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v3.23.3

DEBT | 12 Months Ended
--- | ---
Aug. 31, 2023
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):
| Total Amount of Facilities |  | Facilities Used |  | Facilities Available |  | Weighted average interest rate
| Short-term Borrowings |  | Letters of Credit |  |
August 31, 2023 - Committed | $ | 75,000 |  | — |  | — |  | 75,000 |  | —%
August 31, 2023 - Uncommitted | 91,000 |  | 8,376 |  | — |  | 82,624 |  | 13.2
August 31, 2023 - Overdraft Used (Uncommitted) | — |  | 303 |  | — |  | — |  | 12.0
August 31, 2023 - Total | $ | 166,000 |  | $ | 8,679 |  | $ | — |  | $ | 157,624 |  | 12.7%
August 31, 2022 - Committed | $ | 75,000 |  | — |  | 73 |  | 74,927 |  | —%
August 31, 2022 - Uncommitted | 91,000 |  | 10,608 |  | — |  | 80,392 |  | 5.3
August 31, 2022 - Total | $ | 166,000 |  | $ | 10,608 |  | $ | 73 |  | $ | 155,319 |  | 5.3%
As of August 31, 2023 and August 31, 2022, 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 twelve months ended August 31, 2023:
(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 received during the period: |  |  |  |  |  |
Guatemala subsidiary | — |  | 4,204 |  | 4,204 |
Trinidad subsidiary | 4,924 |  | 21,505 |  | 26,429 |
Total proceeds from long-term debt received during the period | 4,924 |  | 25,709 |  | 30,633 |
Repayments of long-term debt: | (8,110) |  |  | (14,587) |  |  | (22,697) |  |
Reclassifications of long-term debt due in the next 12 months | 17,618 |  | (17,618) |  |  | — |
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar(2) | (112) |  |  | (58) |  |  | (170) |  |
Balances as of August 31, 2022 | 33,715 |  | 103,556 |  | 137,271 | (3)
Proceeds from long-term debt received during the period: |  |  |  |  |  |
Guatemala subsidiary | — |  |  | 12,454 |  |  | 12,454 |  |
Barbados subsidiary | — |  |  | 7,460 |  |  | 7,460 |  |
Honduras subsidiary | 1,001 |  |  | 12,798 |  |  | 13,799 |  |
Trinidad subsidiary | 750 |  |  | 4,250 |  |  | 5,000 |  |
Total proceeds from long-term debt received during the period | 1,751 |  | 36,962 |  | 38,713 |
Repayments of long-term debt: | (17,541) |  |  | (18,443) |  |  | (35,984) |  |
Reclassifications of long-term debt due in the next 12 months | 1,729 |  |  | (1,729) |  |  | — |  |
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar(2) | 539 |  |  | (859) |  |  | (320) |  |
Balances as of August 31, 2023 | $ | 20,193 |  | $ | 119,487 |  | $ | 139,680 | (4)
(1)The carrying amount of non-cash assets assigned as collateral for these loans was $153.5 million. The carrying amount of cash assets assigned as collateral for these loans was $7.0 million. (2)These foreign currency translation adjustments are recorded within other comprehensive loss. (3)The carrying amount of non-cash assets assigned as collateral for these loans was $155.6 million. The carrying amount of cash assets assigned as collateral for these loans was $5.3 million. (4)The carrying amount of non-cash assets assigned as collateral for these loans was $156.2 million. The carrying amount of cash assets assigned as collateral for these loans was $3.5 million. The following table provides a summary of the long-term loans entered into by the Company:
| August 31, 2023 |  | August 31, 2022
Loans entered into by the Company's subsidiaries for which the subsidiary has entered into a cross-currency interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants | $ | 23,099 |  |  | $ | 33,853 |
Loans entered into by the Company's subsidiaries for which the subsidiary has entered into an interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants | 30,069 |  |  | 39,969 |
Unhedged loans entered into by the Company's subsidiaries with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants | 86,512 |  |  | 63,449 |
Total long-term debt | 139,680 |  |  | 137,271 |
Less: current portion | 20,193 |  |  | 33,715 |
Long-term debt, net of current portion | $ | 119,487 |  |  | $ | 103,556 |
As of August 31, 2023 and August 31, 2022, the Company had approximately $91.2 million and $110.7 million, respectively, of long-term loans 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. The net increase in long-term debt during the twelve months ended August 31, 2023 is primarily attributable to loans entered into by the Company’s Honduras, Guatemala, Barbados, and Trinidad subsidiaries, and offset by payments on its long-term debt. Annual maturities of long-term debt are as follows (in thousands):
Twelve Months Ended August 31, |  | Amount
2024 |  | $ | 20,193 |
2025 |  | 36,151 |
2026 |  | 18,450 |
2027 |  | 33,188 |
2028 |  | 17,512 |
Thereafter |  | 14,186 |
Total |  | $ | 139,680 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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