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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Feb. 28, 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 six months ended February 28, 2023:
EntityDate
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 subsidiary26-Sep-22Citibank, 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, 2022September 26, 2022 - September 24, 2024
Colombia subsidiary3-May-22Citibank, 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, 2022May 3, 2022 - May 3, 2027
Colombia subsidiary17-Nov-21Citibank, 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, 2022November 17, 2021 - November 18, 2024
Colombia subsidiary3-Dec-19Citibank, 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, 2020December 3, 2019 - December 3, 2024
Colombia subsidiary27-Nov-19Citibank, 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, 2020November 27, 2019 - November 27, 2024
Panama subsidiary25-Jun-18Bank 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, 2018June 25, 2018 - March 23, 2023
PriceSmart, Inc.7-Nov-16MUFG 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, 2017March 1, 2017 - March 1, 2027
Schedule of Cash Flow Hedging Instruments
For the three and six months ended February 28, 2023 and February 28, 2022, 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 February 28, 2023$1,327 $190 $1,517 
Interest expense for the three months ended February 28, 2022$544 $908 $1,452 
Interest expense for the six months ended, February 28, 2023$2,430 $537 $2,967 
Interest expense for the six months ended February 28, 2022$1,101 $1,757 $2,858 
(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):
 Notional Amount as of
Floating Rate Payer (Swap Counterparty)
February 28,
2023		August 31,
2022
Union Bank$30,706 $31,344 
Citibank N.A.57,263 66,353 
Scotiabank7,875 8,625 
Total$95,844 $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):
February 28, 2023August 31, 2022
Derivatives designated as cash flow hedging instrumentsBalance 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
13,550 (4,742)8,808 10,289 (4,559)5,730 
Cross-currency interest rate swaps
Other current liabilities
— — — (82)25 (57)
Interest rate swaps
Other non-current assets
2,444 (540)1,904 1,596 (6)1,590 
Net fair value of derivatives designated as hedging instruments$16,035 $(5,293)$10,742 $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 February 28, 2023:
Financial Derivative
(Counterparty)		SubsidiaryDates
Entered into (Range)		Derivative Financial
Instrument		Total Notional
Amounts
(in thousands)		Settlement
 Dates (Range)
Scotiabank Colpatria, S.A.Colombia11-Jan-2023 - 17-Feb-2023Forward foreign exchange contracts (USD)$3,500 17-Apr-2023 - 14-Nov-2023
Citibank, N.A. ("Citi")Colombia18-Jan-2023 - 23-Feb-2023Forward foreign exchange contracts (USD)$6,000 19-May-2023 - 16-Nov-2023
Banco FicohsaHonduras22-Feb-2023 - 28-Feb-2023Forward foreign exchange contracts (USD)$5,000 1-Mar-2023 - 7-Mar-2023