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DERIVATIVES AND RISK MANAGEMENT (Tables) | 3 Months Ended
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Nov. 30, 2017
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, 2017:
Commodity |  | Long/Short |  | Total
Aluminum |  | Long |  | 3,475 |  | MT
Aluminum |  | Short |  | 900 |  | MT
Copper |  | Long |  | 714 |  | MT
Copper |  | Short |  | 6,214 |  | 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 unaudited condensed consolidated statements of earnings:
|  |  |  | Three Months Ended November 30,
Derivatives Not Designated as Hedging Instruments (in thousands) |  | Location |  | 2017 |  | 2016
Commodity |  | Cost of goods sold |  | $ | 575 |  |  | $ | (4,629 | )
Foreign exchange |  | Cost of goods sold |  | (19 | ) |  | (8 | )
Foreign exchange |  | SG&A expenses |  | 2,380 |  |  | 4,049 |
Gain (loss) before income taxes |  |  |  | $ | 2,936 |  |  | $ | (588 | )
Derivatives designated as fair value hedging instruments | Hedged items relate to firm commitments on commercial sales and purchases and capital expenditures.
|  | Location of gain (loss) recognized in income on derivatives |  | Amount of gain (loss) recognized in income on derivatives for the three months ended November 30, |  | Location of gain (loss) recognized in income on related hedged items |  | Amount of gain (loss) recognized in income on related hedge items for the three months ended November 30,
|  | 2017 |  | 2016 |  |  | 2017 |  | 2016
Foreign exchange |  | Net sales |  | $ | (237 | ) |  | $ | (22 | ) |  | Net sales |  | $ | 237 |  |  | $ | 22 |
Foreign exchange |  | Cost of goods sold |  | 3,348 |  |  | 1,086 |  |  | Cost of goods sold |  | (3,348 | ) |  | (1,086 | )
Gain (loss) before income taxes |  |  |  | $ | 3,111 |  |  | $ | 1,064 |  |  |  |  | $ | (3,111 | ) |  | $ | (1,064 | )
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 AOCI (Loss) (in thousands) |  | Three Months Ended November 30,
| 2017 |  | 2016
Commodity |  | $ | — |  |  | $ | 99 |
Foreign exchange |  | 11 |  |  | 33 |
Gain, net of income taxes |  | $ | 11 |  |  | $ | 132 |
Derivative assets | The fair value of the Company's derivative instruments on the unaudited condensed consolidated balance sheets was as follows:
Derivative Assets (in thousands) |  | November 30, 2017 |  | August 31, 2017
Commodity — not designated for hedge accounting |  | 780 |  |  | 767 |
Foreign exchange — designated for hedge accounting |  | 1,785 |  |  | 81 |
Foreign exchange — not designated for hedge accounting |  | 2,155 |  |  | 1,286 |
Derivative assets (other current assets)* |  | $ | 4,720 |  |  | $ | 2,134 |
Derivative liabilities |
Derivative Liabilities (in thousands) |  | November 30, 2017 |  | August 31, 2017
Commodity — not designated for hedge accounting |  | 499 |  |  | 3,251 |
Foreign exchange — designated for hedge accounting |  | 197 |  |  | 1,549 |
Foreign exchange — not designated for hedge accounting |  | 1,351 |  |  | 3,710 |
Derivative liabilities (accrued expenses and other payables)* |  | $ | 2,047 |  |  | $ | 8,510 |
_________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

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