COMMITMENTS AND CONTINGENCIES Operating Leases (Tables)

6 Months Ended

Feb. 28, 2014

Commitments and Contingencies Disclosure [Abstract]

Leases of Lessee Disclosure [Text Block]

Future minimum lease commitments for facilities under these leases with an initial term in excess of one year are as follows (in thousands):



Years ended February 28,	Open Locations⁽¹⁾
2015	$	7,981
2016	8,200
2017	8,289
2018	8,873
2019	8,791
Thereafter	89,882
Total	$	132,016	⁽²⁾


⁽¹⁾	Operating lease obligations have been reduced by approximately $687,000 to reflect sub-lease income. Certain obligations under leasing arrangements are collateralized by the underlying asset being leased.

⁽²⁾

On January 30, 2014, the Company entered into a lease agreement for approximately 126,000 usable square feet (11,667 usable square meters) of land in the city of Bogota, Colombia, upon which the Company plans to construct a new warehouse club. The lease term is for 30 years with two options to renew at the Company's discretion for ten years each. The total expected payments under the initial term of this lease are included within the table and makes up part of the total lease commitments. The Company will record the monthly lease expense in pre-opening expenses while the warehouse club is under construction. Upon opening, these expenses will be recognized in warehouse club operations expense.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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