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DERIVATIVES AND RISK MANAGEMENT (Tables)
 3 Months Ended
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.