DEBT

6 Months Ended

Feb. 28, 2023

Debt Disclosure [Abstract]

DEBT

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 of Facilities		Short-term Borrowings		Letters of Credit		Facilities Available		Weighted average interest rate
February 28, 2023 - Committed	$	75,000	$	—	$	151	$	74,849	—	%
February 28, 2023 - Uncommitted	91,000		10,133		—		80,867		12.7
February 28, 2023 - Total	$	166,000	$	10,133	$	151	$	155,716	12.7	%
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	%

As of February 28, 2023 and August 31, 2022, 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 six months ended February 28, 2023:

(Amounts in thousands)	Current portion of long-term debt		Long-term debt (net of current portion)		Total
Balances as of August 31, 2022	$	33,715	$	103,556	$	137,271	(1)
Proceeds from long-term debt incurred during the period:
Guatemala subsidiary	—		12,454		12,454
Barbados subsidiary	—		7,460		7,460
Honduras subsidiary	1,002		12,796		13,798
Total proceeds from long-term debt incurred during the period	1,002		32,710		33,712
Repayments of long-term debt:	(8,175)		(8,819)		(16,994)
Reclassifications of long-term debt due in the next 12 months	868		(868)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar(2)	11		(196)		(185)
Balances as of February 28, 2023	$	27,421	$	126,383	$	153,804	(3)

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

(2)These foreign currency translation adjustments are recorded within Other comprehensive income (loss).

(3)The carrying amount of non-cash assets assigned as collateral for these loans was $172.0 million. The carrying amount of cash assets assigned as collateral for these loans was $4.4 million.

As of February 28, 2023 and August 31, 2022, the Company had approximately $102.9 million and $110.7 million, respectively, of long-term loans held in the U.S. entity and in several foreign subsidiaries, which require these entities 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.

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

Twelve Months Ended February 28,	Amount
2024	$	27,421
2025	37,926
2026	15,534
2027	13,288
2028	43,483
Thereafter	16,152
Total	$	153,804