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DERIVATIVES AND RISK MANAGEMENT (Tables)
 12 Months Ended
Aug. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Contract Commitments
The following table provides information regarding the Company's commodity contract commitments as of August 31, 2018:
Commodity
 
Long/Short
 
Total
Aluminum
 
Long
 
3,975

 MT
Aluminum
 
Short
 
550

 MT
Copper
 
Long
 
1,633

 MT
Copper
 
Short
 
5,817

 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 consolidated statements of earnings: 
 
 
 
 
Year Ended August 31,
Derivatives Not Designated as Hedging Instruments (in thousands)
 
Location
 
2018
 
2017
 
2016
Commodity
 
Cost of goods sold
 
$
7,043

 
$
(9,095
)
 
$
2,675

Foreign exchange
 
Cost of goods sold
 
(50
)
 
(47
)
 
19

Foreign exchange
 
SG&A expenses
 
110

 
(5,400
)
 
11,732

Gain (loss) from continuing operations before income taxes
 
 
 
$
7,103

 
$
(14,542
)
 
$
14,426
Derivatives Designated as Fair Value Hedging Instruments
 
 
Amount of Gain (Loss) Recognized in Income on Derivatives for the Year Ended August 31,
 
 
Amount of Gain (Loss) Recognized in Income on Related Hedge Items for the Year Ended August 31,
 
Location of Gain (Loss) Recognized in Income on Derivatives
2018
 
2017
 
2016
 
Location of Gain (Loss) Recognized in Income on Related Hedged Items
2018
 
2017
 
2016
Foreign exchange
Net sales
$
(66
)
 
$
25

 
$
(38
)
 
Net sales
$
66

 
$
(25
)
 
$
38

Foreign exchange
Cost of goods sold
1,596

 
(1,436
)
 
(1,075
)
 
Cost of goods sold
(1,596
)
 
1,436

 
1,075

Gain (loss) from continuing operations before income taxes
 
$
1,530

 
$
(1,411
)
 
$
(1,113
)
 
 
$
(1,530
)
 
$
1,411

 
$
1,113

 
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)
 
August 31,
 
2018
 
2017
 
2016
Commodity
 
$
—

 
$
210

 
$
(204
)
Foreign exchange
 
48

 
546

 
1,822

Gain (loss), net of income taxes
 
$
48

 
$
756

 
$
1,618
Derivative Assets
The fair value of the Company's derivative instruments on the consolidated balance sheets was as follows: 
Derivative Assets (in thousands)
 
August 31,
 
2018
 
2017
Commodity — not designated for hedge accounting
 
$
1,881

 
$
767

Foreign exchange — designated for hedge accounting
 
—

 
81

Foreign exchange — not designated for hedge accounting
 
407

 
1,286

Derivative assets (other current assets)*
 
$
2,288

 
$
2,134
Derivative Liabilities
Derivative Liabilities (in thousands)
 
August 31,
 
2018
 
2017
Commodity — not designated for hedge accounting
 
301

 
3,251

Foreign exchange — designated for hedge accounting
 
—

 
1,549

Foreign exchange — not designated for hedge accounting
 
1,095

 
3,710

Derivative liabilities (accrued expenses and other payables)*
 
$
1,396

 
$
8,510

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