DERIVATIVES AND RISK MANAGEMENT (Tables)

9 Months Ended

May 31, 2017

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, 2017:

Commodity	Long/Short	Total
Aluminum	Long	1,925	MT
Aluminum	Short	25	MT
Copper	Long	555	MT
Copper	Short	5,250	MT
Zinc	Long	7	MT

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MT = Metric Ton

Derivatives not designated as hedging instruments

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

		Three Months Ended May 31,						Nine Months Ended May 31,
Derivatives Not Designated as Hedging Instruments (in thousands)	Location	2017			2016			2017			2016
Commodity	Cost of goods sold	$	1,654		$	224		$	(3,121	)	$	2,172
Foreign exchange	Net sales	(2		)	—			(2		)	(4		)
Foreign exchange	Cost of goods sold	(5		)	(9		)	(38		)	72
Foreign exchange	SG&A expenses	(1,076		)	(6,304		)	2,295			9,410
Gain (loss) before income taxes		$	571		$	(6,089	)	$	(866	)	$	11,650

Derivatives designated as fair value hedging instruments

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

	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized in income on derivatives for the three months ended May 31,						Location of gain (loss) recognized in income on related hedged items	Amount of gain (loss) recognized in income on related hedge items for the three months ended May 31,
		2017			2016				2017			2016
Foreign exchange	Net sales	$	(102	)	$	(122	)	Net sales	$	102		$	122
Foreign exchange	Cost of goods sold	1,042			901			Cost of goods sold	(1,042		)	(901		)
Gain (loss) before income taxes		$	940		$	779			$	(940	)	$	(779	)

	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized in income on derivatives for the nine months ended May 31,						Location of gain (loss) recognized in income on related hedged items	Amount of gain (loss) recognized in income on related hedge items for the nine months ended May 31,
		2017			2016				2017			2016
Foreign exchange	Net sales	$	(58	)	$	(39	)	Net sales	$	58		$	39
Foreign exchange	Cost of goods sold	435			90			Cost of goods sold	(435		)	(90		)
Gain (loss) before income taxes		$	377		$	51			$	(377	)	$	(51	)

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 AOCI (Loss) (in thousands)	Three Months Ended May 31,						Nine Months Ended May 31,
	2017			2016			2017		2016
Commodity	$	(9	)	$	(56	)	$	208	$	(280	)
Foreign exchange	263			40			488		749
Gain (loss), net of income taxes	$	254		$	(16	)	$	696	$	469

Derivative assets

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

Derivative Assets (in thousands)	May 31, 2017		August 31, 2016
Commodity — designated for hedge accounting	$	13	$	4
Commodity — not designated for hedge accounting	324		584
Foreign exchange — designated for hedge accounting	606		1,398
Foreign exchange — not designated for hedge accounting	2,374		750
Derivative assets (other current assets)*	$	3,317	$	2,736

Derivative liabilities

Derivative Liabilities (in thousands)	May 31, 2017		August 31, 2016
Commodity — designated for hedge accounting	$	—	$	5
Commodity — not designated for hedge accounting	238		117
Foreign exchange — designated for hedge accounting	101		902
Foreign exchange — not designated for hedge accounting	1,805		1,161
Derivative liabilities (accrued expenses and other payables)*	$	2,144	$	2,185

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