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DERIVATIVES AND RISK MANAGEMENT (Tables)
 6 Months Ended
Feb. 29, 2016
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 29, 2016:
Commodity
 
Long/Short
 
Total
Aluminum
 
Long
 
5,141

 MT
Aluminum
 
Short
 
250

 MT
Copper
 
Long
 
294

 MT
Copper
 
Short
 
4,423

 MT
Zinc
 
Long
 
7

 MT
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 condensed consolidated statements of earnings: 
 
 
 
 
Three Months Ended
 
Six Months Ended
Derivatives Not Designated as Hedging Instruments (in thousands)
 
Location
 
February 29, 2016
 
February 28, 2015
 
February 29, 2016
 
February 28, 2015
Commodity
 
Cost of goods sold
 
$
(224
)
 
$
1,866

 
$
1,948

 
$
5,301

Foreign exchange
 
Net sales
 
(4
)
 
569

 
(4
)
 
3,005

Foreign exchange
 
Cost of goods sold
 
31

 
2,480

 
81

 
4,351

Foreign exchange
 
SG&A expenses
 
10,495

 
7,874

 
15,714

 
20,074

Gain before income taxes
 
 
 
$
10,298

 
$
12,789

 
$
17,739

 
$
32,731
Derivatives designated as fair value hedging instruments
Hedged items relate to firm commitments on commercial sales and purchases.
Derivatives Designated as Fair Value Hedging Instruments (in thousands)
 
 
 
Three Months Ended
 
Six Months Ended
 
Location
 
February 29, 2016
 
February 28, 2015
 
February 29, 2016
 
February 28, 2015
Foreign exchange
 
Net sales
 
$
(61
)
 
$
534

 
$
83

 
$
359

Foreign exchange
 
Cost of goods sold
 
183

 
(229
)
 
(811
)
 
925

Gain (loss) before income taxes
 
 
 
$
122

 
$
305

 
$
(728
)
 
$
1,284
Hedged items designated as fair value hedging instruments
Hedged Items Designated as Fair Value Hedging Instruments (in thousands)
 
 
 
Three Months Ended
 
Six Months Ended
 
Location
 
February 29, 2016
 
February 28, 2015
 
February 29, 2016
 
February 28, 2015
Foreign exchange
 
Net sales
 
$
62

 
$
(537
)
 
$
(83
)
 
$
(358
)
Foreign exchange
 
Cost of goods sold
 
(183
)
 
229

 
811

 
(925
)
Gain (loss) before income taxes
 
 
 
$
(121
)
 
$
(308
)
 
$
728

 
$
(1,283
)
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)
 
Three Months Ended
 
Six Months Ended
 
February 29, 2016
 
February 28, 2015
 
February 29, 2016
 
February 28, 2015
Commodity
 
$
253

 
$
(348
)
 
$
(224
)
 
$
(416
)
Foreign exchange
 
241

 
(1,552
)
 
709

 
(2,009
)
Gain (loss), net of income taxes
 
$
494

 
$
(1,900
)
 
$
485

 
$
(2,425
)
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 Income (Loss) (in thousands)
 
 
 
Three Months Ended
 
Six Months Ended
 
Location
 
February 29, 2016
 
February 28, 2015
 
February 29, 2016
 
February 28, 2015
Commodity
 
Cost of goods sold
 
$
(59
)
 
$
(140
)
 
$
(110
)
 
$
(160
)
Foreign exchange
 
Net sales
 
(450
)
 
74

 
(393
)
 
74

Foreign exchange
 
Cost of goods sold
 
426

 
(1,203
)
 
418

 
(1,403
)
Foreign exchange
 
SG&A expenses
 
35

 
19

 
70

 
40

Interest rate
 
Interest expense
 
132

 
132

 
266

 
266

Gain (loss) before income taxes
 
 
 
84

 
(1,118
)
 
251

 
(1,183
)
Income tax (expense) benefit
 
 
 
(28
)
 
391

 
(77
)
 
417

Gain (loss), net of income taxes
 
 
 
$
56

 
$
(727
)
 
$
174

 
$
(766
)
Derivative assets
The fair value of the Company's derivative instruments on the condensed consolidated balance sheets was as follows: 
Derivative Assets (in thousands)
 
February 29, 2016
 
August 31, 2015
Commodity — designated for hedge accounting
 
$
24

 
$
19

Commodity — not designated for hedge accounting
 
96

 
846

Foreign exchange — designated for hedge accounting
 
1,273

 
1,500

Foreign exchange — not designated for hedge accounting
 
2,992

 
3,088

Derivative assets (other current assets)*
 
$
4,385

 
$
5,453
Derivative liabilities
Derivative Liabilities (in thousands)
 
February 29, 2016
 
August 31, 2015
Commodity — designated for hedge accounting
 
$
122

 
$
129

Commodity — not designated for hedge accounting
 
688

 
537

Foreign exchange — designated for hedge accounting
 
719

 
874

Foreign exchange — not designated for hedge accounting
 
645

 
1,263

Derivative liabilities (accrued expenses and other payables)*
 
$
2,174

 
$
2,803

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