DERIVATIVES AND RISK MANAGEMENT (Tables)

6 Months Ended

Feb. 28, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity contract commitments

The following table provides information regarding the Company's commodity contract commitments as of February 28, 2018:

Commodity	Long/Short	Total
Aluminum	Long	2,650	MT
Aluminum	Short	—	MT
Copper	Long	1,009	MT
Copper	Short	5,999	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 February 28,						Six Months Ended February 28,
Derivatives Not Designated as Hedging Instruments (in thousands)	Location	2018			2017			2018			2017
Commodity	Cost of goods sold	$	(2	)	$	(146	)	$	573		$	(4,775	)
Foreign exchange	Cost of goods sold	(31		)	(25		)	(50		)	(33		)
Foreign exchange	SG&A expenses	(1,729		)	(678		)	651			3,371
Gain (loss) before income taxes		$	(1,762	)	$	(849	)	$	1,174		$	(1,437	)

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 February 28,						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 February 28,
		2018			2017				2018			2017
Foreign exchange	Net sales	$	8		$	66		Net sales	$	(8	)	$	(66	)
Foreign exchange	Cost of goods sold	(1,323		)	(1,693		)	Cost of goods sold	1,323			1,693
Gain (loss) before income taxes		$	(1,315	)	$	(1,627	)		$	1,315		$	1,627

	Location of gain (loss) recognized in income on derivatives	Amount of gain (loss) recognized in income on derivatives for the six months ended February 28,						Location of gain (loss) recognized in income on related hedged items	Amount of gain (loss) recognized in income on related hedge items for the six months ended February 28,
		2018			2017				2018			2017
Foreign exchange	Net sales	$	(229	)	$	44		Net sales	$	229		$	(44	)
Foreign exchange	Cost of goods sold	2,025			(607		)	Cost of goods sold	(2,025		)	607
Gain (loss) before income taxes		$	1,796		$	(563	)		$	(1,796	)	$	563

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 (in thousands)	Three Months Ended February 28,				Six Months Ended February 28,
	2018		2017		2018		2017
Commodity	$	—	$	118	$	—	$	217
Foreign exchange	14		192		25		225
Gain (loss), net of income taxes	$	14	$	310	$	25	$	442

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)	February 28, 2018		August 31, 2017
Commodity — not designated for hedge accounting	$	1,070	$	767
Foreign exchange — designated for hedge accounting	936		81
Foreign exchange — not designated for hedge accounting	2,851		1,286
Derivative assets (other current assets)*	$	4,857	$	2,134

Derivative liabilities

Derivative Liabilities (in thousands)	February 28, 2018		August 31, 2017
Commodity — not designated for hedge accounting	$	289	$	3,251
Foreign exchange — designated for hedge accounting	671		1,549
Foreign exchange — not designated for hedge accounting	868		3,710
Derivative liabilities (accrued expenses and other payables)*	$	1,828	$	8,510

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