XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.8.0.1

DERIVATIVES AND RISK MANAGEMENT (Tables) | 9 Months Ended
--- | ---
May 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 May 31, 2018:
Commodity |  | Long/Short |  | Total
Aluminum |  | Long |  | 6,125 |  | MT
Aluminum |  | Short |  | 3,075 |  | MT
Copper |  | Long |  | 363 |  | MT
Copper |  | Short |  | 6,021 |  | 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 (amounts in thousands):
|  |  |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
Derivatives Not Designated as Hedging Instruments |  | Location |  | 2018 |  | 2017 |  | 2018 |  | 2017
Commodity |  | Cost of goods sold |  | $ | 1,498 |  |  | $ | 1,654 |  |  | $ | 2,071 |  |  | $ | (3,121 | )
Foreign exchange |  | Net sales |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Foreign exchange |  | Cost of goods sold |  | — |  |  | (5 | ) |  | (50 | ) |  | (38 | )
Foreign exchange |  | SG&A expenses |  | 518 |  |  | (1,076 | ) |  | 1,169 |  |  | 2,295 |
Gain (loss) before income taxes |  |  |  | $ | 2,016 |  |  | $ | 571 |  |  | $ | 3,190 |  |  | $ | (866 | )
The
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 May 31, |  | 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 May 31,
|  | 2018 |  | 2017 |  |  | 2018 |  | 2017
Foreign exchange |  | Net sales |  | $ | 163 |  |  | $ | (102 | ) |  | Net sales |  | $ | (163 | ) |  | $ | 102 |
Foreign exchange |  | Cost of goods sold |  | (429 | ) |  | 1,042 |  |  | Cost of goods sold |  | 429 |  |  | (1,042 | )
Gain (loss) before income taxes |  |  |  | $ | (266 | ) |  | $ | 940 |  |  |  |  | $ | 266 |  |  | $ | (940 | )
|  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Amount of Gain (Loss) Recognized in Income on Derivatives for the Nine Months Ended May 31, |  | Location of gain (loss) recognized in income on related hedged items |  | Amount of Gain (Loss) Recognized in Income on Related Hedge Items for the Nine Months Ended May 31,
|  | 2018 |  | 2017 |  |  | 2018 |  | 2017
Foreign exchange |  | Net sales |  | $ | (66 | ) |  | $ | (58 | ) |  | Net sales |  | $ | 66 |  |  | $ | 58 |
Foreign exchange |  | Cost of goods sold |  | 1,596 |  |  | 435 |  |  | Cost of goods sold |  | (1,596 | ) |  | (435 | )
Gain (loss) before income taxes |  |  |  | $ | 1,530 |  |  | $ | 377 |  |  |  |  | $ | (1,530 | ) |  | $ | (377 | )
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 |  | Three Months Ended May 31, |  | Nine Months Ended May 31,
| 2018 |  | 2017 |  | 2018 |  | 2017
Commodity |  | $ | — |  |  | $ | (9 | ) |  | $ | — |  |  | $ | 208 |
Foreign exchange |  | 13 |  |  | 263 |  |  | 38 |  |  | 488 |
Gain, net of income taxes |  | $ | 13 |  |  | $ | 254 |  |  | $ | 38 |  |  | $ | 696 |
Derivative assets | The fair value of the Company's derivative instruments on the unaudited condensed consolidated balance sheets was as follows (amounts are in thousands):
Derivative Assets |  | May 31, 2018 |  | August 31, 2017
Commodity — not designated for hedge accounting |  | $ | 901 |  |  | $ | 767 |
Foreign exchange — designated for hedge accounting |  | — |  |  | 81 |
Foreign exchange — not designated for hedge accounting |  | 1,573 |  |  | 1,286 |
Derivative assets (other current assets)* |  | $ | 2,474 |  |  | $ | 2,134 |
Derivative liabilities |
Derivative Liabilities |  | May 31, 2018 |  | August 31, 2017
Commodity — not designated for hedge accounting |  | $ | 80 |  |  | $ | 3,251 |
Foreign exchange — designated for hedge accounting |  | — |  |  | 1,549 |
Foreign exchange — not designated for hedge accounting |  | 1,550 |  |  | 3,710 |
Derivative liabilities (accrued expenses and other payables)* |  | $ | 1,630 |  |  | $ | 8,510 |
_________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative assets at fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative liabilities at fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for fair value hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration