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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
3 Months Ended
Nov. 30, 2021
Derivative [Line Items]  
Schedule of Interest Rate Derivatives Subsidiary Date‎Entered‎into Derivative‎Financial‎Counter-‎party Derivative‎Financial‎Instruments Initial‎US$‎Notional‎Amount Bank‎US$‎loan ‎Held‎with Floating Leg‎(swap‎counter-party) Fixed Rate‎for PSMT‎Subsidiary Settlement‎Dates Effective‎Period of swapColombia 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, 2024Colombia 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, 2024Colombia 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, 2024Colombia 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, 2022Panama 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, 2023Honduras 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, 2024PriceSmart, 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) 2021 2021Union Bank $ 32,300 $ 32,619Citibank N.A. 59,862 51,032Scotiabank 9,750 10,125Total $ 101,912 $ 93,776
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value November 30, 2021 August 31, 2021Derivatives designated as cash flow hedging instruments Balance Sheet‎Classification Fair‎Value Net Tax‎Effect Net‎OCI Fair‎Value Net Tax‎Effect Net‎OCICross-currency interest rate swaps Other non-current assets $ 4,412 $ (1,327) $ 3,085 $ 2,464 $ (741) $ 1,723Cross-currency interest rate swaps Other current assets 1,717 (517) 1,200 — — —Interest rate swaps Other long-term liabilities (1,563) 362 (1,201) (2,305) 535 (1,770)Cross-currency interest rate swaps Other long-term liabilities (534) 160 (374) (705) 212 (493)Net fair value of derivatives designated as hedging instruments $ 4,032 $ (1,322) $ 2,710 $ (546) $ 6 $ (540)
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 Interest‎expense on‎borrowings(1) Cost of‎swaps (2) TotalInterest expense for the three months ended November 30, 2021 $ 557 $ 849 $ 1,406Interest expense for the three months ended November 30, 2020 $ 642 $ 925 $ 1,567 (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 Dates‎entered into Financial‎Derivative‎(Counterparty) Derivative‎Financial‎Instrument Notional‎Amount‎(in thousands) Settlement Date Effective Period‎of ForwardColombia 28-Apr-21 Scotiabank Colpatria, S.A. Forward foreign‎exchange contracts (USD) $ 5,000 28-Dec-21 April 28, 2021 - December 28, 2021Colombia 28-May-21 Scotiabank Colpatria, S.A. Forward foreign‎exchange contracts (USD) $ 2,000 29-Dec-21 May 28, 2021 - December 29, 2021