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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Aug. 31, 2014
Derivative [Line Items]  
Schedule of Interest Rate Derivatives
The following table summarizes agreements for which the Company has recorded cash flow hedge accounting transactions during the twelve months ended August 31, 2014:

Subsidiary
 
Date entered into
 
Derivative Financial Counter-party
 
Derivative Financial Instruments
 
Initial
US Notional Amount (in thousands)
 
Bank US loan Held with
 
Floating Leg (swap counter-party)
 
Fixed Rate for PSMT Subsidiary
 
Settlement Reset Date
 
Effective Period of Swap
Panama
 
1-Aug-14
 
Bank of Nova Scotia ("Scotiabank")
 
Interest rate swap
 
$
5,000

 
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
 
$
19,800

 
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
Panama
 
22-May-14
 
Bank of Nova Scotia ("Scotiabank")
 
Interest rate swap
 
$
3,970

 
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
Colombia
 
11-Dec-12
 
Bank of Nova Scotia ("Scotiabank")
 
Cross currency interest rate swap
 
$
8,000

 
Bank of Nova Scotia
 
Variable rate 3-month Libor plus 0.7%
 
4.79
%
 
March, June, September and December, beginning on March 5, 2013
 
December 5, 2012 - December 5, 2014
Colombia
 
21-Feb-12
 
Bank of Nova Scotia ("Scotiabank")
 
Cross currency interest rate swap
 
$
8,000

 
Bank of Nova Scotia
 
Variable rate 3-month Libor plus 0.6%
 
6.02
%
 
February, May, August and November beginning on May 22, 2012
 
February 21, 2012 - February 21, 2017
Colombia
 
17-Nov-11
 
Bank of Nova Scotia ("Scotiabank")
 
Cross currency interest rate swap
 
$
8,000

 
Citibank, N.A.
 
Variable rate 6-month Eurodollar Libor plus 2.4%
 
5.85
%
 
May 3, 2012 and semi-annually thereafter
 
November 3, 2011 - November 3, 2013
Colombia
 
21-Oct-11
 
Bank of Nova Scotia ("Scotiabank")
 
Cross currency interest rate swap
 
$
2,000

 
Bank of Nova Scotia
 
Variable rate 3-month Libor plus 0.7%
 
5.30
%
 
January, April, July and October, beginning on October 29, 2011
 
July 29, 2011 - April 1, 2016
Colombia
 
21-Oct-11
 
Bank of Nova Scotia ("Scotiabank")
 
Cross currency interest rate swap
 
$
6,000

 
Bank of Nova Scotia
 
Variable rate 3-month Libor plus 0.7%
 
5.45
%
 
March, June, September and December, beginning on December 29, 2011
 
September 29, 2011 - April 1, 2016
Colombia
 
5-May-11
 
Bank of Nova Scotia ("Scotiabank")
 
Cross currency interest rate swap
 
$
8,000

 
Bank of Nova Scotia
 
Variable rate 3-month Libor plus 0.7%
 
6.09
%
 
January, April, July and October, beginning on July 5, 2011
 
April 1, 2011 - April 1, 2016
Trinidad
 
20-Nov-08
 
Royal Bank of Trinidad & Tobago
 
Interest rate swaps
 
$
8,900

 
Royal Bank of Trinidad & Tobago
 
Variable rate 1-year Libor plus 2.75%
 
7.05
%
 
Annually on August 26
 
September 25, 2008 - September 26, 2013
Derivative Swaps [Member]
  
Derivative [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
For the twelve-month periods ended August 31, 2014, 2013, and 2012 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)
 
Loss on Swaps(2)
 
Interest expense
Interest expense for the year ended August 31, 2014
$
674

 
$
1,632

 
$
2,306

Interest expense for the year ended August 31, 2013
$
739

 
$
1,821

 
$
2,560

Interest expense for the year ended August 31, 2012
$
767

 
$
1,356

 
$
2,123
Schedule of Notional Amounts of Outstanding Derivative Positions
 
Notional Amount as of
August 31,
 Floating Rate Payer (Swap Counterparty)
2014
 
2013
Royal Bank of Trinidad & Tobago (RBTT)
$
—

 
$
4,500

Scotiabank
60,200

 
40,000

Total
$
60,200

 
$
44,500
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the fair value of interest rate swap and cross-currency interest rate swap derivative instruments that qualify for derivative hedge accounting (in thousands, except footnote data):

 
 
August 31, 2014
 
August 31, 2013
Derivatives designated as cash flow hedging instruments
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Cross-currency interest rate swaps(1)(2)
 
Prepaid expenses and other current assets (Cross-currency interest rate swaps)
 
$
495

 
Prepaid expenses and other current assets (Cross-currency interest rate swaps)
 
$
—

Cross-currency interest rate swaps(1)(2)
 
Other non-current assets
 
$
970

 
Other non-current assets
 
$
1,505

Interest rate swaps(3)

 
Other non-current assets
 
125

 
Other non-current assets
 
—

Interest rate swaps(3)
 
Other long-term liabilities
 
—

 
Other long-term liabilities
 
(14
)
Net fair value of derivatives designated as hedging instruments - assets (liability)(4)
 
 
 
$
1,590

 
 
 
$
1,491



(1) 
The effective portion of the cross-currency interest rate swaps was recorded to Accumulated other comprehensive (income)/loss for $(917,000) and $(1.0) million net of tax as of August 31, 2014 and August 31, 2013, respectively.  
(2) 
The Company has recorded a deferred tax liability amount with an offset to other comprehensive income of $(548,000) and $(497,000) as of August 31, 2014 and August 31, 2013, respectively, related to asset positions of cross-currency interest rate swaps. However, the equity effect of this deferred tax liability is offset by the full valuation allowance provided for the net deferred tax asset recorded for this subsidiary.
(3) 
The effective portion of the interest rate swaps was recorded to Accumulated other comprehensive loss for $(94,000) and $10,000 net of tax as of August 31, 2014 and August 31, 2013, respectively.  The Company has recorded a deferred tax (liability)/asset amount with an offset to other comprehensive income of $(31,000) and $4,000 as of August 31, 2014 and August 31, 2013, respectively.
(4) 
Derivatives listed on the above table were designated as cash flow hedging instruments.
Forward Foreign Exchange Contracts [Member]
  
Derivative [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
For the twelve-month periods ended August 31, 2014, 2013 and 2012, the Company included in its consolidated statements of income the forward derivative (gain) or loss on the non-deliverable forward foreign-exchange contracts as follows (in thousands):
 
 
Twelve Months Ended August 31,
Income Statement Classification
 
2014
 
2013
 
2012
Other income (expense), net
 
$
(463
)
 
$
(580
)
 
$
(73
)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the fair value of foreign currency forward contracts that do not qualify for derivative hedge accounting (in thousands):

 
 
August 31, 2014
 
August 31, 2013
 
 
Derivatives designated as fair value hedging instruments
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Foreign currency forward contracts
 
Other accrued expenses
 
(14
)
 
Other accrued expenses
 
—

Net fair value of derivatives designated as hedging instruments that do not qualify for hedge accounting
 
 
 
$
(14
)
 
 
 
$
—


There were no open non-deliverable forward foreign exchange contracts as of August 31, 2013.