DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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9 Months Ended |
May 31, 2017 |
Cash Flow Hedging [Member] |
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Derivative [Line Items] |
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Schedule of Interest Rate Derivatives |
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Subsidiary
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Date Entered into
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Derivative Financial Counter- party
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Derivative Financial Instruments
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Initial US$ Notional Amount
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Bank US$ loan Held with
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Floating Leg (swap counter-party)
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Fixed Rate for PSMT Subsidiary
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Settlement Dates
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Effective Period of swap
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PriceSmart, Inc (1)
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7-Nov-16
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MUFG Union Bank, N.A. ("Union Bank")
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Interest rate swap
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$
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35,700,000
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Union Bank
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Variable rate 1-month Libor plus 1.7%
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3.65
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%
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1st day of each month beginning on April 1, 2017
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March 1, 2017 - March 1, 2027
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Costa Rica
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28-Aug-15
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Citibank, N.A. ("Citi")
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Cross currency interest rate swap
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$
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7,500,000
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Citibank, N.A.
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Variable rate 3-month Libor plus 2.50%
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7.65
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%
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28th day of August, November, February, and May beginning on November 30, 2015
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August 28, 2015 - August 28, 2020
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Honduras
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24-Mar-15
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Citibank, N.A. ("Citi")
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Cross currency interest rate swap
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$
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8,500,000
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Citibank, N.A.
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Variable rate 3-month Libor plus 3.25%
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10.75
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%
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24th day of March, June, September, and December beginning on June 24, 2015
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March 24,2015 - March 20, 2020
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El Salvador
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16-Dec-14
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Bank of Nova Scotia ("Scotiabank")
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Interest rate swap
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$
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4,000,000
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Bank of Nova Scotia
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Variable rate 30-day Libor plus 3.5%
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4.78
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%
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29th day of each month beginning on December 29, 2014
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December 1, 2014 - August 29, 2019
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Colombia
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10-Dec-14
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Citibank, N.A. ("Citi")
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Cross currency interest rate swap
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$
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15,000,000
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Citibank, N.A.
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Variable rate 3-month Libor plus 2.8%
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8.25
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%
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4th day of March, June, Sept, Dec. beginning on March 4, 2015
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December 4, 2014 - December 3, 2019
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Panama
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9-Dec-14
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Bank of Nova Scotia ("Scotiabank")
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Interest rate swap
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$
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10,000,000
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Bank of Nova Scotia
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Variable rate 30-day Libor plus 3.5%
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5.16
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%
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28th day of each month beginning December 29, 2014
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November 28, 2014 - November 29, 2019
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Honduras
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23-Oct-14
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Citibank, N.A. ("Citi")
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Cross currency interest rate swap
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$
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5,000,000
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Citibank, N.A.
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Variable rate 3-month Libor plus 3.5%
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11.6
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%
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22nd day of January, April, July, and October beginning on January 22, 2015
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October 22, 2014 - October 22, 2017
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Panama
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1-Aug-14
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Bank of Nova Scotia ("Scotiabank")
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Interest rate swap
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$
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5,000,000
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Bank of Nova Scotia
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Variable rate 30-day Libor plus 3.5%
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4.89
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%
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21st day of each month beginning on September 22, 2014
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August 21, 2014 - August 21, 2019
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Panama
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22-May-14
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Bank of Nova Scotia ("Scotiabank")
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Interest rate swap
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$
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19,800,000
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Bank of Nova Scotia
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Variable rate 30-day Libor plus 3.5%
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4.98
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%
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4th day of each month beginning on June 4, 2014
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May 5, 2014 - April 4, 2019
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Panama
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22-May-14
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Bank of Nova Scotia ("Scotiabank")
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Interest rate swap
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$
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3,970,000
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Bank of Nova Scotia
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Variable rate 30-day Libor plus 3.5%
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4.98
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%
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4th day of each month beginning on June 4, 2014
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May 5, 2014 - April 4, 2019
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(1)
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The initial notional amount and fixed rate were modified effective January 2017. |
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Fair Value Hedging [Member] |
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Derivative [Line Items] |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
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May 31, 2017
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August 31, 2016
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Non-deliverable forward foreign exchange contracts
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Balance Sheet Location
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Fair Value
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Balance Sheet Location
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Fair Value
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Foreign currency forward contracts
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Other current assets
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$
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3
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Other current assets
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$
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34
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Foreign currency forward contracts
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Other accrued expenses
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(400)
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Other accrued expenses
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(144)
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Net fair value of non-deliverable forward foreign exchange contracts designated as hedging instruments that do not qualify for hedge accounting
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$
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(397)
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$
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(110)
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Schedule of Derivative Assets and Liabilities at Fair Value |
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May 31, 2017
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Counterparty
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Balance Sheet Location
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Fair Value
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Counterparty
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Balance Sheet Location
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Fair Value
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Derivative Asset
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Trinidad, Citibank
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$
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5,038
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PSMT, Inc., MUFG
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$
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5,060
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Derivative Liability
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Trinidad, Citibank
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(5,346)
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PSMT, Inc., MUFG
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(5,058)
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Net Derivative Liability
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Other accrued expenses
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$
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(308)
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(1)
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Net Derivative Asset
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Other current assets
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$
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2
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(1)
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(1)
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The net amount is included as part of the total net fair value of non-deliverable forward foreign exchange currency contracts designated as hedging instruments that do not qualify for derivative hedge accounting. |
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Derivative Swap [Member] | Cash Flow Hedging [Member] |
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Derivative [Line Items] |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
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May 31, 2017
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August 31, 2016
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Derivatives designated as cash flow hedging instruments
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Balance Sheet Location
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Fair Value
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Net Tax Effect
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Net OCI
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Fair Value
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Net Tax Effect
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Net OCI
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Cross-currency interest rate swaps
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Other non-current assets
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$
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2,596
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(943)
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1,653
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$
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3,224
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$
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(1,248)
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$
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1,976
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Interest rate swaps
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Other non-current assets
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83
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(30)
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53
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—
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—
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—
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Interest rate swaps
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Other long-term liabilities
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(60)
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17
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(43)
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(448)
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115
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(333)
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Cross-currency interest rate swaps
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Other long-term liabilities
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(540)
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162
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(378)
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(1,066)
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320
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(746)
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Net fair value of derivatives designated as hedging instruments
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$
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2,079
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$
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(794)
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$
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1,285
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$
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1,710
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$
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(813)
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$
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897
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Derivative Swap [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] |
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Derivative [Line Items] |
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
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Income Statement Classification
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Interest expense on borrowings(1)
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Cost of swaps (2)
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Total
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Interest expense for the three months ended May 31, 2017
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$
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1,080
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$
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425
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$
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1,505
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Interest expense for the three months ended May 31, 2016
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$
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812
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$
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461
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$
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1,273
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Interest expense for the nine months ended May 31, 2017
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$
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2,584
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$
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1,206
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$
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3,790
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Interest expense for the nine months ended May 31, 2016
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$
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2,377
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$
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1,478
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$
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3,855
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(1)
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This amount is representative of the interest expense recognized on the underlying hedged transactions. |
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(2)
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This amount is representative of the interest expense recognized on the cross-currency interest rate swaps designated as cash flow hedging instruments. |
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Interest Rate Swaps [Member] | Cash Flow Hedging [Member] |
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Derivative [Line Items] |
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Schedule of Notional Amounts of Outstanding Derivative Positions |
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Notional Amount as of
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May 31,
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August 31,
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Floating Rate Payer (Swap Counterparty)
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2017
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2016
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Scotiabank
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$
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28,358
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$
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30,188
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Union Bank
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35,700
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—
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Citibank N.A.
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27,113
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32,258
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Total
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$
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91,171
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$
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62,446
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Forward Foreign Exchange Contracts [Member] | Fair Value Hedging [Member] |
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Derivative [Line Items] |
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Schedule of Notional Amounts of Outstanding Derivative Positions |
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Subsidiary
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Dates entered into
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Financial Derivative (Counterparty)
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Derivative Financial Instrument
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Notional Amount (in thousands)
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Settlement Date
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Effective Period of Forward
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Costa Rica
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Aug-16
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Citibank, N.A.
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Forward foreign exchange contracts
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$
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3,750
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Aug-17
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August 31, 2016 - August 30, 2017
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Colombia
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Mar-17
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Banco Colpatria
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Forward foreign exchange contracts
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4,500
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Jun-17
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March 2017 - June 2017
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Trinidad
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May-17
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Citibank, N.A.
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Forward foreign
exchange contracts (EUR)
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5,317
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Jun-17
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May 17, 2017 - June 16, 2017
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Trinidad
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May-17
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Citibank, N.A.
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Forward foreign
exchange contracts (TTD)
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5,317
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Jun-17
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May 17, 2017 - June 16, 2017
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PSMT, Inc.
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May-17
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MUFG Union Bank, N.A.
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Forward foreign
exchange contracts (USD)
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5,060
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Jun-17
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May 22, 2017 - June 21, 2017
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PSMT, Inc.
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May-17
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MUFG Union Bank, N.A.
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Forward foreign
exchange contracts (EUR)
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5,060
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Jun-17
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May 22, 2017 - June 21, 2017
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Forward Foreign Exchange Contracts [Member] | Fair Value Hedging [Member] | Other Income (Expense) [Member] |
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Derivative [Line Items] |
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
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Three Months Ended
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Nine Months Ended
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May 31,
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May 31,
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May 31,
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May 31,
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Income Statement Classification
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2017
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2016
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2017
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2016
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Other income (expense), net
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$
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(177)
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$
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23
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$
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106
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$
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(128)
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