DEBT

12 Months Ended

Aug. 31, 2023

Debt Disclosure [Abstract]

DEBT

DEBT

Short-term borrowings consist of unsecured lines of credit and short-term overdraft borrowings. The following table summarizes the balances of total facilities, facilities used and facilities available (in thousands):

	Total Amount of Facilities		Facilities Used				Facilities Available		Weighted average interest rate
			Short-term Borrowings		Letters of Credit
August 31, 2023 - Committed	$	75,000	—		—		75,000		—%
August 31, 2023 - Uncommitted	91,000		8,376		—		82,624		13.2
August 31, 2023 - Overdraft Used (Uncommitted)	—		303		—		—		12.0
August 31, 2023 - Total	$	166,000	$	8,679	$	—	$	157,624	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 August 31, 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 twelve months ended August 31, 2023:

(Amounts in thousands)	Current portion of long-term debt		Long-term debt (net of current portion)		Total
Balances as of August 31, 2021	$	19,395	$	110,110	$	129,505	(1)
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(2)	(112)		(58)		(170)
Balances as of August 31, 2022	33,715		103,556		137,271		(3)
Proceeds from long-term debt received during the period:
Guatemala subsidiary	—		12,454		12,454
Barbados subsidiary	—		7,460		7,460
Honduras subsidiary	1,001		12,798		13,799
Trinidad subsidiary	750		4,250		5,000
Total proceeds from long-term debt received during the period	1,751		36,962		38,713
Repayments of long-term debt:	(17,541)		(18,443)		(35,984)
Reclassifications of long-term debt due in the next 12 months	1,729		(1,729)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar(2)	539		(859)		(320)
Balances as of August 31, 2023	$	20,193	$	119,487	$	139,680	(4)

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

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

(3)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.

(4)The carrying amount of non-cash assets assigned as collateral for these loans was $156.2 million. The carrying amount of cash assets assigned as collateral for these loans was $3.5 million.

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

	August 31, 2023		August 31, 2022
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	$	23,099	$	33,853
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	30,069		39,969
Unhedged 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	86,512		63,449
Total long-term debt	139,680		137,271
Less: current portion	20,193		33,715
Long-term debt, net of current portion	$	119,487	$	103,556

As of August 31, 2023 and August 31, 2022, the Company had approximately $91.2 million and $110.7 million, respectively, of long-term loans 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. The net increase in long-term debt during the twelve months ended August 31, 2023 is primarily attributable to loans entered into by the Company’s Honduras, Guatemala, Barbados, and Trinidad subsidiaries, and offset by payments on its long-term debt.

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

Twelve Months Ended August 31,	Amount
2024	$	20,193
2025	36,151
2026	18,450
2027	33,188
2028	17,512
Thereafter	14,186
Total	$	139,680