DERIVATIVES AND RISK MANAGEMENT (Tables)

6 Months Ended

Feb. 28, 2019

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, 2019:

Commodity	Long/Short	Total
Aluminum	Long	5,175	MT
Aluminum	Short	2,425	MT
Copper	Long	601	MT
Copper	Short	6,146	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 February 28,						Six Months Ended February 28,
Derivatives Not Designated as Hedging Instruments	Location	2019			2018			2019			2018
Commodity	Cost of goods sold	$	(2,425	)	$	(2	)	$	(3,265	)	$	573
Foreign exchange	Cost of goods sold	—			(31		)	—			(50		)
Foreign exchange	SG&A expenses	(526		)	(1,729		)	(400		)	651
Gain (loss) before income taxes		$	(2,951	)	$	(1,762	)	$	(3,665	)	$	1,174

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,
		2019		2018				2019		2018
Foreign exchange	Net sales	$	—	$	8		Net sales	$	—	$	(8	)
Foreign exchange	Cost of goods sold	—		(1,323		)	Cost of goods sold	—		1,323
Gain (loss) before income taxes		$	—	$	(1,315	)		$	—	$	1,315
	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,
		2019		2018				2019		2018
Foreign exchange	Net sales	$	—	$	(229	)	Net sales	$	—	$	229
Foreign exchange	Cost of goods sold	—		2,025			Cost of goods sold	—		(2,025		)
Gain (loss) before income taxes		$	—	$	1,796			$	—	$	(1,796	)

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 February 28,					Six Months Ended February 28,
	2019			2018		2019			2018
Foreign exchange, net of income taxes	$	(86	)	$	14	$	(121	)	$	25

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, 2019		August 31, 2018
Commodity — not designated for hedge accounting	$	162	$	1,881
Foreign exchange — designated for hedge accounting	—		—
Foreign exchange — not designated for hedge accounting	141		407
Derivative assets (other current assets)*	$	303	$	2,288

Derivative liabilities

Derivative Liabilities (in thousands)	February 28, 2019		August 31, 2018
Commodity — not designated for hedge accounting	$	2,335	$	301
Foreign exchange — designated for hedge accounting	179		—
Foreign exchange — not designated for hedge accounting	450		1,095
Derivative liabilities (accrued expenses and other payables)*	$	2,964	$	1,396

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