Schedule of Interest Rate Derivatives |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Entity | | Date Entered into | | Derivative Financial Counter- party | | Derivative Financial Instruments | | Initial US$ Notional Amount | | Bank US$ loan Held with | | Floating Leg (swap counter-party) | | Fixed Rate for PSMT Subsidiary | | Settlement Dates | | Effective Period of swap | Colombia subsidiary | | 3-May-22 | | Citibank, N.A. ("Citi") | | Cross currency interest rate swap | | $ | 10,000,000 | | PriceSmart, Inc. | | 3.00% | | 9.04 | % | | 3rd day of each May, August, November and February, beginning on August 3, 2022 | | May 3, 2022 - May 3, 2027 | Colombia subsidiary | | 17-Nov-21 | | Citibank, N.A. ("Citi") | | Cross currency interest rate swap | | $ | 10,000,000 | | PriceSmart, Inc. | | 3.00% | | 8.40 | % | | 17th day of each February, May, August, and November, beginning on February 17, 2022 | | November 17, 2021 - November 18, 2024 | Colombia subsidiary | | 3-Dec-19 | | Citibank, N.A. ("Citi") | | Cross currency interest rate swap | | $ | 7,875,000 | | Citibank, N.A. | | Variable rate 3-month Libor plus 2.45% | | 7.87 | % | | 3rd day of each December, March, June, and September, beginning on March 3, 2020 | | December 3, 2019 - December 3, 2024 | Colombia subsidiary | | 27-Nov-19 | | Citibank, N.A. ("Citi") | | Cross currency interest rate swap | | $ | 25,000,000 | | Citibank, N.A. | | Variable rate 3-month Libor plus 2.45% | | 7.93 | % | | 27th day of each November, February, May and August beginning February 27, 2020 | | November 27, 2019 - November 27, 2024 | Colombia subsidiary | | 24-Sep-19 | | Citibank, N.A. ("Citi") | | Cross currency interest rate swap | | $ | 12,500,000 | | PriceSmart, Inc. | | Variable rate 3-month Libor plus 2.50% | | 7.09 | % | | 24th day of each December, March, June and September beginning December 24, 2019 | | September 24, 2019 - September 26, 2022 | Panama subsidiary | | 25-Jun-18 | | Bank of Nova Scotia ("Scotiabank") | | Interest rate swap | | $ | 14,625,000 | | Bank of Nova Scotia | | Variable rate 3-month Libor plus 3.0% | | 5.99 | % | | 23rd day of each month beginning on July 23, 2018 | | June 25, 2018 - March 23, 2023 | Honduras subsidiary | | 26-Feb-18 | | Citibank, N.A. ("Citi") | | Cross currency interest rate swap | | $ | 13,500,000 | | Citibank, N.A. | | Variable rate 3-month Libor plus 3.00% | | 9.75 | % | | 29th day of May, August, November and February beginning May 29, 2018 | | February 26, 2018 - February 24, 2024 | PriceSmart, Inc. | | 7-Nov-16 | | MUFG Union Bank, N.A. ("Union Bank") | | Interest rate swap | | $ | 35,700,000 | | Union Bank | | Variable rate 1-month Libor plus 1.7% | | 3.65 | % | | 1st day of each month beginning on April 1, 2017 | | March 1, 2017 - March 1, 2027 |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
| | | | | | | | | | | | | | | | | | | | | | | | | May 31, 2022 | | August 31, 2021 | Derivatives designated as cash flow hedging instruments | | Balance Sheet Classification | | Fair Value | | Net Tax Effect | | Net OCI | | Fair Value | | Net Tax Effect | | Net OCI | Cross-currency interest rate swaps | | Other non-current assets | | $ | 4,512 | | $ | (1,579) | | $ | 2,933 | | $ | 2,464 | | $ | (741) | | $ | 1,723 | Cross-currency interest rate swaps | | Other current assets | | | 1,550 | | | (543) | | | 1,007 | | | — | | | — | | | — | Interest rate swaps | | Other non-current assets | | | 898 | | | (198) | | | 700 | | | — | | | — | | | — | Interest rate swaps | | Other long-term liabilities | | | (49) | | | 14 | | | (35) | | | (2,305) | | | 535 | | | (1,770) | Cross-currency interest rate swaps | | Other long-term liabilities | | | (999) | | | 340 | | | (659) | | | (705) | | | 212 | | | (493) | Net fair value of derivatives designated as hedging instruments | | | | $ | 5,912 | | $ | (1,966) | | $ | 3,946 | | $ | (546) | | $ | 6 | | $ | (540) |
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
| | | | | | | | | | | | | | | | | | | | Income Statement Classification | | Interest expense on borrowings(1) | | Cost of swaps (2) | | Total | Interest expense for the three months ended May 31, 2022 | | $ | 618 | | $ | 871 | | $ | 1,489 | Interest expense for the three months ended May 31, 2021 | | $ | 656 | | $ | 907 | | $ | 1,563 | Interest expense for the nine months ended May 31, 2022 | | $ | 1,720 | | $ | 2,628 | | $ | 4,348 | Interest expense for the nine months ended May 31, 2021 | | $ | 2,015 | | $ | 2,785 | | $ | 4,800 | | | | | | | | | | |
(1)This amount is representative of the interest expense recognized on the underlying hedged transactions. (2)This amount is representative of the interest expense recognized on the interest rate swaps and cross-currency swaps designated as cash flow hedging instruments.
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Schedule of Open Non-Deliverable Forward Foreign Exchange Contract |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Subsidiary | | Dates entered into | | Financial Derivative (Counterparty) | | Derivative Financial Instrument | | Notional Amount (in thousands) | | Settlement Date | | Effective Period of Forward | Colombia | | 4-Feb-22 | | Scotiabank Colpatria, S.A. | | Forward foreign exchange contracts (USD) | | $ | 5,000 | | 3-Aug-22 | | February 4, 2022 - August 3, 2022 | Colombia | | 28-Mar-22 | | Scotiabank Colpatria, S.A. | | Forward foreign exchange contracts (USD) | | $ | 2,000 | | 28-Jun-22 | | 28 March, 2022 - 28 June, 2022 | Colombia | | 28-Mar-22 | | Scotiabank Colpatria, S.A. | | Forward foreign exchange contracts (USD) | | $ | 2,000 | | 26-Jul-22 | | 28 March, 2022 - 26 July, 2022 | Colombia | | 28-Mar-22 | | Scotiabank Colpatria, S.A. | | Forward foreign exchange contracts (USD) | | $ | 1,000 | | 25-Aug-22 | | 28 March, 2022 - 25 August, 2022 |
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