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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Aug. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | The following table summarizes agreements for which the Company has recorded cash flow hedge accounting for the twelve months ended August 31, 2023:
Entity |  | 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 subsidiary |  | 12-Apr-23 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $10,000,000 |  | PriceSmart, Inc. |  | 4.00% |  | 11.40 | % |  | 11th day of each July, October, January and April, beginning on July 11, 2023 |  | April 12, 2023 - April 11, 2028
Colombia subsidiary |  | 26-Sep-22 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $12,500,000 |  | PriceSmart, Inc. |  | 3.00% |  | 10.35 | % |  | 24th day of each December, March, June and September beginning December 26, 2022 |  | September 26, 2022 - September 24, 2024
Colombia subsidiary |  | 3-May-22 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $10,000,000 |  | PriceSmart, Inc. |  | 3.00% |  | 9.04 | % |  | 3rd day of each May, August, November and February, beginning on August 3, 2022 |  | May 3, 2022 - May 3, 2027
Colombia subsidiary |  | 17-Nov-21 |  | Citibank, N.A. ("Citi") |  | Cross currency interest rate swap |  | $10,000,000 |  | PriceSmart, Inc. |  | 3.00% |  | 8.40 | % |  | 17th day of each February, May, August, and November, beginning on February 17, 2022 |  | November 17, 2021 - November 18, 2024
Colombia subsidiary |  | 03-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 March 3, 2020 |  | December 3, 2019 - December 3, 2024
Colombia subsidiary |  | 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
PriceSmart, Inc. |  | 07-Nov-16 |  | MUFG Union Bank, N.A. ("Union Bank") |  | Interest rate swap |  | $35,700,000 |  | Union Bank |  | Variable rate 3-month Libor plus 1.70% |  | 3.65 | % |  | 1st day of each month beginning on April 1, 2017 |  | March 1, 2017 - March 1, 2027
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | For the twelve-month periods ended August 31, 2023, 2022 and 2021, the Company included the gain or loss on the hedged items (that is, variable-rate borrowings) in the same line item—interest expense—as the offsetting gain or loss on the related interest rate swaps as follows (in thousands):
Income Statement Classification |  | Interest expense on borrowings(1) |  | Cost of swaps(2) |  | Total
Interest expense for the year ended August 31, 2023 |  | $ | 4,630 |  | $ | 1,205 |  |  | $ | 5,835
Interest expense for the year ended August 31, 2022 |  | $ | 2,577 |  | $ | 3,234 |  |  | $ | 5,811
Interest expense for the year ended August 31, 2021 |  | $ | 2,619 |  | $ | 3,655 |  |  | $ | 6,274
(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.
Schedule of Notional Amounts of Outstanding Derivative Positions | The total notional balance of the Company’s pay-fixed/receive-variable interest rate swaps and cross-currency interest rate swaps was as follows (in thousands):
Floating Rate Payer (Swap Counterparty) |  | Notional Amount as of
| August 31, 2023 |  | August 31, 2022
Union Bank |  | $ | 30,069 |  | $ | 31,344
Citibank N.A. |  | 65,599 |  | 66,353
Scotiabank |  | — |  | 8,625
Total |  | $ | 95,668 |  | $ | 106,322
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table summarizes the effect of the fair value of interest rate swap and cross-currency interest rate swap derivative instruments that qualify for derivative hedge accounting and its associated tax effect on accumulated other comprehensive (income)/loss (in thousands):
Derivatives designated as cash flow hedging instruments |  | Balance Sheet Classification |  | August 31, 2023 |  | August 31, 2022
|  | Fair Value |  | Net Tax Effect |  | Net OCI |  | Fair Value |  | Net Tax Effect |  | Net OCI
Cross-currency interest rate swaps |  | Other current assets |  | $ | — |  | $ | — |  |  | $ | — |  | $ | 2,736 |  | $ | (348) |  | $ | 2,388
Cross-currency interest rate swaps |  | Other non-current assets |  | 5,574 |  | (1,950) |  |  | 3,624 |  | 10,289 |  | (4,559) |  |  | 5,730
Cross-currency interest rate swaps |  | Other current liabilities |  | — |  |  | — |  | — |  |  | (82) |  |  | 25 |  | (57) |
Cross-currency interest rate swaps |  | Other long-term liabilities |  | (3,321) |  | 1,162 |  | (2,159) |  | — |  | — |  | —
Interest rate swaps |  | Other non-current assets |  | 2,243 |  | (501) |  |  | 1,742 |  | 1,596 |  | (6) |  | 1,590
Net fair value of derivatives designated as hedging instruments |  |  |  | $ | 4,496 |  | $ | (1,289) |  |  | $ | 3,207 |  | $ | 14,539 |  | $ | (4,888) |  | $ | 9,651
Schedule of Open Non-Deliverable Forward Foreign Exchange Contract | The following table summarizes the non-deliverable forward foreign exchange contracts that are open as of August 31, 2023:
Financial Derivative (Counterparty) |  | Subsidiary |  | Dates Entered into (Range) |  | Derivative Financial Instrument |  | Total Notional Amounts (in thousands) |  | Settlement Dates (Range)
Scotiabank Colpatria, S.A. |  | Colombia |  | 11-Jan-2023 - 19-Jul-2023 |  | Forward foreign exchange contracts (USD) |  | $ | 8,500 |  | 8-Sep-2023 - 24-Jan-2024
Citibank, N.A. ("Citi") |  | Colombia |  | 18-Jan-2023 - 31-Aug-2023 |  | Forward foreign exchange contracts (USD) |  | $ | 13,000 |  | 18-Sep-2023 - 24-Apr-2024

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