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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Nov. 30, 2015
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 three months ended November 30, 2015:

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
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
Honduras
 
24-Mar-15
 
Citibank, N.A. ("Citi")
 
Cross currency interest rate swap
 
$
8,500,000

 
Citibank, N.A.
 
Variable rate 3-month Libor plus 3.25%
 
10.75
%
 
24th day of March, June, September, and December beginning on June 24, 2015
 
March 24,2015 - March 20, 2020
El Salvador
 
16-Dec-14
 
Bank of Nova Scotia ("Scotiabank")
 
Interest rate swap
 
$
4,000,000

 
Bank of Nova Scotia
 
Variable rate 30-day Libor plus 3.5%
 
4.78
%
 
29th day of each month beginning on December 29, 2014
 
December 01, 2014 - August 29, 2019
Colombia
 
10-Dec-14
 
Citibank, N.A. ("Citi")
 
Cross currency interest rate swap
 
$
15,000,000

 
Citibank, N.A.
 
Variable rate 3-month Libor plus 2.8%
 
8.25
%
 
4th day of March, June, Sept, Dec. beginning on March 4, 2015
 
December 4, 2014 - December 3, 2019
Panama
 
9-Dec-14
 
Bank of Nova Scotia ("Scotiabank")
 
Interest rate swap
 
$
10,000,000

 
Bank of Nova Scotia
 
Variable rate 30-day Libor plus 3.5%
 
5.16
%
 
28th day of each month beginning December 29, 2014
 
November 28, 2014 - November 29, 2019
Honduras
 
23-Oct-14
 
Citibank, N.A. ("Citi")
 
Cross currency interest rate swap
 
$
5,000,000

 
Citibank, N.A.
 
Variable rate 3-month Libor plus 3.5%
 
11.6
%
 
22nd day of January, April, July, and October beginning on January 22, 2015
 
October 22, 2014 - October 22, 2017
Panama
 
1-Aug-14
 
Bank of Nova Scotia ("Scotiabank")
 
Interest rate swap
 
$
5,000,000

 
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
 
$
19,800,000

 
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
 
$
3,970,000

 
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
Interest Rate Swap  
Derivative [Line Items]  
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)
 
November 30, 2015
 
August 31, 2015
Scotiabank
 
$
36,158

 
$
37,458

Citibank N.A.
 
33,262

 
34,287

Total
 
$
69,420

 
$
71,745
Derivative Swaps [Member]  
Derivative [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
For the three-month period ended November 30, 2015 and 2014, 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 three months ended November 30, 2015
 
$
622

 
$
621

 
$
1,243

Interest expense for the three months ended November 30, 2014
 
$
349

 
$
512

 
$
861



(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.
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, except footnote data):
 
 
 
 
November 30, 2015
 
August 31, 2015
Derivatives designated as cash flow hedging instruments
 
Balance Sheet Location
 
Fair Value
 
Net Tax Effect
 
Net OCI
 
Fair Value
 
Net Tax Effect
 
Net OCI
Cross currency interest rate swaps(1)
 
Other non-current assets
 
$
4,208

 
$
(14
)
 
$
(4,194
)
 
$
4,129

 
$
(1
)
 
$
(4,128
)
Interest rate swaps
 
Other long-term liabilities
 
(379
)
 
95

 
284

 
(387
)
 
98

 
289

Cross currency interest rate swaps
 
Other long-term liabilities
 
(1,271
)
 
381

 
890

 
(1,312
)
 
482

 
830

Net fair value of derivatives designated as hedging instruments
 
 
 
$
2,558

 
$
462

 
$
(3,020
)
 
$
2,430

 
$
579

 
$
(3,009
)

(1) The tax effect of these swaps is largely offset by a valuation allowance.
Foreign Exchange Contract  
Derivative [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
For the three-month periods ended November 30, 2015 and 2014, 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):
 
 
Three Months Ended
Income Statement Classification
 
November 30, 2015
 
November 30, 2014
Other income (expense), net
 
$
(63
)
 
$
2,613
Schedule of Notional Amounts of Outstanding Derivative Positions
The Company did not enter into any non-deliverable forward foreign exchange contracts during the three months ended November 30, 2015. The following table summarizes the non-deliverable forward foreign exchange contracts that the Company entered during the twelve months ended August 31, 2015:
Subsidiary
 
Dates entered into
 
Derivative Financial Counter-party
 
Derivative Financial Instrument
 
Notional Amount
(in thousands)
 
Settlement Date
 
Effective Period of Forward
Costa Rica
 
31-Aug-15
 
Citibank, N.A.
 
Forward foreign exchange contracts
 
$
3,750

 
August 30, 2016
 
August 31, 2015-August 30, 2016