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DERIVATIVES AND RISK MANAGEMENT (Tables)
 12 Months Ended
Aug. 31, 2016
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 earnings: 
 
 
 
 
Year Ended August 31,
Derivatives Not Designated as Hedging Instruments (in thousands)
 
Location
 
2016
 
2015
 
2014
Commodity
 
Cost of goods sold
 
$
2,675

 
$
7,746

 
$
2,504

Foreign exchange
 
Net sales
 
(4
)
 
3,016

 
473

Foreign exchange
 
Cost of goods sold
 
19

 
4,996

 
(1,078
)
Foreign exchange
 
SG&A expenses
 
11,732

 
23,105

 
(4,135
)
Gain (loss) before income taxes
 
 
 
$
14,422

 
$
38,863

 
$
(2,236
)
Derivatives Designated as Fair Value Hedging Instruments
Derivatives Designated as Fair Value
Hedging Instruments (in thousands)
 
 
 
Year Ended August 31,
 
Location
 
2016
 
2015
 
2014
Foreign exchange
 
Net sales
 
$
(39
)
 
$
(105
)
 
$
93

Foreign exchange
 
Cost of goods sold
 
(1,072
)
 
881

 
(1,465
)
Gain (loss) before income taxes
 

 
$
(1,111
)
 
$
776

 
$
(1,372
)
 
Hedged Items Designated as Fair Value Hedging Instruments
Hedged Items for Derivatives Designated as Fair Value
Hedging Instruments (in thousands)
 
 
 
Year Ended August 31,
 
Location
 
2016
 
2015
 
2014
Foreign exchange
 
Net sales
 
$
39

 
$
105

 
$
(91
)
Foreign exchange
 
Cost of goods sold
 
1,072

 
(881
)
 
1,469

Gain (loss) before income taxes
 
 
 
$
1,111

 
$
(776
)
 
$
1,378
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,
 
2016
 
2015
 
2014
Commodity
 
$
(204
)
 
$
(635
)
 
$
(54
)
Foreign exchange
 
1,822

 
(1,832
)
 
(1,794
)
Gain (loss), net of income taxes
 
$
1,618

 
$
(2,467
)
 
$
(1,848
)
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 Loss (in thousands)
 
 
 
Year Ended August 31,
 
Location
 
2016
 
2015
 
2014
Commodity
 
Cost of  goods sold
 
$
(493
)
 
$
(665
)
 
$
(160
)
Foreign exchange
 
Net sales
 
(380
)
 
124

 
(213
)
Foreign exchange
 
Cost of goods sold
 
2,283

 
(2,774
)
 
(1,717
)
Foreign exchange
 
SG&A expenses
 
291

 
76

 
53

Interest rate
 
Interest expense
 
532

 
532

 
532

Gain (loss) before income taxes
 
 
 
2,233

 
(2,707
)
 
(1,505
)
Income tax (expense) benefit
 
Income taxes
 
(496
)
 
949

 
237

Gain (loss), net of income taxes
 
 
 
$
1,737

 
$
(1,758
)
 
$
(1,268
)
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,
 
2016
 
2015
Commodity — designated for hedge accounting
 
$
4

 
$
19

Commodity — not designated for hedge accounting
 
584

 
846

Foreign exchange — designated for hedge accounting
 
1,398

 
1,500

Foreign exchange — not designated for hedge accounting
 
750

 
3,088

Derivative assets (other current assets)*
 
$
2,736

 
$
5,453
Derivative Liabilities
Derivative Liabilities (in thousands)
 
August 31,
 
2016
 
2015
Commodity — designated for hedge accounting
 
$
5

 
$
129

Commodity — not designated for hedge accounting
 
117

 
537

Foreign exchange — designated for hedge accounting
 
902

 
874

Foreign exchange — not designated for hedge accounting
 
1,161

 
1,263

Derivative liabilities (accrued expenses and other payables)*
 
$
2,185

 
$
2,803

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