DERIVATIVES AND RISK MANAGEMENT (Tables)

3 Months Ended

Nov. 30, 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 November 30, 2018:

Commodity	Long/Short	Total
Aluminum	Long	2,575	MT
Aluminum	Short	100	MT
Copper	Long	624	MT
Copper	Short	4,683	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 (amounts in thousands):

		Three Months Ended November 30,
Derivatives Not Designated as Hedging Instruments	Location	2018			2017
Commodity	Cost of goods sold	$	(840	)	$	575
Foreign exchange	Cost of goods sold	—			(19		)
Foreign exchange	SG&A expenses	126			2,380
Gain (loss) before income taxes		$	(714	)	$	2,936

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 November 30,					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 November 30,
		2018		2017				2018		2017
Foreign exchange	Net sales	$	—	$	(237	)	Net sales	$	—	$	237
Foreign exchange	Cost of goods sold	—		3,348			Cost of goods sold	—		(3,348		)
Gain (loss) before income taxes		$	—	$	3,111			$	—	$	(3,111	)

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	Three Months Ended November 30,
	2018			2017
Foreign exchange, net of income taxes	$	(35	)	$	11

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)	November 30, 2018		August 31, 2018
Commodity — not designated for hedge accounting	$	162	$	1,881
Foreign exchange — designated for hedge accounting	9		—
Foreign exchange — not designated for hedge accounting	257		407
Derivative assets (other current assets)*	$	428	$	2,288

Derivative liabilities

Derivative Liabilities (in thousands)	November 30, 2018		August 31, 2018
Commodity — not designated for hedge accounting	$	417	$	301
Foreign exchange — designated for hedge accounting	65		—
Foreign exchange — not designated for hedge accounting	391		1,095
Derivative liabilities (accrued expenses and other payables)*	$	873	$	1,396

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