INVESTMENTS

3 Months Ended

Nov. 30, 2022

Investments, Debt and Equity Securities [Abstract]

We invest a portion of our excess cash balances in short-term debt securities. Investments at November 30, 2022, consisted of corporate bonds and term deposits with maturities remaining of less than 12 months. We may also invest excess cash balances in certificates of deposit, money market accounts, government-sponsored enterprise securities, and/or commercial paper. We account for our investments in accordance with ASC 320, Investments – Debt and Equity Securities. As of November 30, 2022, all investments were classified as held-to-maturity securities, as we have positive intent and ability to hold these securities until maturity. We believe unrealized losses on investments were primarily caused by rising interest rates rather than changes in credit quality, and, accordingly, we have not recorded an allowance for credit losses on our debt securities as of November 30, 2022, and August 31, 2022.

The following tables summarize our short-term investments as of November 30, 2022, and August 31, 2022:


	November 30, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Commercial notes (due within one year)	$	80,639	$	—	$	(890)	$	79,749
Term deposits (due within one year)	1,500						1,500
Total	$	82,139	$	—	$	(890)	$	81,249


	August 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Commercial notes (due within one year)	$	72,168	$	—	$	(839)	$	71,329
Term deposits (due within one year)	$	4,500					$	4,500
Total	$	76,668	$	—	$	(839)	$	75,829