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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Nov. 30, 2022
Derivative [Line Items] |
Schedule of Interest Rate Derivatives |
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 |  | 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 |  | 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 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
Panama subsidiary |  | 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 subsidiary |  | 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, 2023
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
|  | November 30, |  | August 31,
Floating Rate Payer (Swap Counterparty) |  | 2022 |  | 2022
Union Bank |  | $ | 31,025 |  | $ | 31,344
Citibank N.A. |  |  | 65,183 |  |  | 66,353
Scotiabank |  |  | 8,250 |  |  | 8,625
Total |  | $ | 104,458 |  | $ | 106,322
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
|  |  |  | November 30, 2022 |  | August 31, 2022
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 current assets |  | $ | 41 |  | $ | (11) |  | $ | 30 |  | $ | 2,736 |  | $ | (348) |  | $ | 2,388
Cross-currency interest rate swaps |  | Other non-current assets |  |  | 13,958 |  |  | (4,885) |  |  | 9,073 |  |  | 10,289 |  |  | (4,559) |  |  | 5,730
Cross-currency interest rate swaps |  | Other current liabilities |  |  | (15) |  |  | 4 |  |  | (11) |  |  | (82) |  |  | 25 |  |  | (57)
Interest rate swaps |  | Other non-current assets |  |  | 2,028 |  |  | (448) |  |  | 1,580 |  |  | 1,596 |  |  | (6) |  |  | 1,590
Net fair value of derivatives designated as hedging instruments |  | $ | 16,012 |  | $ | (5,340) |  | $ | 10,672 |  | $ | 14,539 |  | $ | (4,888) |  | $ | 9,651
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 November 30, 2022 |  | $ | 1,103 |  | $ | 347 |  | $ | 1,450
Interest expense for the three months ended November 30, 2021 |  | $ | 557 |  | $ | 849 |  | $ | 1,406
(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.
Forward Foreign Exchange Contracts [Member] |
Derivative [Line Items] |
Schedule of Open Non-Deliverable Forward Foreign Exchange Contract |
Subsidiary |  | Dates ‎entered into |  | Financial ‎Derivative ‎(Counterparty) |  | Derivative ‎Financial ‎Instrument |  | Notional ‎Amount ‎(in thousands) |  | Settlement ‎Date |  | Effective Period ‎of Forward
Colombia |  | 17-Aug-22 |  | Scotiabank Colpatria, S.A. |  | Forward foreign ‎exchange contracts (USD) |  | $ | 1,500 |  | 30-Dec-22 |  | August 17, 2022 - December 30, 2022
Colombia |  | 30-Aug-22 |  | Citibank, N.A. |  | Forward foreign ‎exchange contracts (USD) |  | $ | 1,500 |  | 11-Jan-23 |  | August 30, 2022 - January 11, 2023
Colombia |  | 24-Oct-22 |  | Citibank, N.A. |  | Forward foreign ‎exchange contracts (USD) |  | $ | 2,000 |  | 17-Feb-23 |  | October 24, 2022 - ‎February 17, 2023

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