DEBT

3 Months Ended

Nov. 30, 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):

			Facilities Used
	Total Amount of Facilities		Short-term Borrowings		Letters of Credit		Facilities Available		Weighted average interest rate
November 30, 2024 - Committed	$	75,000	$	—	$	—	$	75,000	—	%
November 30, 2024 - Uncommitted	96,000		7,764		—		88,236		9.6
November 30, 2024 - Total	$	171,000	$	7,764	$	—	$	163,236	—	%
August 31, 2024 - Committed	$	75,000	$	—	225		$	74,775	—	%
August 31, 2024 - Uncommitted	96,000		8,007		—		87,993		11.3
August 31, 2024 - Total	$	171,000	$	8,007	$	225	$	162,768	—	%

As of November 30, 2024 and August 31, 2024, 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 three months ended November 30, 2024:

(Amounts in thousands)	Current portion of long-term debt		Long-term debt (net of current portion)		Total
Balances as of August 31, 2024	$	35,917	$	94,443	$	130,360	(1)
Proceeds from long-term debt received during the period:
Trinidad subsidiary	1,760		3,681		5,441
Total proceeds from long-term debt received during the period	1,760		3,681		5,441
Repayments of long-term debt:	(15,832)		(4,111)		(19,943)
Reclassifications of long-term debt due in the next 12 months	225		(225)		—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar(2)	(15)		(221)		(236)
Balances as of November 30, 2024	$	22,055	$	93,567	$	115,622	(3)

(1)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.

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

(3)The carrying amount of non-cash assets assigned as collateral for these loans was $135.0 million. The carrying amount of cash assets assigned as collateral for these loans was $6.6 million.

As of November 30, 2024 and August 31, 2024, the Company had approximately $63.2 million and $76.6 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 November 30,	Amount
2025	$	22,055
2026	18,119
2027	38,576
2028	8,977
2029	4,466
Thereafter	23,429
Total	$	115,622