DERIVATIVES AND RISK MANAGEMENT (Tables)

9 Months Ended

May. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity contract commitments

The following table provides information regarding the Company's commodity contract commitments as of May 31, 2015:

Commodity	Long/Short	Total
Aluminum	Long	3,746	MT
Aluminum	Short	325	MT
Copper	Long	826	MT
Copper	Short	5,364	MT
Zinc	Long	29	MT
Natural Gas	Long	180,000	MMBTUs

MT = Metric Ton

MMBTU = One million British thermal units

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 earnings:

		Three Months Ended May 31,						Nine Months Ended May 31,
Derivatives Not Designated as Hedging Instruments (in thousands)	Location	2015			2014			2015		2014
Commodity	Cost of goods sold	$	(354	)	$	1,346		$	4,947	$	1,985
Foreign exchange	Net sales	—			(351		)	3,005		(736		)
Foreign exchange	Cost of goods sold	562			(326		)	4,913		(697		)
Foreign exchange	SG&A expenses	2,405			1,183			22,479		(5,632		)
Gain (loss) before income taxes		$	2,613		$	1,852		$	35,344	$	(5,080	)

Derivatives designated as fair value hedging instruments

Hedged items relate to firm commitments on commercial sales and purchases.

Derivatives Designated as Fair Value Hedging Instruments (in thousands)		Three Months Ended May 31,						Nine Months Ended May 31,
	Location	2015			2014			2015		2014
Foreign exchange	Net sales	$	207		$	(55	)	$	566	$	(28	)
Foreign exchange	Cost of goods sold	(283		)	(1,053		)	642		(2,133		)
Gain (loss) before income taxes		$	(76	)	$	(1,108	)	$	1,208	$	(2,161	)

Hedged items designated as fair value hedging instruments

Hedged Items Designated as Fair Value Hedging Instruments (in thousands)		Three Months Ended May 31,					Nine Months Ended May 31,
	Location	2015			2014		2015			2014
Foreign exchange	Net sales	$	(207	)	$	62	$	(565	)	$	25
Foreign exchange	Cost of goods sold	283			1,053		(642		)	2,133
Gain (loss) before income taxes		$	76		$	1,115	$	(1,207	)	$	2,158

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)	Three Months Ended May 31,					Nine Months Ended May 31,
	2015			2014		2015			2014
Commodity	$	(76	)	$	65	$	(492	)	$	(48	)
Foreign exchange	130			325		(1,879		)	(1,605		)
Gain (loss), net of income taxes	$	54		$	390	$	(2,371	)	$	(1,653	)

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)		Three Months Ended May 31,						Nine Months Ended May 31,
	Location	2015			2014			2015			2014
Commodity	Cost of goods sold	$	(174	)	$	43		$	(278	)	$	(110	)
Foreign exchange	Net sales	(114		)	20			(38		)	(213		)
Foreign exchange	Cost of goods sold	(617		)	(57		)	(1,560		)	(1,231		)
Foreign exchange	SG&A expenses	14			10			46			35
Interest rate	Interest expense	87			87			260			260
Gain (loss), net of income taxes		(804		)	$	103		$	(1,570	)	$	(1,259	)

Derivative assets

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

Derivative Assets (in thousands)	May 31, 2015		August 31, 2014
Commodity — designated for hedge accounting	$	16	$	42
Commodity — not designated for hedge accounting	942		869
Foreign exchange — designated for hedge accounting	1,414		136
Foreign exchange — not designated for hedge accounting	3,240		1,853
Derivative assets (other current assets)*	$	5,612	$	2,900

Derivative liabilities

Derivative Liabilities (in thousands)	May 31, 2015		August 31, 2014
Commodity — designated for hedge accounting	$	242	$	6
Commodity — not designated for hedge accounting	603		162
Foreign exchange — designated for hedge accounting	951		325
Foreign exchange — not designated for hedge accounting	1,178		1,010
Derivative liabilities (accrued expenses and other payables)*	$	2,974	$	1,503

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