COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

May 31, 2017

COMMITMENTS AND CONTINGENCIES [Abstract]

Schedule of Future Minimum Lease Commitments



	Open
Years ended May 31,	Locations(1)
2018	$	11,006
2019		10,361
2020		9,871
2021		8,689
2022		7,563
Thereafter		88,920
Total	$	136,410	(2)(3)

⁽¹⁾

Operating lease obligations have been reduced by approximately $1.0 million to reflect sub-lease income. Certain obligations under leasing arrangements are collateralized by the underlying asset being leased.

⁽²⁾

As of August 31, 2016, total future minimum lease commitments were $120.9 million. The increase during the period ended May 31, 2017 is primarily related to the extension of an existing lease within the Company’s Guatemala subsidiary for its Pradera location. The subsidiary signed an extension on November 25, 2016, extending the lease termination date from May 31, 2021 to November 30, 2043. The lease extension included the real property at this location currently used by the Company and added additional square footage in the same shopping center to the lease. This has effectively provided the Company with possession of substantially all of the real property available at that location. The Company plans to expand and upgrade the current warehouse club and parking areas and to improve access into and out from the location.

⁽³⁾

Future minimum lease payments include $4.9 million of lease payment obligations for the prior leased Miami distribution center. For the purposes of calculating the minimum lease payments, no reduction was considered for the potential sub-lease income the Company could receive during the remaining lease term. This potential sub-lease income was considered, however, for the purposes of calculating the exit obligation of $282,000 recorded on the balance sheet as of May 31, 2017. Projected income from any executed sub-leases would be used to reduce the amount reported as minimum lease payments.

Schedule of Variable Interest Entities Maximum Loss Exposure



Entity	% Ownership		Initial Investment		Additional Investments		Net (Loss)/Income Inception to Date		Company’s Variable Interest in Entity		Commitment to Future Additional Investments(1)		Company's Maximum Exposure to Loss in Entity(2)
GolfPark Plaza, S.A.	50	%	$	4,616	$	2,402	$	297	$	7,316	$	99	$	7,415
Price Plaza Alajuela, S.A.	50	%		2,193		1,236		21		3,450		785		4,235
Total			$	6,809	$	3,638	$	318	$	10,766	$	884	$	11,650

⁽¹⁾

The parties intend to seek alternate financing for the project, which could reduce the amount of investments each party would be required to provide. The parties may mutually agree on changes to the project, which could increase or decrease the amount of contributions each party is required to provide.

⁽²⁾

The maximum exposure is determined by adding the Company’s variable interest in the entity and any explicit or implicit arrangements that could require the Company to provide additional financial support.