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DERIVATIVES AND RISK MANAGEMENT (Tables) | 9 Months Ended
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May 31, 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 May 31, 2016:
Commodity |  | Long/Short |  | Total
Aluminum |  | Long |  | 3,429 |  | MT
Aluminum |  | Short |  | 175 |  | MT
Copper |  | Long |  | 238 |  | MT
Copper |  | Short |  | 3,425 |  | 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 May 31, |  | Nine Months Ended May 31,
Derivatives Not Designated as Hedging Instruments (in thousands) |  | Location |  | 2016 |  | 2015 |  | 2016 |  | 2015
Commodity |  | Cost of goods sold |  | $ | 224 |  |  | $ | (354 | ) |  | $ | 2,172 |  |  | $ | 4,947 |
Foreign exchange |  | Net sales |  | — |  |  | — |  |  | (4 | ) |  | 3,005 |
Foreign exchange |  | Cost of goods sold |  | (9 | ) |  | 562 |  |  | 72 |  |  | 4,913 |
Foreign exchange |  | SG&A expenses |  | (6,304 | ) |  | 2,405 |  |  | 9,410 |  |  | 22,479 |
Gain (loss) before income taxes |  |  |  | $ | (6,089 | ) |  | $ | 2,613 |  |  | $ | 11,650 |  |  | $ | 35,344 |
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 May 31, |  | Nine Months Ended May 31,
| Location |  | 2016 |  | 2015 |  | 2016 |  | 2015
Foreign exchange |  | Net sales |  | $ | (122 | ) |  | $ | 207 |  |  | $ | (39 | ) |  | $ | 566 |
Foreign exchange |  | Cost of goods sold |  | 901 |  |  | (283 | ) |  | 90 |  |  | 642 |
Gain (loss) before income taxes |  |  |  | $ | 779 |  |  | $ | (76 | ) |  | $ | 51 |  |  | $ | 1,208 |
Hedged items designated as fair value hedging instruments |
Hedged Items Designated as Fair Value Hedging Instruments (in thousands) |  |  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| Location |  | 2016 |  | 2015 |  | 2016 |  | 2015
Foreign exchange |  | Net sales |  | $ | 122 |  |  | $ | (207 | ) |  | $ | 39 |  |  | $ | (565 | )
Foreign exchange |  | Cost of goods sold |  | (901 | ) |  | 283 |  |  | (90 | ) |  | (642 | )
Gain (loss) before income taxes |  |  |  | $ | (779 | ) |  | $ | 76 |  |  | $ | (51 | ) |  | $ | (1,207 | )
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 May 31, |  | Nine Months Ended May 31,
| 2016 |  | 2015 |  | 2016 |  | 2015
Commodity |  | $ | (56 | ) |  | $ | (76 | ) |  | $ | (280 | ) |  | $ | (492 | )
Foreign exchange |  | 40 |  |  | 130 |  |  | 749 |  |  | (1,879 | )
Gain (loss), net of income taxes |  | $ | (16 | ) |  | $ | 54 |  |  | $ | 469 |  |  | $ | (2,371 | )
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 May 31, |  | Nine Months Ended May 31,
| Location |  | 2016 |  | 2015 |  | 2016 |  | 2015
Commodity |  | Cost of goods sold |  | $ | (263 | ) |  | $ | (269 | ) |  | $ | (373 | ) |  | $ | (429 | )
Foreign exchange |  | Net sales |  | (168 | ) |  | (111 | ) |  | (561 | ) |  | (37 | )
Foreign exchange |  | Cost of goods sold |  | 223 |  |  | (1,044 | ) |  | 641 |  |  | (2,447 | )
Foreign exchange |  | SG&A expenses |  | 53 |  |  | 17 |  |  | 123 |  |  | 57 |
Interest rate |  | Interest expense |  | 134 |  |  | 134 |  |  | 400 |  |  | 400 |
Gain (loss) before income taxes |  |  |  | (21 | ) |  | (1,273 | ) |  | 230 |  |  | (2,456 | )
Income tax (expense) benefit |  |  |  | (11 | ) |  | 469 |  |  | (88 | ) |  | 886 |
Gain (loss), net of income taxes |  |  |  | $ | (32 | ) |  | $ | (804 | ) |  | $ | 142 |  |  | $ | (1,570 | )
Derivative assets | The fair value of the Company's derivative instruments on the condensed consolidated balance sheets was as follows:
Derivative Assets (in thousands) |  | May 31, 2016 |  | August 31, 2015
Commodity — designated for hedge accounting |  | $ | 8 |  |  | $ | 19 |
Commodity — not designated for hedge accounting |  | 447 |  |  | 846 |
Foreign exchange — designated for hedge accounting |  | 1,719 |  |  | 1,500 |
Foreign exchange — not designated for hedge accounting |  | 1,245 |  |  | 3,088 |
Derivative assets (other current assets)* |  | $ | 3,419 |  |  | $ | 5,453 |
Derivative liabilities |
Derivative Liabilities (in thousands) |  | May 31, 2016 |  | August 31, 2015
Commodity — designated for hedge accounting |  | $ | 88 |  |  | $ | 129 |
Commodity — not designated for hedge accounting |  | 66 |  |  | 537 |
Foreign exchange — designated for hedge accounting |  | 342 |  |  | 874 |
Foreign exchange — not designated for hedge accounting |  | 987 |  |  | 1,263 |
Derivative liabilities (accrued expenses and other payables)* |  | $ | 1,483 |  |  | $ | 2,803 |
_________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

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