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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Feb. 29, 2020
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
Colombia |  | 3-Dec-19 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $ | 7,875,000 |  | Citibank, N.A. |  | Variable rate 3-month Libor plus 2.45% |  | 7.87 | % |  | 3rd day of each December, March, June, and September, beginning on March 3, 2020 |  | December 3, 2019 - December 3, 2024
Colombia |  | 27-Nov-19 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $ | 25,000,000 |  | Citibank, N.A. |  | Variable rate 3-month Libor plus 2.45% |  | 7.93 | % |  | 27th day of each November, February, May and August beginning February 27, 2020 |  | November 27, 2019 - November 27, 2024
Colombia |  | 24-Sep-19 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $ | 12,500,000 |  | PriceSmart, Inc. |  | Variable rate 3-month Libor plus 2.50% |  | 7.09 | % |  | 24th day of each December, March, June and September beginning December 24, 2019 |  | September 24, 2019 - September 26, 2022
Panama |  | 25-Jun-18 |  | Bank of Nova Scotia ("Scotiabank") |  | Interest rate swap |  | $ | 14,625,000 |  | Bank of Nova Scotia |  | Variable rate 3-month Libor plus 3.0% |  | 5.99 | % |  | 23rd day of each month beginning on July 23, 2018 |  | June 25, 2018 - March 23, 2023
Honduras |  | 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 May 29, 2018 |  | February 26, 2018 - February 24, 2024
PriceSmart, Inc |  | 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
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] |
Derivative [Line Items] |
Schedule of Notional Amounts of Outstanding Derivative Positions |
|  | Notional Amount as of
|  | February 29, |  | August 31,
Floating Rate Payer (Swap Counterparty) |  | 2020 |  | 2019
Union Bank |  | $ | 34,531 |  | $ | 35,169
Citibank N.A. |  |  | 52,425 |  |  | 24,225
Scotiabank |  |  | 17,125 |  |  | 18,375
Total |  | $ | 104,081 |  | $ | 77,769
Derivative Swaps [Member] | Cash Flow Hedging [Member] |
Derivative [Line Items] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
|  |  |  | February 29, 2020 |  | August 31, 2019
Derivatives designated as cash flow hedging instruments |  | Balance Sheet Classification |  | Fair ‎Value |  | Net Tax ‎Effect |  | Net ‎OCI |  | Fair ‎Value |  | Net Tax ‎Effect |  | Net ‎OCI
Cross-currency interest rate swaps |  | Other non-current assets |  | $ | 241 |  | $ | (75) |  | $ | 166 |  | $ | — |  | $ | — |  | $ | —
Cross-currency interest rate swaps |  | Other current assets |  |  | — |  |  | — |  |  | — |  |  | 2,736 |  |  | (903) |  |  | 1,833
Interest rate swaps |  | Other long-term liabilities |  |  | (2,714) |  |  | 638 |  |  | (2,076) |  |  | (2,178) |  |  | 517 |  |  | (1,661)
Cross-currency interest rate swaps |  | Other long-term liabilities |  |  | (1,206) |  |  | 367 |  |  | (839) |  |  | (732) |  |  | 220 |  |  | (512)
Cross-currency interest rate swaps |  | Other current liabilities |  |  | (45) |  |  | 14 |  |  | (31) |  |  | — |  |  | — |  |  | —
Net fair value of derivatives designated as hedging instruments |  |  |  | $ | (3,724) |  | $ | 944 |  | $ | (2,780) |  | $ | (174) |  | $ | (166) |  | $ | (340)
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 February 29, 2020 |  | $ | 1,206 |  | $ | 596 |  | $ | 1,802
Interest expense for the three months ended February 28, 2019 |  | $ | 1,210 |  | $ | 102 |  | $ | 1,312
Interest expense for the six months ended February 29, 2020 |  | $ | 2,219 |  | $ | 857 |  | $ | 3,076
Interest expense for the six months ended February 28, 2019 |  | $ | 2,403 |  | $ | 269 |  | $ | 2,672
(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.
Not Designated as Hedging Instrument [Member] | Other Instruments [Member] |
Derivative [Line Items] |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
|  |  | Three Months Ended |  |  | Six Months Ended
|  |  | February 29, |  | February 28, |  |  | February 29, |  | February 28,
Income Statement Classification |  |  | 2020 |  | 2019 |  |  | 2020 |  | 2019
Other income (expense), net |  | $ | 358 |  | $ | — |  | $ | (912) |  | $ | —

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