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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
9 Months Ended
May 31, 2022
Derivative [Line Items]  
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

Schedule of Notional Amounts of Outstanding Derivative Positions

Notional Amount as of

May 31,

August 31,

 Floating Rate Payer (Swap Counterparty)

2022

2021

Union Bank

$

31,663

$

32,619

Citibank N.A.

67,522

51,032

Scotiabank

9,000

10,125

Total

$

108,185

$

93,776

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)

Derivative Swaps [Member] | Cash Flow Hedging [Member] | Interest Expense [Member]  
Derivative [Line Items]  
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.

Forward Foreign Exchange Contracts [Member]  
Derivative [Line Items]  
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