Accounts Receivable Securitization |
12 Months Ended |
|---|---|
Aug. 31, 2011 | |
| Accounts Receivable Securitization [Abstract] | |
| Accounts Receivable Securitization |
Note 5. Accounts Receivable Securitization Historically, the Company maintained an accounts receivable securitization program under which it sold certain of its trade accounts receivable to a wholly-owned, bankruptcy-remote special purpose subsidiary which, in turn, sold participating interests in its pool of receivables to a third party financial institution. The Company did not renew the securitization program on its September 9, 2009 maturity date and as a result, utilized availability under the Senior Credit Facility to fund the corresponding $37.1 million increase in accounts receivable. Sales of trade receivables from the special purpose subsidiary totaled $352.7 million for the year ended August 31, 2009, while related cash collections during the same period totaled $608.0 million (included in operating activities in the consolidated statement of cash flows). Financing costs related to the accounts receivable securitization program were $1.6 million for the year ended August 31, 2009. |