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Subsequent Events | 6 Months Ended
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Feb. 29, 2020
Subsequent Events [Abstract] |
Subsequent Events | Note 14. Subsequent Events The recent outbreak of the novel coronavirus COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the U.S. and global economies and created uncertainty regarding potential impacts to the Company’s supply chain, operations, and customer demand. The COVID-19 pandemic has impacted and could further impact the Company’s operations and the operations of the Company’s suppliers and vendors as a result of quarantines, facility closures, and travel and logistics restrictions. The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to the duration, spread, severity, and impact of the COVID-19 pandemic, the effects of the COVID-19 pandemic on the Company’s customers, suppliers, and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. Even after the COVID-19 pandemic has subsided, the Company may continue to experience adverse impacts to its business as a result of any economic recession or depression that has occurred or may occur in the future. Therefore, the Company cannot reasonably estimate the impact at this time. See Item 2., Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A), specifically the “Recent Developments and Highlights” and “Liquidity and Capital Resources” sections, for further discussion. In March 2020, the Company completed the issuance and sale of $50,000 aggregate principal amount of 2.40% Series 2019A Notes, due March 5, 2024 associated with the Met Life Note Purchase Agreement referred to in Note 6, Debt. Interest is payable semiannually at the fixed stated interest rates. In addition, in March 2020, the Company completed the issuance and sale of an additional $50,000 aggregate principal amount of 2.60% Senior Notes, due March 5, 2027 associated with private placement debt. Interest is payable semiannually at the fixed stated interest rates. As of February 29, 2020, the Company’s existing cash and cash equivalents on-hand were $44,867 and the Company had $495,850 available under the Committed Facility. In March 2020, the Company repaid $100,000 on the Committed Facility, which was funded by the two $50,000 note issuances discussed above. As a precautionary measure, to increase the Company’s cash position and preserve financial flexibility in light of current uncertainty resulting from the COVID-19 pandemic, the Company borrowed an additional $300,000 on its Committed Facility in March. The current unused balance of $295,850 on the Committed Facility, which is reduced by outstanding letters of credit, is available for working capital purposes if necessary. Further, in April 2020, borrowings under two of the Company’s Amended Uncommitted Facilities were not renewed, and the Company repaid $134,000 outstanding under such facilities; the Company borrowed an additional $34,000 under two other Amended Uncommitted Facilities, and the Company has an outstanding balance of $188,600 under the Amended Uncommitted Facilities and the New Uncommitted Credit Facility, all or a portion of which balance is subject to repayment at the end of the then current interest period (currently thirty days) if the respective lenders do not renew the loans. Lenders under the uncommitted facilities, which have an aggregate uncommitted availability of $415,000, are not obligated to lend to the Company under such facilities.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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