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DERIVATIVES AND RISK MANAGEMENT (Tables)
 9 Months Ended
May 31, 2019
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, 2019:
Commodity
 
Long/Short
 
Total
Aluminum
 
Long
 
4,500

 MT
Aluminum
 
Short
 
2,350

 MT
Copper
 
Long
 
669

 MT
Copper
 
Short
 
5,341

 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 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
 
2019
 
2018
 
2019
 
2018
Commodity
 
Cost of goods sold
 
$
3,408

 
$
1,498

 
$
143

 
$
2,071

Foreign exchange
 
Cost of goods sold
 
—

 
—

 
—

 
(50
)
Foreign exchange
 
SG&A expenses
 
(72
)
 
518

 
(472
)
 
1,169

Gain (loss) before income taxes
 
 
 
$
3,336

 
$
2,016

 
$
(329
)
 
$
3,190
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,
 
 
2019
 
2018
 
 
2019
 
2018
Foreign exchange
 
Net sales
 
$
—

 
$
163

 
Net sales
 
$
—

 
$
(163
)
Foreign exchange
 
Cost of goods sold
 
—

 
(429
)
 
Cost of goods sold
 
—

 
429

Gain (loss) before income taxes
 
 
 
$
—

 
$
(266
)
 
 
 
$
—

 
$
266

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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,
 
 
2019
 
2018
 
 
2019
 
2018
Foreign exchange
 
Net sales
 
$
—

 
$
(66
)
 
Net sales
 
$
—

 
$
66

Foreign exchange
 
Cost of goods sold
 
—

 
1,596

 
Cost of goods sold
 
—

 
(1,596
)
Gain (loss) before income taxes
 
 
 
$
—

 
$
1,530

 
 
 
$
—

 
$
(1,530
)
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,
 
2019
 
2018
 
2019
 
2018
Foreign exchange, net of income taxes
 
$
(145
)
 
$
13

 
$
(267
)
 
$
38
Derivative assets The fair value of the Company's derivative instruments on the condensed consolidated balance sheets was as follows: 

Derivative Assets (in thousands)
 
May 31, 2019
 
August 31, 2018
Commodity — not designated for hedge accounting
 
$
2,088

 
$
1,881

Foreign exchange — designated for hedge accounting
 
—

 
—

Foreign exchange — not designated for hedge accounting
 
221

 
407

Derivative assets (other current assets) (1)
 
$
2,309

 
$
2,288
Derivative liabilities
Derivative Liabilities (in thousands)
 
May 31, 2019
 
August 31, 2018
Commodity — not designated for hedge accounting
 
$
322

 
$
301

Foreign exchange — designated for hedge accounting
 
373

 
—

Foreign exchange — not designated for hedge accounting
 
581

 
1,095

Derivative liabilities (accrued expenses and other payables) (1)
 
$
1,276

 
$
1,396

 _________________ 
(1) Derivative assets and liabilities do not include the hedged items designated as fair value hedges.