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CREDIT ARRANGEMENTS
 6 Months Ended
Feb. 29, 2024
Debt Disclosure [Abstract]  
Credit arrangements
NOTE 7. CREDIT ARRANGEMENTS

Long-term debt was as follows: 
(in thousands)Weighted Average Interest Rate as of February 29, 2024February 29, 2024August 31, 2023
2030 Notes4.125%$300,000 $300,000 
2031 Notes3.875%300,000 300,000 
2032 Notes4.375%300,000 300,000 
Series 2022 Bonds, due 20474.000%145,060 145,060 
Short-term borrowings
(1)
378 8,419 
Other4.547%15,861 16,042 
Finance leases5.092%109,911 95,470 
Total debt1,171,210 1,164,991 
Less unamortized debt issuance costs(13,956)(14,840)
Plus unamortized bond premium4,550 4,646 
Total amounts outstanding1,161,804 1,154,797 
Less current maturities of long-term debt and short-term borrowings(35,588)(40,513)
Long-term debt$1,126,216 $1,114,284 
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(1) The weighted average interest rate of short-term borrowings as of February 29, 2024 and August 31, 2023 was 6.790% and 7.800%, respectively.

The Company's credit arrangements require compliance with certain covenants, including an interest coverage ratio and a debt to capitalization ratio. At February 29, 2024, the Company was in compliance with all financial covenants in its credit arrangements.

Capitalized interest was $1.2 million and $2.4 million during the three and six months ended February 29, 2024, respectively, compared to $5.4 million and $10.0 million, respectively, during the corresponding periods.

Credit Facilities

The Company has a Sixth Amended and Restated Credit Agreement (the "Credit Agreement") with a revolving credit facility (the "Revolver") of $600.0 million. The Company had no amounts drawn under the Revolver at February 29, 2024 or August 31, 2023. The availability under the Revolver was reduced by outstanding stand-by letters of credit totaling $0.9 million at each of February 29, 2024 and August 31, 2023. The Credit Agreement also provided for a delayed draw senior secured term loan facility with a maximum principal amount of $200.0 million, which expired undrawn in October 2023, in accordance with its terms.

The Company has credit facilities in Poland through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP"). At February 29, 2024 and August 31, 2023, CMCP's credit facilities totaled PLN 600.0 million, or $150.2 million and $145.4 million, respectively. There were no amounts outstanding under these facilities as of February 29, 2024 or August 31, 2023. The available balance of these credit facilities was reduced by outstanding stand-by letters of credit, guarantees and/or other financial assurance instruments, which totaled $1.5 million and $16.3 million at February 29, 2024 and August 31, 2023, respectively.

Accounts Receivable Facility
The Poland accounts receivable facility had a limit of PLN 288.0 million, or $72.1 million and $69.8 million, at February 29, 2024 and August 31, 2023, respectively. The Company had immaterial amounts outstanding under the Poland accounts receivable facility at February 29, 2024, compared to PLN 34.7 million, or $8.4 million, advance payments outstanding at August 31, 2023.