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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 31,347 $ 31,461 $ 64,252 $ 61,991
Less: net income attributable to noncontrolling interest 0 0 0 (19)
Net income attributable to PriceSmart, Inc. 31,347 31,461 64,252 61,972
Other Comprehensive Income, net of tax:        
Foreign currency translation adjustments [1] 12,199 2,413 11,314 (5,718)
Defined benefit pension plan:        
Net gain/(loss) arising during period (31) 20 (59) 37
Amortization of prior service cost and actuarial gains included in net periodic pensions cost 37 30 74 64
Total defined benefit pension plan 6 50 15 101
Derivative instruments:        
Unrealized gains/(losses) on change in derivative obligations [2] 160 883 (536) (418)
Unrealized gains/(losses) on change in fair value of interest rate swaps [2] 83 880 (1,632) 4,130
Amounts reclassified from accumulated other comprehensive income to other expense, net for settlement of derivatives [2] (14) 0 2,722 0
Total derivative instruments [2] 229 1,763 554 3,712
Other comprehensive income (loss) 12,434 4,226 11,883 (1,905)
Comprehensive income 43,781 35,687 76,135 60,067
Less: comprehensive income attributable to noncontrolling interest 0 0 0 3
Comprehensive income attributable to PriceSmart, Inc. $ 43,781 $ 35,687 $ 76,135 $ 60,064
[1] Translation adjustments arising in translating the financial statements of a foreign entity have no effect on the income taxes of that foreign entity. They may, however, affect: (a) the amount, measured in the parent entity's reporting currency, of withholding taxes assessed on dividends paid to the parent entity and (b) the amount of taxes assessed on the parent entity by the government of its country. The Company has determined that the reinvestment of earnings of its foreign subsidiaries are indefinite because of the long-term nature of the Company's foreign investment plans. Therefore, deferred taxes are not provided for on translation adjustments related to non-remitted earnings of the Company's foreign subsidiaries.
[2] See Note 8 - Derivative Instruments and Hedging Activities.