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DEBT
 12 Months Ended
Aug. 31, 2024
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 UsedFacilities
Available		Weighted average
interest rate
Short-term
Borrowings		Letters of
Credit
August 31, 2024 - Committed
$75,000$—$225$74,775—%
August 31, 2024 - Uncommitted
96,0008,007—87,99311.3
August 31, 2024 - Total
$171,000$8,007$225$162,768—%
August 31, 2023 - Committed
$75,000$—$—$75,000—%
August 31, 2023 - Uncommitted
91,0008,376—82,62413.2
August 31, 2023 - Overdraft Used (Uncommitted)
—303——12.0
August 31, 2023 - Total
$166,000$8,679$—$157,62412.7%
As of August 31, 2024 and August 31, 2023, 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, 2024:
(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 received during the period:
Guatemala subsidiary— 12,454 12,454 
Barbados subsidiary— 7,460 7,460 
Honduras subsidiary1,001 12,798 13,799 
Trinidad subsidiary750 4,250 5,000 
Total proceeds from long-term debt received during the period1,75136,96238,713
Repayments of long-term debt:(17,541)(18,443)(35,984)
Reclassifications of long-term debt due in the next 12 months1,729(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
20,193119,487139,680
(3)
Proceeds from long-term debt received during the period:
Panama subsidiary— 16,500 16,500 
Total proceeds from long-term debt received during the period— 16,500 16,500 
Repayments of long-term debt:(3,707)(22,613)(26,320)
Reclassifications of long-term debt due in the next 12 months19,374 (19,374)— 
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar(2)
57 443 500 
Balances as of August 31, 2024
$35,917$94,443$130,360
(4)
(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 $156.2 million. The carrying amount of cash assets assigned as collateral for these loans was $3.5 million.
(4)The carrying amount of non-cash assets assigned as collateral for these loans was $155.1 million. The carrying amount of cash assets assigned as collateral for these loans was $1.7 million.
The Company entered into a loan agreement in the second quarter of fiscal year 2024 for $16.5 million to partially fund the purchase of our Via Brasil club in Panama. This loan has a term of 15 years and an interest rate of 1.80% plus the 3-month variable Secured Overnight Financing Rate (SOFR). Additionally, the loan includes a 1.00% special interest compensation fund (FECI) surcharge on the outstanding balance. Refer to “Note 2 – Summary of Significant Accounting Policies” for additional information.
The following table provides a summary of the long-term loans entered into by the Company:
August 31,
2024		August 31,
2023
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$19,770 $23,099 
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 covenants28,794 30,069 
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 covenants81,796 86,512 
Total long-term debt130,360 139,680 
Less: current portion35,917 20,193 
Long-term debt, net of current portion$94,443 $119,487 
As of August 31, 2024 and August 31, 2023, the Company had approximately $76.6 million and $91.2 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, 2024 is primarily attributable to a loan entered into by the Company’s Panama subsidiary, 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
2025$35,917 
202618,462 
202733,204 
202813,796 
20294,446 
Thereafter24,535 
Total$130,360