XML 25 R14.htm IDEA: XBRL DOCUMENT v3.21.1

DEBT

6 Months Ended

Feb. 28, 2021

DEBT [Abstract]

DEBT

NOTE 7 – DEBT

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

					Facilities Used
		Total Amount			Short-term			Letters of			Facilities			Weighted average
		of Facilities			Borrowings			Credit			Available			interest rate
February 28, 2021		$	131,000		$	23,067		$	259		$	107,674		2.2	%
August 31, 2020		$	81,210		$	65,143		$	388		$	15,679		3.7	%

As of February 28, 2021 and August 31, 2020, 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.

The following table provides the changes in long-term debt for the six-months ended February 28, 2021:

(Amounts in thousands)		Current ‎portion of ‎long-term debt			Long-term ‎debt (net of current portion)			Total
Balances as of August 31, 2020		$	19,437		$	112,610		$	132,047	(1)
Proceeds from long-term debt incurred during the period:
Trinidad subsidiary			547			2,453			3,000
Regularly scheduled loan payments			(650)			(7,817)			(8,467)
Reclassifications of long-term debt due in the next 12 months			1,058			(1,058)			—
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (2)			14			(28)			(14)
Balances as of February 28, 2021		$	20,406		$	106,160		$	126,566	(3)

⁽¹⁾The carrying amount of non-cash assets assigned as collateral for these loans was $158.6 million. No cash assets were assigned as collateral for these loans.

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

⁽³⁾The carrying amount of cash and non-cash assets assigned as collateral for these loans was $3.0 million and $149.3 million, respectively.

As of February 28, 2021 and August 31, 2020, the Company had approximately $100.0 million and $107.4 million, respectively, of long-term loans in several foreign subsidiaries that require these subsidiaries 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 February 28,		Amount
2022		$	20,406
2023			21,046
2024			17,079
2025			26,754
2026			4,476
Thereafter			36,805
Total		$	126,566

 

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration