XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.8.0.1

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
--- | ---
May 31, 2018
Cash Flow Hedging [Member] |
Derivative [Line Items] |
Schedule of Interest Rate Derivatives |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Subsidiary |  | Date Entered into |  | Derivative Financial Counter- party |  | Derivative Financial Instruments |  | Initial US$ Notional Amount |  | Bank US$ loan Held with |  | Floating Leg (swap counter-party) |  | Fixed Rate for PSMT Subsidiary |  | Settlement Dates |  | Effective Period of swap
﻿PriceSmart, Inc (1) |  | 7-Nov-16 |  | MUFG Union Bank, N.A. ("Union Bank") |  | Interest rate swap |  | $ | 35,700,000 |  | Union Bank |  | Variable rate 1-month LIBOR plus 1.7% |  | 3.65 | % |  | 1st day of each month beginning on April 1, 2017 |  | March 1, 2017 - March 1, 2027
﻿Costa Rica |  | 28-Aug-15 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $ | 7,500,000 |  | Citibank, N.A. |  | Variable rate 3-month LIBOR plus 2.50% |  | 7.65 | % |  | 28th day of August, November, February, and May beginning on November 30, 2015 |  | August 28, 2015 - August 28, 2020
﻿Honduras (2) |  | 24-Mar-15 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $ | 8,500,000 |  | Citibank, N.A. |  | Variable rate 3-month LIBOR plus 3.25% |  | 10.75 | % |  | 24th day of March, June, September, and December beginning on June 24, 2015 |  | Refinanced on February 26,2018
﻿Honduras (2) |  | 26-Feb-18 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $ | 13,500,000 |  | Citibank, N.A. |  | Variable rate 3-month LIBOR plus 3.00% |  | 9.75 | % |  | 29th day of May, August, November and February beginning on May 29, 2018 |  | February 26,2018 - February 24, 2023
﻿El Salvador |  | 16-Dec-14 |  | Bank of Nova Scotia ("Scotiabank") |  | Interest rate swap |  | $ | 4,000,000 |  | Bank of Nova Scotia |  | Variable rate 30-day LIBOR plus 3.5% |  | 4.78 | % |  | 29th day of each month beginning on December 29, 2014 |  | December 1, 2014 - August 29, 2019
﻿Colombia |  | 10-Dec-14 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $ | 15,000,000 |  | Citibank, N.A. |  | Variable rate 3-month LIBOR plus 2.8% |  | 8.25 | % |  | 4th day of March, June, Sept, Dec. beginning on March 4, 2015 |  | December 4, 2014 - December 3, 2019
﻿Panama |  | 9-Dec-14 |  | Bank of Nova Scotia ("Scotiabank") |  | Interest rate swap |  | $ | 10,000,000 |  | Bank of Nova Scotia |  | Variable rate 30-day LIBOR plus 3.5% |  | 5.16 | % |  | 28th day of each month beginning December 29, 2014 |  | November 28, 2014 - November 29, 2019
﻿Honduras |  | 23-Oct-14 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $ | 5,000,000 |  | Citibank, N.A. |  | Variable rate 3-month LIBOR plus 3.5% |  | 11.6 | % |  | 22nd day of January, April, July, and October beginning on January 22, 2015 |  | Settled on October 22, 2017
﻿Panama |  | 1-Aug-14 |  | Bank of Nova Scotia ("Scotiabank") |  | Interest rate swap |  | $ | 5,000,000 |  | Bank of Nova Scotia |  | Variable rate 30-day LIBOR plus 3.5% |  | 4.89 | % |  | 21st day of each month beginning on September 22, 2014 |  | August 21, 2014 - August 21, 2019
﻿Panama |  | 22-May-14 |  | Bank of Nova Scotia ("Scotiabank") |  | Interest rate swap |  | $ | 3,970,000 |  | Bank of Nova Scotia |  | Variable rate 30-day LIBOR plus 3.5% |  | 4.98 | % |  | 4th day of each month beginning on June 4, 2014 |  | May 5, 2014 - April 4, 2019
﻿
| (1) |  | The initial notional amount and fixed rate were modified effective January 2017.
| (2) |  | In February 2018, the Company’s Honduras subsidiary refinanced its portfolio of loans entered into with Citibank. The original notional amount of this portfolio of loans was $13.5 million, which the Company drew down in fiscal 2015. There was approximately $7.9 million of remaining principal at the time of the refinancing. Under the refinancing agreement, the portfolio of loans was combined into one loan and the notional amount of the loan increased back to the original $13.5 million, with the interest rate set at the 90 day LIBOR rate plus 3.0%. In conjunction with the refinancing of these loans, the Company’s Honduras subsidiary drew down the additional $5.6 million notional amount during February 2018. As part of the terms, the existing cash flow hedge related to the original loan, was de-designated and incorporated into a new hedging relationship where the Company’s Honduras subsidiary has entered into a cross-currency interest rate swap with Citibank. Under this new hedge agreement, the Company’s Honduras subsidiary will pay Honduras Lempiras, at a fixed interest rate of 9.75%.
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] |
Derivative [Line Items] |
Schedule of Notional Amounts of Outstanding Derivative Positions |
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | Notional Amount as of
﻿ |  | May 31, |  | August 31,
﻿ Floating Rate Payer (Swap Counterparty) |  | 2018 |  | 2017
﻿Union Bank |  | $ | 35,700 |  | $ | 35,700
﻿Citibank N.A. |  |  | 28,725 |  |  | 26,088
﻿Scotiabank |  |  | 11,324 |  |  | 13,724
﻿Total |  | $ | 75,749 |  | $ | 75,512
﻿
Derivative Swaps [Member] | Cash Flow Hedging [Member] |
Derivative [Line Items] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  | May 31, 2018 |  | August 31, 2017
﻿Derivatives designated as cash flow hedging instruments |  | Balance Sheet Location |  | Fair Value |  | Net Tax Effect |  | Net OCI |  | Fair Value |  | Net Tax Effect |  | Net OCI
﻿Cross-currency interest rate swaps |  | Other non-current assets |  | $ | 2,046 |  | $ | (618) |  | $ | 1,428 |  | $ | 2,547 |  | $ | (950) |  | $ | 1,597
﻿Interest rate swaps |  | Other non-current assets |  |  | 2,035 |  |  | (456) |  |  | 1,579 |  |  | — |  |  | — |  |  | —
﻿Interest rate swaps |  | Other long-term liabilities |  |  | — |  |  | — |  |  | — |  |  | (231) |  |  | 80 |  |  | (151)
﻿Cross-currency interest rate swaps |  | Other long-term liabilities |  |  | (537) |  |  | 161 |  |  | (376) |  |  | (451) |  |  | 135 |  |  | (316)
﻿Net fair value of derivatives designated as hedging instruments |  |  |  | $ | 3,544 |  | $ | (913) |  | $ | 2,631 |  | $ | 1,865 |  | $ | (735) |  | $ | 1,130
﻿
Derivative Swaps [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] |
Derivative [Line Items] |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
﻿ |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |
﻿Income Statement Classification |  | Interest expense on borrowings(1) |  | Cost of swaps (2) |  | Total
﻿Interest expense for the three months ended May 31, 2018 |  | $ | 1,136 |  | $ | 277 |  | $ | 1,413
﻿Interest expense for the three months ended May 31, 2017 |  | $ | 1,080 |  | $ | 425 |  | $ | 1,505
﻿Interest expense for the nine months ended May 31, 2018 |  | $ | 2,859 |  | $ | 774 |  | $ | 3,633
﻿Interest expense for the nine months ended May 31, 2017 |  | $ | 2,584 |  | $ | 1,206 |  | $ | 3,790
﻿
| (1) |  | This amount is representative of the interest expense recognized on the underlying hedged transactions.
| (2) |  | This amount is representative of the interest expense recognized on the cross-currency interest rate swaps designated as cash flow hedging instruments.
Forward Foreign Exchange Contract [Member] | Fair Value Hedging [Member] | Other Income (Expense) [Member] |
Derivative [Line Items] |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Three Months Ended |  | Nine Months Ended
﻿ |  | May 31, |  | May 31, |  | May 31, |  | May 31,
﻿Income Statement Classification |  | 2018 |  | 2017 |  | 2018 |  | 2017
﻿Other income (expense), net |  | $ | 20 |  | $ | (177) |  | $ | (141) |  | $ | 106
﻿
Non-Deliverable Foreign Exchange Forward [Member] | Fair Value Hedging [Member] |
Derivative [Line Items] |
Schedule of Open Non-Deliverable Forward Foreign Exchange Contracts |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Subsidiary |  | Dates entered into |  | Financial Derivative (Counterparty) |  | Derivative Financial Instrument |  |  | Notional Amount (in thousands) |  | Settlement Date |  | Effective Period of Forward
﻿PSMT, Inc. |  | 29-May-18 |  | MUFG Union Bank, N.A. |  | Forward foreign exchange contracts (USD) |  | $ | 577 |  | 4-Jun-18 |  | May 29, 2018 - June 04, 2018
﻿

X
- Definition Schedule Of Open Non-Deliverable Forward Foreign Exchange Contracts [Table Text Block] + References No definition available. + Details
Name: | psmt_ScheduleOfOpenNonDeliverableForwardForeignExchangeContractsTableTextBlock
Namespace Prefix: | psmt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DerivativeLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis=us-gaap_CashFlowHedgingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=psmt_DerivativeSwapsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_IncomeStatementLocationAxis=us-gaap_InterestExpenseMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_ForeignExchangeForwardMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis=us-gaap_FairValueHedgingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_IncomeStatementLocationAxis=psmt_OtherIncomeExpenseMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=psmt_NonDeliverableForeignExchangeForwardMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |