DERIVATIVES AND RISK MANAGEMENT (Tables)

12 Months Ended

Aug. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Not Designated as Hedging Instruments

The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of operations:

		Year Ended August 31,
Derivatives Not Designated as Hedging Instruments (in thousands)	Location	2014			2013		2012
Commodity	Cost of goods sold	$	2,504		$	2,456	$	4,496
Foreign exchange	Net sales	473			—		(199		)
Foreign exchange	Cost of goods sold	(1,078		)	—		(537		)
Foreign exchange	SG&A expenses	(4,135		)	5,089		(872		)
Other	Cost of goods sold	—			9		—
Gain (loss) before income taxes		$	(2,236	)	$	7,554	$	2,888

Derivatives Designated as Fair Value Hedging Instruments

Derivatives Designated as Fair Value Hedging Instruments (in thousands)		Year Ended August 31,
	Location	2014			2013			2012
Foreign exchange	Net sales	$	93		$	(151	)	$	—
Foreign exchange	Cost of goods sold	(1,465		)	2,241			—
Foreign exchange	SG&A expenses	—			—			383
Interest rate	Interest expense	—			—			10,561
Gain (loss) before income taxes		$	(1,372	)	$	2,090		$	10,944

Hedged Items Designated as Fair Value Hedging Instruments

Hedged Items Designated as Fair Value Hedging Instruments (in thousands)		Year Ended August 31,
	Location	2014			2013			2012
Foreign exchange	Net sales	$	(91	)	$	153		$	—
Foreign exchange	Cost of goods sold	1,469			(2,241		)	—
Foreign exchange	SG&A expenses	—			—			(383		)
Interest rate	Interest expense	—			—			(10,561		)
Gain (loss) before income taxes		$	1,378		$	(2,088	)	$	(10,944	)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands)	August 31,
	2014			2013			2012
Commodity	$	(54	)	$	(218	)	$	—
Foreign exchange	(1,794		)	439			(1,545		)
Gain (loss), net of income taxes	$	(1,848	)	$	221		$	(1,545	)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss)

Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss) (in thousands)		Year Ended August 31,
	Location	2014			2013			2012
Commodity	Cost of  goods sold	$	(104	)	$	(169	)	$	27
Foreign exchange	Net sales	(213		)	46			(826		)
Foreign exchange	Cost of goods sold	(1,349		)	20			—
Foreign exchange	SG&A expenses	52			39			(300		)
Interest rate	Interest expense	346			401			521
Gain (loss), net of income taxes		$	(1,268	)	$	337		$	(578	)

Derivative Assets

The fair value of the Company's derivative instruments on the consolidated balance sheets was as follows:

Derivative Assets (in thousands)	August 31,
	2014		2013
Commodity — designated for hedge accounting	$	42	$	—
Commodity — not designated for hedge accounting	869		1,066
Foreign exchange — designated for hedge accounting	136		1,626
Foreign exchange — not designated for hedge accounting	1,853		1,238
Derivative assets (other current assets)*	$	2,900	$	3,930

Derivative Liabilities

Derivative Liabilities (in thousands)	August 31,
	2014		2013
Commodity — designated for hedge accounting	$	6	$	129
Commodity — not designated for hedge accounting	162		1,268
Foreign exchange — designated for hedge accounting	325		432
Foreign exchange — not designated for hedge accounting	1,010		1,738
Derivative liabilities (accrued expenses and other payables)*	$	1,503	$	3,567

_________________________

* Derivative assets and liabilities do not include the hedged items designated as fair value hedges.