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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Nov. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following table summarizes agreements for which the Company has recorded cash flow hedge accounting for the three months ended November 30, 2023:
EntityDate
Entered
into		Derivative
Financial
Counter-
party		Derivative
Financial
Instruments		Initial
US$
Notional
Amount
US$
Loan
Held With
Floating Leg
(swap
counter-party)		Fixed Rate
for PSMT
Subsidiary		Settlement
Dates		Effective
Period of swap
Colombia subsidiary30-Nov-23Citibank, N.A. ("Citi")Cross currency interest rate swap$10,000,000 PriceSmart, Inc.5.00%11.27 %30th day of each November, May and August, and 28th day of each February (except in case of a leap year, 29th day of each February) beginning on February 29, 2024November 30, 2023 - November 30, 2026
Colombia subsidiary12-Apr-23Citibank, N.A. ("Citi")Cross currency interest rate swap$10,000,000 PriceSmart, Inc.4.00%11.40 %11th day of each July, October, January and April, beginning on July 11, 2023April 12, 2023 - April 11, 2028
Colombia subsidiary26-Sep-22Citibank, N.A. ("Citi")Cross currency interest rate swap$12,500,000 PriceSmart, Inc.3.00%10.35 %24th day of each December, March, June and September beginning December 26, 2022September 26, 2022 - September 24, 2024
Colombia subsidiary3-May-22Citibank, 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, 2022May 3, 2022 - May 3, 2027
Colombia subsidiary17-Nov-21Citibank, 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, 2022November 17, 2021 - November 18, 2024
Colombia subsidiary3-Dec-19Citibank, N.A. ("Citi")Cross currency interest rate swap$7,875,000 Citibank, N.A.
Variable rate 3-month SOFR plus 2.45%
7.87 %3rd day of each December, March, June and September beginning March 3, 2020December 3, 2019 - December 3, 2024
Colombia subsidiary27-Nov-19Citibank, N.A. ("Citi")Cross currency interest rate swap$25,000,000 Citibank, N.A.
Variable rate 3-month SOFR plus 2.45%
7.93 %27th day of each November, February, May and August beginning February 27, 2020November 27, 2019 - November 27, 2024
PriceSmart, Inc.7-Nov-16U.S. Bank, N.A. ("U.S. Bank")Interest rate swap$35,700,000 U.S. Bank
Variable rate 3-month SOFR plus 1.7%
3.65 %1st day of each month beginning on April 1, 2017March 1, 2017 - March 1, 2027
Schedule of Cash Flow Hedging Instruments
For the three months ended November 30, 2023 and November 30, 2022, the Company included the gain or loss on the hedged items (that is, variable-rate borrowings) in the same line item—interest expense—as the offsetting gain or loss on the related interest rate swaps as follows (in thousands):
Income Statement Classification
Interest
expense on
borrowings(1)
Cost of
swaps(2)
Total
Interest expense for the three months ended November 30, 2023$1,062 $415 $1,477 
Interest expense for the three months ended November 30, 2022$1,103 $347 $1,450 
(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.
Schedule of Notional Amounts of Outstanding Derivative Positions
The total notional balance of the Company’s pay-fixed/receive-variable interest rate swaps and cross-currency interest rate swaps was as follows (in thousands):
 Notional Amount as of
Floating Rate Payer (Swap Counterparty)
November 30,
2023		August 31,
2023
U.S. Bank
$29,750 $30,069 
Citibank N.A.74,766 65,599 
Total$104,516 $95,668 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The table summarizes the effect of the fair value of interest rate swap and cross-currency interest rate swap derivative instruments that qualify for derivative hedge accounting and its associated tax effect on accumulated other comprehensive income/(loss) (in thousands):
November 30, 2023August 31, 2023
Derivatives designated as cash flow hedging instrumentsBalance Sheet
Classification		Fair
Value		Net Tax
Effect		Net
OCI		Fair
Value		Net Tax
Effect		Net
OCI
Cross-currency interest rate swaps
Other current assets
$3,532 $(1,235)$2,297 $— $— $— 
Cross-currency interest rate swaps
Other non-current assets
841 (294)547 5,574 (1,950)3,624 
Cross-currency interest rate swapsOther current liabilities(1,766)617 (1,149)— — — 
Cross-currency interest rate swapsOther long-term liabilities(2,016)705 (1,311)(3,321)1,162 (2,159)
Interest rate swapsOther non-current assets2,023 (452)1,571 2,243 (501)1,742 
Net fair value of derivatives designated as hedging instruments$2,614 $(659)$1,955 $4,496 $(1,289)$3,207 
Schedule of Open Non-Deliverable Forward Foreign Exchange Contract
The following table summarizes the non-deliverable forward foreign exchange contracts that are open as of November 30, 2023:
Financial Derivative
(Counterparty)		SubsidiaryDates
Entered into (Range)		Derivative Financial
Instrument		Total Notional
Amounts
(in thousands)		Settlement
 Dates (Range)
Scotiabank Colpatria, S.A.Colombia27-Mar-2023 - 19-Jul-2023Forward foreign exchange contracts (USD)$5,000 21-Dec-2023 - 24-Jan-2024
Citibank, N.A. ("Citi")Colombia14-Aug-2023 - 14-Nov-2023Forward foreign exchange contracts (USD)$16,500 27-Dec-2023 - 22-May-2024