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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.