilities generally expire annually or bi-annually and are normally renewed. One of these facilities is a committed credit agreement with one bank for $75.0 million. In exchange for the bank’s commitment to fund any drawdowns the Company requests, the Company pays an annual commitment fee of 0.25%, payable quarterly, on any unused portion of this facility. Additionally, the Company has uncommitted facilities in most of the countries where it operates, with drawdown requests subject to approval by the individual banks each time a drawdown is requested.

The following table provides the changes in long-term debt for the twelve months ended August 31, 2022:

(Amounts in thousands)	Current ‎portion of ‎long-term debt		Long-term ‎debt (net of current portion)		Total
Balances as of August 31, 2020	$	19,437	$	112,610	$	132,047	(1)
Proceeds from long-term debt received during the period:
Trinidad subsidiary		2,736		14,829		17,565
Repayments of long-term debt:		(5,168)		(14,825)		(19,993)
Reclassifications of long-term debt due in the next 12 months		2,368		(2,368)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (3)		22		(136)		(114)
Balances as of August 31, 2021		19,395		110,110		129,505	(2)
Proceeds from long-term debt received during the period:
Guatemala subsidiary		—		4,204		4,204
Trinidad subsidiary		4,924		21,505		26,429
Total proceeds from long-term debt received during the period		4,924		25,709		30,633
Repayments of long-term debt:		(8,110)		(14,587)		(22,697)
Reclassifications of long-term debt due in the next 12 months		17,618		(17,618)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (3)		(112)		(58)		(170)
Balances as of August 31, 2022	$	33,715	$	103,556	$	137,271	(4)

⁽¹⁾The carrying amount on non-cash assets assigned as collateral for these loans was $158.6 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 $153.5 million. The carrying amount on cash assets assigned as collateral for these loans was $7.0 million.

⁽³⁾These foreign currency translation adjustments are recorded within other comprehensive loss.

⁽⁴⁾The carrying amount on non-cash assets assigned as collateral for these loans was $155.6 million. The carrying amount on cash assets assigned as collateral for these loans was $5.3 million.

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

	August 31,		August 31,
	2022		2021
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	$	33,853	$	38,531
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		39,969		42,744
Unswapped 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		63,449		48,230
Total long-term debt		137,271		129,505
Less: current portion		33,715		19,395
Long-term debt, net of current portion	$	103,556	$	110,110

As of August 31, 2022 and August 31, 2021, the Company had approximately $110.7 million and $103.4 million, respectively, 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. The Company was in compliance with all covenants or amended covenants for both periods. The net increase in long-term debt during the twelve months ended August 31, 2022 is primarily attributable to a loan entered into by the Company’s Trinidad subsidiary, whereby it received $25.0 million in U.S. dollars, which it will pay back in Trinidad dollars (using a conversion rate fixed upon initial disbursement) over the four year life of the loan.

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

Twelve Months Ended August 31,	Amount
2023	$	33,715
2024		18,788
2025		33,524
2026		15,496
2027		29,748
Thereafter		6,000
Total	$	137,271