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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Feb. 28, 2021
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
Schedule of Notional Amounts of Outstanding Derivative Positions |
|  | Notional Amount as of
|  | February 28, |  | August 31,
Floating Rate Payer (Swap Counterparty) |  | 2021 |  | 2020
Union Bank |  | $ | 33,256 |  | $ | 33,894
Citibank N.A. |  |  | 53,371 |  |  | 55,086
Scotiabank |  |  | 10,875 |  |  | 11,625
Total |  | $ | 97,502 |  | $ | 100,605
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
|  |  |  | February 28, 2021 |  | August 31, 2020
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 |  | $ | 228 |  | $ | (69) |  | $ | 159 |  | $ | 872 |  | $ | (265) |  | $ | 607
Interest rate swaps |  | Other long-term liabilities |  |  | (2,517) |  |  | 591 |  |  | (1,926) |  |  | (3,857) |  |  | 898 |  |  | (2,959)
Cross-currency interest rate swaps |  | Other long-term liabilities |  |  | (1,195) |  |  | 360 |  |  | (835) |  |  | (828) |  |  | 248 |  |  | (580)
Net fair value of derivatives designated as hedging instruments |  |  |  | $ | (3,484) |  | $ | 882 |  | $ | (2,602) |  | $ | (3,813) |  | $ | 881 |  | $ | (2,932)
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 28, 2021 |  | $ | 676 |  | $ | 953 |  | $ | 1,629
Interest expense for the three months ended February 29, 2020 |  | $ | 1,206 |  | $ | 596 |  | $ | 1,802
Interest expense for the six months ended February 28, 2021 |  | $ | 1,360 |  | $ | 1,878 |  | $ | 3,238
Interest expense for the six months ended February 29, 2020 |  | $ | 2,219 |  | $ | 857 |  | $ | 3,076
(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 interest rate swaps and cross-currency 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 28, |  | February 29, |  |  | February 28, |  | February 29,
Income Statement Classification |  |  | 2021 |  | 2020 |  |  | 2021 |  | 2020
Other income (expense), net |  | $ | — |  | $ | 358 |  | $ | — |  | $ | (912)

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