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DERIVATIVES AND RISK MANAGEMENT (Tables) | 3 Months Ended
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Nov. 30, 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 November 30, 2016:
Commodity |  | Long/Short |  | Total
Aluminum |  | Long |  | 1,822 |  | MT
Copper |  | Long |  | 237 |  | MT
Copper |  | Short |  | 5,160 |  | MT
Zinc |  | Long |  | 22 |  | 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 November 30,
Derivatives Not Designated as Hedging Instruments (in thousands) |  | Location |  | 2016 |  | 2015
Commodity |  | Cost of goods sold |  | $ | (4,629 | ) |  | $ | 2,172 |
Foreign exchange |  | Cost of goods sold |  | (8 | ) |  | 50 |
Foreign exchange |  | SG&A expenses |  | 4,049 |  |  | 5,219 |
Gain (loss) before income taxes |  |  |  | $ | (588 | ) |  | $ | 7,441 |
Derivatives designated as fair value hedging instruments | Hedged items relate to firm commitments on commercial sales and purchases and capital expenditures.
Derivatives Designated as Fair Value Hedging Instruments (in thousands) |  |  |  | Three Months Ended November 30,
| Location |  | 2016 |  | 2015
Foreign exchange |  | Net sales |  | $ | (22 | ) |  | $ | 144 |
Foreign exchange |  | Cost of goods sold |  | 1,086 |  |  | (994 | )
Gain (loss) before income taxes |  |  |  | $ | 1,064 |  |  | $ | (850 | )
Hedged items designated as fair value hedging instruments |
Hedged Items Designated as Fair Value Hedging Instruments (in thousands) |  |  |  | Three Months Ended November 30,
| Location |  | 2016 |  | 2015
Foreign exchange |  | Net sales |  | $ | 22 |  |  | $ | (145 | )
Foreign exchange |  | Cost of goods sold |  | (1,086 | ) |  | 994 |
Gain (loss) before income taxes |  |  |  | $ | (1,064 | ) |  | $ | 849 |
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 November 30,
| 2016 |  | 2015
Commodity |  | $ | 99 |  |  | $ | (477 | )
Foreign exchange |  | 33 |  |  | 468 |
Gain (loss), net of income taxes |  | $ | 132 |  |  | $ | (9 | )
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 November 30,
| Location |  | 2016 |  | 2015
Commodity |  | Cost of goods sold |  | $ | (92 | ) |  | $ | (51 | )
Foreign exchange |  | Net sales |  | (85 | ) |  | 57 |
Foreign exchange |  | Cost of goods sold |  | 128 |  |  | (8 | )
Foreign exchange |  | SG&A expenses |  | 152 |  |  | 35 |
Interest rate |  | Interest expense |  | 134 |  |  | 134 |
Gain before income taxes |  |  |  | 237 |  |  | 167 |
Income taxes |  | Income taxes |  | (47 | ) |  | (49 | )
Gain, net of income taxes |  |  |  | $ | 190 |  |  | $ | 118 |
Derivative assets | The fair value of the Company's derivative instruments on the condensed consolidated balance sheets was as follows:
Derivative Assets (in thousands) |  | November 30, 2016 |  | August 31, 2016
Commodity — designated for hedge accounting |  | $ | 89 |  |  | $ | 4 |
Commodity — not designated for hedge accounting |  | 108 |  |  | 584 |
Foreign exchange — designated for hedge accounting |  | 1,595 |  |  | 1,398 |
Foreign exchange — not designated for hedge accounting |  | 3,055 |  |  | 750 |
Derivative assets (other current assets)* |  | $ | 4,847 |  |  | $ | 2,736 |
Derivative liabilities |
Derivative Liabilities (in thousands) |  | November 30, 2016 |  | August 31, 2016
Commodity — designated for hedge accounting |  | $ | — |  |  | $ | 5 |
Commodity — not designated for hedge accounting |  | 3,211 |  |  | 117 |
Foreign exchange — designated for hedge accounting |  | 360 |  |  | 902 |
Foreign exchange — not designated for hedge accounting |  | 1,498 |  |  | 1,161 |
Derivative liabilities (accrued expenses and other payables)* |  | $ | 5,069 |  |  | $ | 2,185 |
_________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

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