Short-Term Borrowings

12 Months Ended

Aug. 31, 2014

Short-term Debt [Abstract]

Short-Term Borrowings

Short-Term Borrowings

The Company has an unsecured, uncommitted $25 million credit line with Wells Fargo Bank, N.A. that expires on March 1, 2015. The Company had no borrowings outstanding under this credit line as of August 31, 2014, and $9 million in borrowings outstanding as of August 31, 2013. Interest rates are set by the bank at the time of borrowing. The interest rate on amounts outstanding under this credit line was 2.1% as of August 31, 2013. The credit agreement contains various representations and warranties, events of default and financial and other covenants, including covenants regarding maintenance of a minimum fixed charge coverage ratio and a maximum leverage ratio.