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DERIVATIVES AND RISK MANAGEMENT (Tables)
 9 Months Ended
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.