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DEBT | 6 Months Ended
--- | ---
Feb. 29, 2024
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):
|  |  | Facilities Used |  |  |  |
| Total Amount of Facilities |  | Short-term Borrowings |  |  |  | Facilities Available |  | Weighted average interest rate
February 29, 2024 - Committed | $ | 75,000 |  |  | $ | — |  |  |  |  | $ | 75,000 |  |  | — | %
February 29, 2024 - Uncommitted | 96,000 |  |  | 6,101 |  |  |  |  | 89,899 |  |  | 13.1 |
February 29, 2024 - Total | $ | 171,000 |  |  | $ | 6,101 |  |  |  |  | $ | 164,899 |  |  | 13.1 | %
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 | %
As of February 29, 2024 and August 31, 2023, 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 29, 2024:
(Amounts in thousands) | Current portion of long-term debt |  | Long-term debt (net of current portion) |  | Total |
Balances as of August 31, 2023 | $ | 20,193 |  |  | $ | 119,487 |  |  | $ | 139,680 |  | (1)
Proceeds from long-term debt incurred during the period: |  |  |  |  |  |
Panama subsidiary | — |  |  | 16,500 |  |  | 16,500 |  |
Total proceeds from long-term debt incurred during the period | — |  |  | 16,500 |  |  | 16,500 |  |
Repayments of long-term debt: | (1,683) |  |  | (14,700) |  |  | (16,383) |  |
Reclassifications of long-term debt due in the next 12 months | 19,091 |  |  | (19,091) |  |  | — |  |
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar(2) | 14 |  |  | 154 |  |  | 168 |  |
Balances as of February 29, 2024 | $ | 37,615 |  |  | $ | 102,350 |  |  | $ | 139,965 |  | (3)
(1)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. (2)These foreign currency translation adjustments are recorded within other comprehensive income. (3)The carrying amount of non-cash assets assigned as collateral for these loans was $140.0 million. The carrying amount of cash assets assigned as collateral for these loans was $2.5 million. As of February 29, 2024 and August 31, 2023, the Company had approximately $83.9 million and $91.2 million, respectively, of long-term loans held in the U.S. entity and 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 Company entered into a loan agreement for $16.5 million to partially fund the purchase of our Via Brasil club in Panama. This loan has a term of 15 years and an interest rate of 1.80% plus the 3-month variable Secured Overnight Financing Rate (SOFR). Additionally, the loan includes a 1.00% special interest compensation fund (FECI) surcharge on the outstanding balance. Refer to “Note 2 – Summary of Significant Accounting Policies” for additional information. Annual maturities of long-term debt are as follows (in thousands):
Twelve Months Ended February 28 (except in case of leap year February 29), |  | Amount
2025 |  | $ | 37,615 |
2026 |  | 16,506 |
2027 |  | 14,251 |
2028 |  | 40,358 |
2029 |  | 4,618 |
Thereafter |  | 26,617 |
Total |  | $ | 139,965 |

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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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