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DEBT | 6 Months Ended
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Feb. 28, 2022
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, 2022 - Committed |  | $ | 75,000 |  | $ | — |  | $ | — |  | $ | 75,000 |  | — | %
February 28, 2022 - Uncommitted |  |  | 91,000 |  |  | 15,342 |  |  | — |  |  | 75,658 |  | 3.0 |
February 28, 2022 - Total |  | $ | 166,000 |  | $ | 15,342 |  | $ | — |  | $ | 150,658 |  | 3.0 | %
August 31, 2021 - Committed |  | $ | 40,000 |  | $ | — |  | $ | 97 |  | $ | 39,903 |  | — | %
August 31, 2021 - Uncommitted |  |  | 91,000 |  |  | — |  |  | — |  |  | 91,000 |  | — |
August 31, 2021 - Total |  | $ | 131,000 |  | $ | — |  | $ | 97 |  | $ | 130,903 |  | — | %
As of February 28, 2022 and August 31, 2021, 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 six months ended February 28, 2022:
(Amounts in thousands) |  | Current ‎portion of ‎long-term debt |  | Long-term ‎debt (net of current portion) |  | Total |
Balances as of August 31, 2021 |  | $ | 19,395 |  | $ | 110,110 |  | $ | 129,505 | (1)
Proceeds from long-term debt incurred during the period: |  |  |  |  |  |  |  |  |  |
Guatemala subsidiary |  |  | — |  |  | 4,204 |  |  | 4,204 |
Trinidad subsidiary |  |  | 4,844 |  |  | 21,132 |  |  | 25,976 |
Repayments of long-term debt: |  |  |  |  |  |  |  |  |  |
Guatemala subsidiary |  |  | (377) |  |  | — |  |  | (377) |
Costa Rica subsidiary |  |  | (1,261) |  |  | (109) |  |  | (1,370) |
Regularly scheduled loan payments |  |  | (3,487) |  |  | (5,735) |  |  | (9,222) |
Reclassifications of long-term debt due in the next 12 months |  |  | 9,657 |  |  | (9,657) |  |  | — |
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (2) |  |  | (10) |  |  | 112 |  |  | 102 |
Balances as of February 28, 2022 |  | $ | 28,761 |  | $ | 120,057 |  | $ | 148,818 | (3)
(1)The carrying amount of cash and non-cash assets assigned as collateral for these loans was $7.0 million and $153.5 million, respectively. (2)These foreign currency translation adjustments are recorded within Other comprehensive income (loss). (3)The carrying amount of cash and non-cash assets assigned as collateral for these loans was $6.4 million and $166.8 million, respectively. As of February 28, 2022 and August 31, 2021, the Company had approximately $120.5 million and $103.4 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. The net increase in long-term debt during the period is primarily attributable to a loan entered into by the Company’s Trinidad subsidiary, whereby it received $25.0 million in U.S. dollars, which it will pay back in Trinidad dollars (using a conversion rate fixed upon initial disbursement) over the four-year life of the loan. Annual maturities of long-term debt are as follows (in thousands):
Twelve Months Ended February 28, |  | Amount
2023 |  | $ | 28,761
2024 |  |  | 26,230
2025 |  |  | 36,009
2026 |  |  | 13,521
2027 |  |  | 11,189
Thereafter |  |  | 33,108
Total |  | $ | 148,818

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- 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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