PriceSmart (PSMT) 10-Q 9 Jul 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	May 31, 2020	Jun. 30, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2020
Document Transition Report	false
Entity File Number	0-22793
Entity Registrant Name	PriceSmart, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0628530
Entity Address, Address Line One	9740 Scranton Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	404-8800
Entity Central Index Key	0001041803
Current Fiscal Year End Date	--08-31
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	PSMT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,648,990

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Current Assets:
Cash and cash equivalents	$ 261,788	$ 102,653
Short-term restricted cash	240	54
Short-term investments	40,042	17,045
Receivables, net of allowance for doubtful accounts of $126 as of May 31, 2020 and $144 as of August 31, 2019, respectively	10,886	9,872
Merchandise inventories	268,762	331,273
Prepaid expenses and other current assets (includes $0 and $2,736 as of May 31, 2020 and August 31, 2019, respectively, for the fair value of derivative instruments)	24,736	30,999
Total current assets	606,454	491,896
Long-term restricted cash	3,996	3,529
Property and equipment, net	700,388	671,151
Operating lease right-of-use assets, net	121,802
Goodwill	45,316	46,101
Other intangibles, net	10,772	12,576
Deferred tax assets	21,178	15,474
Other non-current assets (includes $428 and $0 as of May 31, 2020 and August 31, 2019, respectively, for the fair value of derivative instruments)	53,965	44,987
Investment in unconsolidated affiliates	10,618	10,697
Total Assets	1,574,489	1,296,411
Current Liabilities:
Short-term borrowings	70,886	7,540
Accounts payable	283,045	286,219
Accrued salaries and benefits	28,017	25,401
Deferred income	24,154	25,340
Income taxes payable	9,613	4,637
Other accrued expenses and other current liabilities (includes $30 and $0 as of May 31, 2020 and August 31, 2019, respectively, for the fair value of derivative instruments)	35,622	32,442
Operating lease liabilities, current portion	8,409
Dividends payable	10,719
Long-term debt, current portion	22,784	25,875
Total current liabilities	493,249	407,454
Deferred tax liability	1,489	2,015
Long-term portion of deferred rent		11,198
Long-term income taxes payable, net of current portion	4,865	5,069
Long-term operating lease liabilities	126,275
Long-term debt, net of current portion	117,045	63,711
Other long-term liabilities (includes $5,567 and $2,910 for the fair value of derivative instruments and $6,099 and $5,421 for post-employment plans as of May 31, 2020 and August 31, 2019, respectively)	11,963	8,685
Total Liabilities	754,886	498,132
Stockholders' Equity:
Common stock $0.0001 par value, 45,000,000 shares authorized; 31,425,075 and 31,461,359 shares issued and 30,648,990 and 30,538,788 shares outstanding (net of treasury shares) as of May 31, 2020 and August 31, 2019, respectively	3	3
Additional paid-in capital	444,403	443,084
Tax benefit from stock-based compensation	11,486	11,486
Accumulated other comprehensive loss	(168,019)	(144,339)
Retained earnings	562,408	525,804
Less: treasury stock at cost, 776,085 shares as of May 31, 2020 and 924,332 shares as of August 31, 2019	(31,615)	(38,687)
Total stockholders' equity attributable to PriceSmart, Inc. stockholders	818,666	797,351
Noncontrolling interest in consolidated subsidiaries	937	928
Total stockholders' equity	819,603	798,279
Total Liabilities and Equity	$ 1,574,489	$ 1,296,411

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
CONSOLIDATED BALANCE SHEETS [Abstract]
Receivables, allowance for doubtful accounts	$ 126	$ 144
Prepaid expenses and other current assets, fair value of derivative instruments	0	2,736
Other non-current assets, fair value of derivative instruments	428	0
Other accrued expenses, fair value of derivative instruments	30	0
Other long-term liabilities, fair value of derivative instruments	5,567	2,910
Other long-term liabilities, post-employment plans	$ 6,099	$ 5,421
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	31,425,075	31,461,359
Common stock, shares outstanding	30,648,990	30,538,788
Treasury stock, shares	776,085	924,332

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenues:
Net merchandise sales	$ 768,368	$ 755,009	$ 2,418,822	$ 2,322,742
Export sales	8,321	8,281	25,029	23,314
Membership income	13,525	13,132	41,364	38,717
Other revenue and income	9,717	12,134	33,392	37,845
Total revenues	799,931	788,556	2,518,607	2,422,618
Cost of goods sold:
Net merchandise sales	661,258	649,894	2,067,416	1,996,595
Export sales	7,995	7,872	24,044	22,136
Non-merchandise	3,503	4,121	12,416	13,194
Selling, general and administrative:
Warehouse club and other operations	78,431	78,231	241,826	228,161
General and administrative	24,408	24,532	77,910	76,835
Pre-opening expenses	257	1,647	1,254	1,759
Loss on disposal of assets	112	262	251	735
Total operating expenses	775,964	766,559	2,425,117	2,339,415
Operating income	23,967	21,997	93,490	83,203
Other income (expense):
Interest income	554	310	1,433	1,124
Interest expense	(2,564)	(915)	(5,116)	(2,949)
Other income (expense), net	(1,564)	159	(1,826)	(2,032)
Total other expense	(3,574)	(446)	(5,509)	(3,857)
Income before provision for income taxes and loss of unconsolidated affiliates	20,393	21,551	87,981	79,346
Provision for income taxes	(7,744)	(7,478)	(29,849)	(26,721)
Loss of unconsolidated affiliates	(16)	(4)	(79)	(48)
Net income	12,633	14,069	58,053	52,577
Less: net (income) loss attributable to noncontrolling interest	72	27	(20)	(59)
Net income attributable to PriceSmart, Inc.	$ 12,705	$ 14,096	$ 58,033	$ 52,518
Net income attributable to PriceSmart Inc, per share available for distribution:
Basic	$ 0.41	$ 0.46	$ 1.90	$ 1.73
Diluted	$ 0.41	$ 0.46	$ 1.90	$ 1.73
Shares used in per share computations:
Basic	30,271	30,198	30,268	30,192
Diluted	30,275	30,205	30,273	30,202
Dividends per share			$ 0.70	$ 0.70

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income		$ 12,633	$ 14,069	$ 58,053	$ 52,577
Less: net (income) loss attributable to noncontrolling interest		72	27	(20)	(59)
Net income attributable to PriceSmart, Inc.		12,705	14,096	58,033	52,518
Other Comprehensive Income, net of tax:
Foreign currency translation adjustments	[1]	(12,874)	(9,697)	(19,981)	(17,972)
Defined benefit pension plan:
Net gain arising during period		22	42	109	129
Amortization of prior service cost and actuarial gains included in net periodic pensions cost		(19)	(19)	(56)	(56)
Total defined benefit pension plan		3	23	53	73
Derivative instruments:
Unrealized losses on change in derivative obligations	[2]	(1,471)	(267)	(208)	(337)
Unrealized losses on change in fair value of interest rate swaps	[2]	(1,104)	(1,118)	(6,295)	(1,716)
Amounts reclassified from accumulated other comprehensive income (loss) to other expense, net for settlement of derivatives	[2]			2,751
Total derivative instruments	[2]	(2,575)	(1,385)	(3,752)	(2,053)
Other comprehensive loss		(15,446)	(11,059)	(23,680)	(19,952)
Comprehensive income (loss)		(2,741)	3,037	34,353	32,566
Less: comprehensive income attributable to noncontrolling interest		35	59	90	80
Comprehensive income (loss) attributable to PriceSmart, Inc. to stockholders		$ (2,776)	$ 2,978	$ 34,263	$ 32,486
[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.

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Tax Benefit From Stock Based Compensation [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total Stockholders' Equity Attributable To PriceSmart, Inc. [Member]	Noncontrolling Interest [Member]	Total
Balance at Aug. 31, 2018	$ 3	$ 432,882	$ 11,486	$ (121,216)	$ 473,954	$ (39,107)	$ 758,002	$ 636	$ 758,638
Balance (in shares) at Aug. 31, 2018	31,373,000					912,000
Purchase of treasury stock						$ (3,145)	(3,145)		(3,145)
Purchase of treasury stock (in shares)						51,000
Issuance of treasury stock		(5,024)				$ 5,024
Issuance of treasury stock (in shares)	(63,000)					(63,000)
Issuance of restricted stock award (in shares)	155,000
Forfeiture of restricted stock awards (in shares)	(25,000)
Stock-based compensation		12,515					12,515		12,515
Dividend paid to stockholders					(10,673)		(10,673)	(313)	(10,986)
Dividend payable to stockholders					(10,672)		(10,672)		(10,672)
Net income					52,518		52,518	59	52,577
Other comprehensive income (loss)				(19,952)			(19,952)	80	(19,872)
Balance at May. 31, 2019	$ 3	440,373	11,486	(141,168)	505,127	$ (37,228)	778,593	462	779,055
Balance (in shares) at May. 31, 2019	31,440,000					900,000
Balance at Aug. 31, 2018	$ 3	432,882	11,486	(121,216)	473,954	$ (39,107)	758,002	636	758,638
Balance (in shares) at Aug. 31, 2018	31,373,000					912,000
Balance at Aug. 31, 2019	$ 3	443,084	11,486	(144,339)	525,804	$ (38,687)	797,351	928	$ 798,279
Balance (in shares) at Aug. 31, 2019	31,461,000					924,000			30,538,788
Balance at Feb. 28, 2019	$ 3	442,273	11,486	(130,109)	491,031	$ (41,524)	773,160	430	$ 773,590
Balance (in shares) at Feb. 28, 2019	31,447,000					951,000
Purchase of treasury stock						$ (728)	(728)		(728)
Purchase of treasury stock (in shares)						12,000
Issuance of treasury stock		(5,024)				$ 5,024
Issuance of treasury stock (in shares)	(63,000)					(63,000)
Issuance of restricted stock award (in shares)	79,000
Forfeiture of restricted stock awards (in shares)	(23,000)
Stock-based compensation		3,124					3,124		3,124
Net income					14,096		14,096	(27)	14,069
Other comprehensive income (loss)				(11,059)			(11,059)	59	(11,000)
Balance at May. 31, 2019	$ 3	440,373	11,486	(141,168)	505,127	$ (37,228)	778,593	462	779,055
Balance (in shares) at May. 31, 2019	31,440,000					900,000
Balance at Aug. 31, 2019	$ 3	443,084	11,486	(144,339)	525,804	$ (38,687)	797,351	928	$ 798,279
Balance (in shares) at Aug. 31, 2019	31,461,000					924,000			30,538,788
Purchase of treasury stock						$ (1,585)	(1,585)		$ (1,585)
Purchase of treasury stock (in shares)						26,000
Issuance of treasury stock		(8,657)				$ 8,657
Issuance of treasury stock (in shares)	(174,000)					(174,000)
Issuance of restricted stock award (in shares)	166,000
Forfeiture of restricted stock awards (in shares)	(28,000)
Stock-based compensation		9,976					9,976		9,976
Dividend paid to stockholders					(10,710)		(10,710)	(101)	(10,811)
Dividend payable to stockholders					(10,719)		(10,719)		(10,719)
Net income					58,033		58,033	20	58,053
Other comprehensive income (loss)				(23,680)			(23,680)	90	(23,590)
Balance at May. 31, 2020	$ 3	444,403	11,486	(168,019)	562,408	$ (31,615)	818,666	937	$ 819,603
Balance (in shares) at May. 31, 2020	31,425,000					776,000			30,648,990
Balance at Feb. 29, 2020	$ 3	441,372	11,486	(152,573)	549,703	$ (32,098)	817,893	974	$ 818,867
Balance (in shares) at Feb. 29, 2020	31,451,000					852,000
Purchase of treasury stock						$ (204)	(204)		(204)
Purchase of treasury stock (in shares)						4,000
Issuance of treasury stock		(687)				$ 687
Issuance of treasury stock (in shares)	(80,000)					(80,000)
Issuance of restricted stock award (in shares)	57,000
Forfeiture of restricted stock awards (in shares)	(3,000)
Stock-based compensation		3,718					3,718		3,718
Net income					12,705		12,705	(72)	12,633
Other comprehensive income (loss)				(15,446)			(15,446)	35	(15,411)
Balance at May. 31, 2020	$ 3	$ 444,403	$ 11,486	$ (168,019)	$ 562,408	$ (31,615)	$ 818,666	$ 937	$ 819,603
Balance (in shares) at May. 31, 2020	31,425,000					776,000			30,648,990

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	May 31, 2020	May 31, 2019
Operating Activities:
Net income	$ 58,053	$ 52,577
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44,867	40,365
Allowance for doubtful accounts	(18)	68
Loss on sale of property and equipment	251	735
Deferred income taxes	(4,079)	(2,737)
Equity in losses of unconsolidated affiliates	79	48
Stock-based compensation	9,976	12,515
Change in operating assets and liabilities:
Receivables, prepaid expenses and other current assets, non-current assets, accrued salaries and benefits, deferred membership income and other accruals	(157)	1,668
Merchandise inventories	62,511	(5,699)
Accounts payable	2,647	13,412
Net cash provided by operating activities	174,130	112,952
Investing Activities:
Additions to property and equipment	(89,713)	(86,409)
Purchases of short-term investments	(31,711)	(14,204)
Proceeds from settlements of short-term investments	8,891	29,485
Purchases of long-term investments	(1,489)
Proceeds from disposal of property and equipment	44	157
Net cash used in investing activities	(113,978)	(70,971)
Financing Activities:
Proceeds from long-term bank borrowings	57,820
Repayment of long-term bank borrowings	(7,542)	(9,509)
Proceeds from short-term bank borrowings	271,014	5,180
Repayment of short-term bank borrowings	(207,368)	(3,028)
Cash dividend payments	(10,811)	(10,986)
Purchase of treasury stock for tax withholding on stock compensation	(1,585)	(3,145)
Other financing activities	(20)	(59)
Net cash provided by (used in) financing activities	101,508	(21,547)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(1,872)	(3,365)
Net increase in cash, cash equivalents	159,788	17,069
Cash, cash equivalents, and restricted cash at beginning of period	106,236	96,914
Cash, cash equivalents, and restricted cash at end of period	266,024	113,983
Supplemental disclosure of noncash investing activities:
Capital expenditures accured, but not yet paid	7,975	3,628
Reconciliation of cash, cash equivalents, and restricted cash:
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 266,024	$ 113,983

COMPANY OVERVIEW AND BASIS OF P

COMPANY OVERVIEW AND BASIS OF PRESENTATION	9 Months Ended
	May 31, 2020
COMPANY OVERVIEW AND BASIS OF PRESENTATION [Abstract]
COMPANY OVERVIEW AND BASIS OF PRESENTATION	N OTE 1 – COMPANY OVERVIEW AND BASIS OF PRESENTATION PriceSmart, Inc.’s (“PriceSmart,” the “Company,” or "we") business consists primarily of international membership shopping warehouse clubs similar to, but typically smaller in size than, warehouse clubs in the United States. As of May 31, 2020, the Company had 45 warehouse clubs in operation in 12 countries and one U.S. territory ( seven each in Colombia, Costa Rica, and Panama; five in the Dominican Republic, four each in Trinidad and Guatemala; three in Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands ), of which the Company owns 100 % of the corresponding legal entities (see Note 2 - Summary of Significant Accounting Policies). On June 17, 2020, the Company opened its 46 th warehouse club and eight h club in Costa Rica, located in the city of Liberia, in the Guanacaste region. The Company also expects to open its third warehouse club in the greater metropolitan area of Bogota, its eight h in Colombia, during its second fiscal quarter of 2021. PriceSmart continues to invest in technology to increase efficiencies and to enhance the member experience by enabling omni-channel capabilities, including e-commerce online shopping and services. During the third quarter of Fiscal 2020, the Company launched its online order and curbside pickup service, which provides for contactless shopping, called Click & Go™. In June 2020, this service was operational in all 13 PriceSmart markets and substantially all clubs. PriceSmart also operates a legacy business (casillero and marketplace) under the “Aeropost” banner in 38 countries in Latin America and the Caribbean, many of which overlap with markets where we operate warehouse clubs. Basis of Presentation – The interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial reporting pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The novel coronavirus (COVID-19) pandemic has severely impacted the economies of the U.S. and the countries where the Company operates. The Company has assessed the impact that COVID-19 has had on our estimates, assumptions and accounting policies and made additional disclosures, if and as necessary. Effective September 1, 2019, we adopted the requirements of Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)" (ASC 842) using the modified retrospective approach, under which financial results reported in prior periods were not restated. As a result, the consolidated balance sheet as of May 31, 2020 is not comparable, in this respect, with that as of August 31, 2019. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019 (the “2019 Form 10-K”). The interim consolidated financial statements include the accounts of PriceSmart, Inc., a Delaware corporation, and its subsidiaries. Inter-company transactions between the Company and its subsidiaries have been eliminated in consolidation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	May 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The interim consolidated financial statements of the Company included herein include the assets, liabilities and results of operations of the Company’s wholly owned subsidiaries, subsidiaries in which it has a controlling interest, and the Company’s joint ventures for which the Company has determined that it is the primary beneficiary. The Company’s net income excludes income attributable to noncontrolling interests. The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Company’s equity. The consolidated financial statements also include the Company's investment in, and the Company's share of the income (loss) of, joint ventures recorded under the equity method. All significant inter-company accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC and reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to fairly present the financial position, results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of the results for the year. The Company determines whether any of the joint ventures in which it has made investments is a Variable Interest Entity (“VIE”) at the start of each new venture and if a reconsideration event has occurred. At this time, the Company also considers whether it must consolidate a VIE and/or disclose information about its involvement in a VIE. A reporting entity must consolidate a VIE if that reporting entity has a variable interest (or combination of variable interests) and is determined to be the primary beneficiary. If the Company determines that it is not the primary beneficiary of the VIE, then the Company records its investment in, and the Company's share of the income (loss) of, joint ventures recorded under the equity method. Due to the nature of the joint ventures that the Company participates in and the continued commitments for additional financing, the Company determined these joint ventures are VIEs. In the case of the Company's ownership interest in real estate development joint ventures, both parties to each joint venture share all rights, obligations and the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. As a result, the Company has determined that it is not the primary beneficiary of the VIEs and, therefore, has accounted for these entities under the equity method. Under the equity method, the Company's investments in unconsolidated affiliates are initially recorded as an investment in the stock of an investee at cost and are adjusted for the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of the initial investment. The Company's ownership interest in real estate development joint ventures the Company has recorded under the equity method as of May 31, 2020 are listed below: Real Estate Development Joint Ventures Countries Ownership Basis of Presentation GolfPark Plaza, S.A. Panama 50.0 % Equity (1) Price Plaza Alajuela PPA, S.A. Costa Rica 50.0 % Equity (1) (1) Joint venture interests are recorded as investment in unconsolidated affiliates on the consolidated balance sheets. The Company has determined that for its ownership interest in store-front joint ventures within its marketplace and casillero business, the Company has the power to direct the activities that most significantly impact the economic performance of these VIEs. Therefore, the Company has determined that it is the primary beneficiary of these VIEs and has consolidated these entities within its consolidated financial statements. The Company's ownership interest in store-front joint ventures for which the Company has consolidated their financial statements as of May 31, 2020 are listed below: Marketplace and Casillero Store-front Joint Ventures Countries Ownership Basis of Presentation Guatemala Guatemala 60.0 % Consolidated Tortola British Virgin Islands 50.0 % Consolidated Trinidad Trinidad 50.0 % Consolidated Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents – The Company considers as cash and cash equivalents all cash on deposit, highly liquid investments with a maturity of three months or less at the date of purchase and proceeds due from credit and debit card transactions in the process of settlement. Restricted Cash – The changes in restricted cash are disclosed within the consolidated statement of cash flows based on the nature of the restriction. The following table summarizes the restricted cash reported by the Company (in thousands): May 31, August 31, 2020 2019 Short-term restricted cash $ 240 $ 54 Long-term restricted cash (1) 3,996 3,529 Total restricted cash $ 4,236 $ 3,583 (1) Long-term restricted cash consists mainly of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama. Short-Term Investments – The Company considers as short-term investments certificates of deposit and similar time-based deposits with financial institutions with maturities over three months and up to one year. Long-Term Investments – The Company considers as long-term investments certificates of deposit and similar time-based deposits with financial institutions with maturities over one year. Goodwill and Other Intangibles, net – Goodwill and other intangibles totaled $ 56.1 million as of May 31, 2020 and $ 58.7 million as of August 31, 2019 . The Company reviews reported goodwill and other intangibles at the cash-generating unit level for impairment. The Company tests goodwill for impairment at least annually or when events or changes in circumstances indicate that it is more likely than not that the asset is impaired. Tax Receivables – The Company pays Value Added Tax (“VAT”) or similar taxes (“input VAT”), income taxes, and other taxes within the normal course of the Company’s business in most of the countries in which the Company operates related to the procurement of merchandise and/or services it acquires and/or on sales and taxable income. The Company also collects VAT or similar taxes on behalf of the government (“output VAT”) for merchandise and/or services it sells. If the output VAT exceeds the input VAT, then the difference is remitted to the government, usually on a monthly basis. If the input VAT exceeds the output VAT, this creates a VAT receivable. In most countries where the Company operates, the governments have implemented additional collection procedures, such as requiring credit card processors to remit a portion of sales processed via credit card directly to the government as advance payments of VAT and/or income tax. In the case of VAT, these procedures alter the natural offset of input and output VAT and generally leave us with a net VAT receivable, forcing us to process significant refund claims on a recurring basis. With respect to income taxes paid, if the estimated income taxes paid or withheld exceed the actual income tax due, this creates an income tax receivable. The Company either requests a refund of these tax receivables or applies the balance to expected future tax payments. These refund or offset processes can take anywhere from several months to several years to complete. In most countries where the Company operates, there are defined and structured processes to recover VAT receivables via refunds or offsets. However, in one country without a clearly defined refund process, the Company is actively engaged with the local government to recover VAT receivables totaling $ 6.2 million and $ 5.1 million as of May 31, 2020 and August 31, 2019, respectively. In two other countries, minimum income tax rules require the Company to pay taxes based on a percentage of sales rather than income. As a result, the Company is making income tax payments substantially in excess of those it would expect to pay based on taxable income. The Company had income tax receivables of $ 9.8 million and $ 7.8 million and deferred tax assets of $ 2.8 million and $ 2.7 million as of May 31, 2020 and August 31, 2019, respectively, in these countries. While the rules related to refunds of income tax receivables in these countries are either unclear or complex, the Company has not placed any type of allowance on the recoverability of these tax receivables or deferred tax assets, because the Company believes that it is more likely than not that it will ultimately succeed in its refund requests. The Company’s policy for classification and presentation of VAT receivables, income tax receivables and other tax receivables is as follows:  Short-term VAT and Income tax receivables, recorded as Prepaid expenses and other current assets: This classification is used for any countries where the Company’s subsidiary has generally demonstrated the ability to recover the VAT or income tax receivable within one year. The Company also classifies as short-term any approved refunds or credit notes to the extent that the Company expects to receive the refund or use the credit notes within one year.  Long-term VAT and Income tax receivables, recorded as Other non-current assets: This classification is used for amounts not approved for refund or credit in countries where the Company’s subsidiary has not demonstrated the ability to obtain refunds within one year and/or for amounts which are subject to outstanding disputes. An allowance is provided against VAT and income tax receivable balances in dispute when the Company does not expect to eventually prevail in its recovery. The Company does not currently have any allowances provided against VAT and income tax receivables. The following table summarizes the VAT receivables reported by the Company (in thousands): May 31, August 31, 2020 2019 Prepaid expenses and other current assets $ 724 $ 1,639 Other non-current assets 25,235 22,691 Total amount of VAT receivables reported $ 25,959 $ 24,330 The following table summarizes the Income tax receivables reported by the Company (in thousands): May 31, August 31, 2020 2019 Prepaid expenses and other current assets $ 8,084 $ 9,009 Other non-current assets 20,652 16,381 Total amount of income tax receivables reported $ 28,736 $ 25,390 Lease Accounting – The Company’s leases are operating leases for warehouse clubs and non-warehouse club facilities such as corporate headquarters, regional offices, and regional distribution centers. The Company does not have finance leases. The Company determines if an arrangement is a lease and classifies it as either a finance or operating lease at lease inception. Operating leases are included in Operating lease right-of-use assets, net ; Operating lease liabilities, current portion ; and Long-term operating lease liabilities on the consolidated balance sheets. Operating lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. The Company’s leases generally do not have a readily determinable implicit rate; therefore, the Company uses a collateralized incremental borrowing rate at the commencement date in determining the present value of future payments. The incremental borrowing rate is based on a yield curve derived from publicly traded bond offerings for companies with credit characteristics that approximate the Company's market risk profile. In addition, we adjust the incremental borrowing rate for jurisdictional risk derived from quoted interest rates from financial institutions to reflect the cost of borrowing in the Company’s local markets. The Company’s lease terms may include options to purchase, extend or terminate the lease, which are recognized when it is reasonably certain that the Company will exercise that option. T he Company does not combine lease and non-lease components. The Company measures Right-of-use (“ROU”) assets based on the corresponding lease liabilities, adjusted for any initial direct costs and prepaid lease payments made to the lessor before or at the commencement date (net of lease incentives). The lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the calculation of the ROU asset and the related lease liability and are recognized as this lease expense is incurred. The Company’s variable lease payments generally relate to amounts the Company pays for additional contingent rent based on a contractually stipulated percentage of sales. In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which the Company adopted on September 1, 2019. The Company has elected to apply the temporary practical expedient and not treat changes to certain leases due to the effects of COVID-19 as modifications. The Company has recorded accruals for rent payment deferrals. Merchandise Inventories – Merchandise inventories, which include merchandise for resale, are valued at the lower of cost (average cost) or net realizable value. The Company provides for estimated inventory losses and obsolescence between physical inventory counts on the basis of a percentage of sales. The provision is adjusted periodically to reflect the trend of actual physical inventory count results, with physical inventories occurring primarily in the second and fourth fiscal quarters. In addition, the Company may be required to take markdowns below the carrying cost of certain inventory to expedite the sale of such merchandise. Stock Based Compensation – The Company utilizes three types of equity awards: restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). Compensation related to RSAs, RSUs and PSUs is based on the fair market value at the time of grant. The Company recognizes the compensation cost related to RSAs and RSUs over the requisite service period as determined by the grant, amortized ratably or on a straight-line basis over the life of the grant. The Company also recognizes compensation cost for PSUs over the performance period of each tranche, adjusting this cost based on the probability that performance metrics will be achieved. If the Company determines that an award is unlikely to vest, any previously recorded expense is then reversed. The Company accounts for actual forfeitures as they occur. The Company records the tax savings resulting from tax deductions in excess of expense for stock-based compensation and the tax deficiency resulting from stock-based compensation in excess of the related tax deduction as income tax expense or benefit. In addition, the Company reflects the tax savings (deficiency) resulting from the taxation of stock-based compensation as an operating cash flow in its consolidated statement of cash flows. RSAs are outstanding shares of common stock and have the same cash dividend and voting rights as other shares of common stock. Shares of common stock subject to RSUs are not issued nor outstanding until vested, and RSUs do not have the same dividend and voting rights as common stock. However, all outstanding RSUs have accompanying dividend equivalents, requiring payment to the employees and directors with unvested RSUs of amounts equal to the dividend they would have received had the shares of common stock underlying the RSUs been actually issued and outstanding. Payments of dividend equivalents to employees are recorded as compensation expense. PSUs, similar to RSUs, are awarded with dividend equivalents, provided that such amounts become payable only if the performance metric is achieved. At the time the Compensation Committee confirms the performance metric has been achieved, the accrued dividend equivalents are paid on the PSUs. Treasury Stock – Shares of common stock repurchased by the Company are recorded at cost as treasury stock and result in the reduction of stockholders’ equity in the Company’s consolidated balance sheets. The Company may reissue these treasury shares as part of its stock-based compensation programs. When treasury shares are reissued, the Company uses the first in/first out (“FIFO”) cost method for determining cost of the reissued shares. If the issuance price is higher than the cost, the excess of the issuance price over the cost is credited to additional paid-in capital (“APIC”). If the issuance price is lower than the cost, the difference is first charged against any credit balance in APIC from treasury stock and the balance is charged to retained earnings. During the nine months ended May 31, 2020, the Company reissued approximately 174,000 treasury shares. Fair Value Measurements – The Company measures the fair value for all financial and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring or nonrecurring basis. The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable and willing parties able to engage in the transaction. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor. The Company has established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring and revaluing fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company was not required to revalue any assets or liabilities utilizing Level 1 or Level 3 inputs at the balance sheet dates. The Company's Level 2 assets and liabilities revalued at the balance sheet dates, on a recurring basis, consisted of cash flow hedges (interest rate swaps and cross-currency interest rate swaps) and forward foreign exchange contracts. In addition, the Company utilizes Level 2 inputs in determining the fair value of long-term debt. The Company did not make any significant transfers in and out of Level 1 and Level 2 fair value tiers during the periods reported on herein. Non-financial assets and liabilities are revalued and recognized at fair value subsequent to initial recognition when there is evidence of impairment. For the periods reported, no impairment of such non-financial assets was recorded. The Company’s current and long-term financial assets and liabilities have fair values that approximate their carrying values. The Company’s long-term financial liabilities consist of long-term debt, which is recorded on the balance sheet at issuance price and adjusted for any applicable unamortized discounts or premiums and debt issuance costs. There have been no significant changes in fair market value of the Company’s current and long-term financial assets, and there have been no material changes to the valuation techniques utilized in the fair value measurement of assets and liabilities disclosed in the Company’s 2019 Annual Report on Form 10-K. Derivatives Instruments and Hedging Activities – The Company uses derivative financial instruments for hedging and non-trading purposes to manage its exposure to changes in interest and currency exchange rates. In using derivative financial instruments for the purpose of hedging the Company’s exposure to interest and currency exchange rate risks, the contractual terms of a hedged instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts that are effective at meeting the risk reduction and correlation criteria (effective hedge) are recorded using hedge accounting. If a derivative financial instrument is an effective hedge, changes in the fair value of the instrument will be reported in accumulated other comprehensive loss until the hedged item completes its contractual term. Instruments that do not meet the criteria for hedge accounting, or contracts for which the Company has not elected hedge accounting, are valued at fair value with unrealized gains or losses reported in earnings during the period of the change. The Company did not change valuation techniques utilized in the fair value measurement of assets and liabilities presented on the Company’s consolidated balance sheets from previous practice during the reporting period. The Company seeks to manage counterparty risk associated with these contracts by limiting transactions to counterparties with which the Company has an established banking relationship. There can be no assurance, however, that this practice effectively mitigates counterparty risk. Cash Flow Instruments. The Company is a party to receive floating interest rate, pay fixed-rate interest rate swaps to hedge the interest rate risk of certain U.S. dollar denominated debt within its international subsidiaries. The swaps are designated as cash flow hedges of interest expense risk. These instruments are considered effective hedges and are recorded using hedge accounting. The Company is also a party to receive variable interest rate, pay fixed interest rate cross-currency interest rate swaps to hedge the interest rate and currency exposure associated with the expected payments of principal and interest of U.S. denominated debt within its international subsidiaries whose functional currency is other than the U.S. dollar. The swaps are designated as cash flow hedges of the currency risk and interest-rate risk related to payments on the U.S. denominated debt. These instruments are also considered to be effective hedges and are recorded using hedge accounting. Under cash flow hedging, the entire gain or loss of the derivative, calculated as the net present value of the future cash flows, is reported on the consolidated balance sheets in accumulated other comprehensive loss. Amounts recorded in accumulated other comprehensive loss are released to earnings in the same period that the hedged transaction impacts consolidated earnings. See Note 8 - Derivative Instruments and Hedging Activities for information on the fair value of interest rate swaps and cross-currency interest rate swaps as of May 31, 2020 and August 31, 2019. Fair Value Instruments. The Company is exposed to foreign currency exchange rate fluctuations in the normal course of business. This includes exposure to foreign currency exchange rate fluctuations on U.S. dollar denominated liabilities within the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. The Company manages these fluctuations, in part, through the use of non-deliverable forward foreign-exchange contracts that are intended to offset changes in cash flows attributable to currency exchange movements. The contracts are intended primarily to economically address exposure to U.S. dollar merchandise inventory expenditures made by the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. Currently, these contracts are treated for accounting purposes as fair value instruments and do not qualify for derivative hedge accounting, and as such the Company does not apply derivative hedge accounting to record these transactions. As a result, these contracts are valued at fair value with unrealized gains or losses reported in earnings during the period of the change. The Company seeks to mitigate foreign currency exchange-rate risk with the use of these contracts and does not intend to engage in speculative transactions. These contracts do not contain any credit-risk-related contingent features and are limited to less than one year in duration. Other Instruments. Other derivatives not designated as hedging instruments consist primarily of written call options in which the Company receives a premium that it uses to reduce the costs associated with its hedging activities. For derivative instruments not designated as hedging instruments, the Company recognizes changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Other expense, net in the consolidated statements of income in the period of change. Revenue Recognition – The accounting policies and other disclosures such as the disclosure of disaggregated revenues are described in Note 3 – Revenue Recognition. Insurance Reimbursements – Receipts from insurance reimbursements up to the amount of the losses recognized are considered recoveries. These recoveries are accounted for when they are probable of receipt. Insurance recoveries are not recognized prior to the recognition of the related cost. Anticipated proceeds in excess of the amount of loss recognized are considered gains and are subject to gain contingency guidance. Anticipated proceeds in excess of a loss recognized in the financial statements are not recognized until all contingencies related to the insurance claim are resolved. Self-Insurance – T he Company changed health insurance providers and is no longer self-insured as of October 1, 2019. Cost of Goods Sold – The Company includes the cost of merchandise, food service and bakery raw materials in cost of goods sold, net merchandise sales. The Company also includes in cost of goods sold: net merchandise sales the external and internal distribution and handling costs for supplying merchandise, raw materials and supplies to the warehouse clubs, and, when applicable, costs of shipping to members. External costs include inbound freight, duties, drayage, fees, insurance, and non-recoverable value-added tax related to inventory shrink, spoilage and damage. Internal costs include payroll and related costs, utilities, consumable supplies, repair and maintenance, rent expense and building and equipment depreciation at the Company's distribution facilities and payroll and other direct costs for in-club demonstrations. For export sales, the Company includes the cost of merchandise and external and internal distribution and handling costs for supplying merchandise in cost of goods sold, exports. For the marketplace and casillero operations, the Company includes the costs of external and internal shipping, handling and other direct costs incurred to provide delivery, insurance and customs processing services in cost of goods sold, non-merchandise. Vendor consideration consists primarily of volume rebates, time-limited product promotions, slotting fees, demonstration reimbursements and prompt payment discounts. Volume rebates that are not threshold based are incorporated into the unit cost of merchandise reducing the inventory cost and cost of goods sold. Volume rebates that are threshold based are recorded as a reduction to cost of goods sold when the Company achieves established purchase levels that are confirmed by the vendor in writing or upon receipt of funds. On a quarterly basis, the Company calculates the amount of rebates recorded in cost of goods sold that relates to inventory on hand and this amount is reclassified as a reduction to inventory, if significant. Slotting fees are related to consideration received by the Company from vendors for preferential "end cap" placement of the vendor's products within the warehouse club. Demonstration reimbursements are related to consideration received by the Company from vendors for the in-club promotion of the vendors' products. The Company records the reduction in cost of goods sold on a transactional basis for these programs. Prompt payment discounts are taken in substantially all cases and therefore are applied directly to reduce the acquisition cost of the related inventory, with the resulting effect recorded to cost of goods sold when the inventory is sold. Selling, General and Administrative – Selling, general and administrative costs are comprised primarily of expenses associated with operating warehouse clubs and freight forwarding operations. These costs include payroll and related costs, utilities, consumable supplies, repair and maintenance, rent expense, building and equipment depreciation, bank, credit card processing fees, and amortization of intangibles. Also included in selling, general and administrative expenses are the payroll and related costs for the Company’s U.S. and regional management and purchasing centers. Pre-Opening Costs – The Company expenses pre-opening costs (the costs of start-up activities, including organization costs and rent) for new warehouse clubs as incurred. Contingencies and Litigation – The Company records and reserves for loss contingencies if (a) information available prior to issuance of the consolidated financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the consolidated financial statements and (b) the amount of loss can be reasonably estimated. If one or both criteria for accrual are not met, but there is at least a reasonable possibility that a material loss will occur, the Company does not record and reserve for a loss contingency but describes the contingency within a note and provides detail, when possible, of the estimated potential loss or range of loss. If an estimate cannot be made, a statement to that effect is made. Foreign Currency Translation – The assets and liabilities of the Company’s foreign operations are translated to U.S. dollars when the functional currency in the Company’s international subsidiaries is the local currency and not U.S. dollars. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the exchange rate on the balance sheet date, and revenue, costs and expenses are translated at average rates of exchange in effect during the period. The corresponding translation gains and losses are recorded as a component of accumulated other comprehensive income or loss. These adjustments will affect net income upon the sale or liquidation of the underlying investment. The following table discloses the net effect of translation into the reporting currency on other comprehensive loss for these local currency denominated accounts for the three and nine months ended May 31, 2020 and 2019: Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2020 2019 2020 2019 Effect on other comprehensive loss due to foreign currency translation $ ( 12,874 ) $ ( 9,697 ) $ ( 19,981 ) $ ( 17,972 ) Monetary assets and liabilities denominated in currencies other than the functional currency of the respective entity (primarily U.S. dollars) are revalued to the functional currency using the exchange rate on the balance sheet date. These foreign exchange transaction gains (losses), including transactions recorded involving these monetary assets and liabilities, are recorded as Other income (expense) in the consolidated statements of income. Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2020 2019 2020 2019 Currency gain (loss) $ ( 1,529 ) $ 192 $ ( 2,431 ) $ ( 1,930 ) Recent Accounting Pronouncements – Not Yet Adopted FASB ASC 848 ASU 2020-04—Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU No. 2020-04 provides optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for contracts, hedging relationships, and other transactions affected by reference rate reform. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company will evaluate the impact adoption of this guidance may have on the Company’s consolidated financi

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	May 31, 2020
REVENUE RECOGNITION [Abstract]
Revenue Recognition	NOTE 3 – REVENUE RECOGNITION Performance Obligations The Company identifies each distinct performance obligation to transfer goods (or bundle of goods) or services. The Company recognizes revenue when (or as) it satisfies a performance obligation by transferring control of the goods or services to the customer.  Merchandise Sales . The Company recognizes merchandise sales revenue, net of sales taxes, on transactions where the Company has determined that it is the principal in the sale of merchandise. These transactions may include shipping commitments and/or shipping revenue if the transaction involves delivery to the customer.  Non-merchandise Sales . The Company recognizes non-merchandise revenue, net of sales taxes, on transactions where the Company has determined that it is the agent in the transaction. These transactions primarily consist of contracts the Company enters into with its customers to provide delivery, insurance and customs processing services for products its customers purchase online in the United States either directly from other vendors utilizing the vendor’s website or through the Company’s marketplace site. Revenue is recognized when the Company’s performance obligations have been completed (that is when delivery of the items have been made to the destination point) and is recorded in “non-merchandise revenue” on the Consolidated Statements of Income. Prepayment for orders for which the Company has not fulfilled its performance obligation are recorded as deferred income. Additionally, the Company records revenue at the net amounts retained, i.e., the amount paid by the customer less amounts remitted to the respective merchandise vendors, as the Company is acting as an agent and is not the principal in the sale of those goods being purchased from the vendors by the Company’s customers.  Membership Fee Revenue. Membership income represents annual membership fees paid by the Company’s warehouse club members, which are recognized ratably over the 12-month term of the membership. Membership refunds are prorated over the remaining term of the membership; accordingly, no refund reserve is required to be established for the periods presented. Membership fee revenue is included in membership income in the Company's consolidated statements of income. The deferred membership fee is included in deferred income in the Company's consolidated balance sheets.  Platinum Points Reward Programs. The Company currently offers Platinum memberships in eleven of its thirteen countries. The annual fee for a Platinum membership is approximately $ 75 . The Platinum membership provides members with a 2 % rebate on most items, up to an annual maximum of $ 500 . The rebate is issued annually to Platinum members on March 1 and expires August 31. Platinum members can apply this rebate to future purchases at the warehouse club during the redemption period. The Company records this 2 % rebate as a reduction of revenue at the time of the sales transaction. Accordingly, the Company has reduced warehouse sales and has accrued a liability within other accrued expenses and other current liabilities, platinum rewards. The Company has determined that breakage revenue is 5 % of the awards issued; therefore, it records 95 % of the Platinum membership liability at the time of sale. Annually, the Company reviews for expired unused rebates outstanding, and the expired unused rebates are recognized as “Other revenue and income” on the consolidated statements of income. Co-branded Credit Card Points Reward Programs. Most of the Company’s subsidiaries have points reward programs related to Co-branded Credit Cards. These points reward programs provide incremental points that can be used at a future time to acquire merchandise within the Company’s warehouse clubs. This results in two performance obligations, the first performance obligation being the initial sale of the merchandise or services purchased with the co-branded credit card and the second performance obligation being the future use of the points rewards to purchase merchandise or services. As a result, upon the initial sale, the Company allocates the transaction price to each performance obligation with the amount allocated to the future use points rewards recorded as a contract liability within other accrued expenses and other current liabilities on the consolidated balance sheet. The portion of the selling price allocated to the reward points is recognized as Net merchandise sales when the points are used or when the points expire. The Company reviews on an annual basis expired points rewards outstanding, and the expired rewards are recognized as Net merchandise sales on the consolidated statements of income within markets where the co-branded credit card agreement allows for such treatment.  Gift Cards . Members’ purchases of gift cards to be utilized at the Company's warehouse clubs are not recognized as sales until the card is redeemed and the customer purchases merchandise using the gift card. The outstanding gift cards are reflected as other accrued expenses and other current liabilities in the consolidated balance sheets. These gift cards generally have a one-year stated expiration date from the date of issuance and are generally redeemed prior to expiration. However, the absence of a large volume of transactions for gift cards impairs the Company's ability to make a reasonable estimate of the redemption levels for gift certificates; therefore, the Company assumes a 100 % redemption rate prior to expiration of the gift certificate. The Company periodically reviews unredeemed outstanding gift certificates, and the gift certificates that have expired are recognized as “Other revenue and income” on the consolidated statements of income.  Co-branded Credit Card Revenue Sharing Agreements . As part of the co-branded credit card agreements that the Company has entered into with financial institutions within its markets, the Company often enters into revenue sharing agreements. As part of these agreements, in some countries, the Company receives a portion of the interest income generated from the average outstanding balances on the co-branded credit cards from these financial institutions (“interest generating portfolio” or “IGP”). The Company recognizes its portion of interest received as revenue during the period it is earned. The Company has determined that this revenue should be recognized as “Other revenue and income” on the consolidated statements of income. Contract Performance Liabilities Contract performance liabilities as a result of transactions with customers primarily consist of deferred membership income, other deferred income, deferred gift card revenue, Platinum points programs, and liabilities related to co-branded credit card points rewards programs which are included in deferred income and other accrued expenses and other current liabilities in the Company’s consolidated balance sheets. The following table provides these contract balances from transactions with customers as of the dates listed (in thousands): Contract Liabilities May 31, 2020 August 31, 2019 Deferred membership income $ 23,380 $ 24,901 Other contract performance liabilities $ 4,892 $ 4,048 Disaggregated Revenues In the following table, net merchandise sales are disaggregated by merchandise category (in thousands): Three Months Ended Nine Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Foods & Sundries $ 419,579 $ 384,902 $ 1,250,728 $ 1,174,087 Fresh Foods 228,858 209,452 685,413 630,657 Hardlines 70,374 83,606 261,796 274,596 Softlines 25,597 38,700 115,860 127,158 Other Business 23,960 38,349 105,025 116,244 Net Merchandise Sales $ 768,368 $ 755,009 $ 2,418,822 $ 2,322,742

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	May 31, 2020
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 4 – EARNINGS PER SHARE The Company presents basic net income per share using the two-class method. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders and that determines basic net income per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings that would have been available to common stockholders. A participating security is defined as a security that may participate in undistributed earnings with common stock. The Company’s capital structure includes securities that participate with common stock on a one-for-one basis for distribution of dividends. These are the restricted stock awards and restricted stock units issued pursuant to the 2013 Equity Incentive Award Plan. The Company does not include performance stock units as participating securities until they vest. The Company determines the diluted net income per share by using the more dilutive of the two class-method or the treasury stock method and by including the basic weighted average of outstanding performance stock units in the calculation of diluted net income per share under the two-class method and including all potential common shares assumed issued in the calculation of diluted net income per share under the treasury stock method. The following table sets forth the computation of net income per share for the three and nine months ended May 31, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2020 2019 2020 2019 Net income attributable to PriceSmart, Inc. $ 12,705 $ 14,096 $ 58,033 $ 52,518 Less: Allocation of income to unvested stockholders ( 188 ) ( 189 ) ( 527 ) ( 414 ) Net income attributable to PriceSmart, Inc. per share available for distribution $ 12,517 $ 13,907 $ 57,506 $ 52,104 Basic weighted average shares outstanding 30,271 30,198 30,268 30,192 Add dilutive effect of performance stock units (two-class method) 4 7 5 10 Diluted average shares outstanding 30,275 30,205 30,273 30,202 Basic net income per share $ 0.41 $ 0.46 $ 1.90 $ 1.73 Diluted net income per share $ 0.41 $ 0.46 $ 1.90 $ 1.73

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	May 31, 2020
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	NOTE 5 – STOCKHOLDERS’ EQUITY Dividends The following table summarizes the dividends declared and paid during fiscal year 2020 and 2019 (amounts are per share). First Payment Second Payment Declared Amount Record Date Date Paid Date Payable Amount Record Date Date Paid Date Payable Amount 2/6/2020 $ 0.70 2/15/2020 2/28/2020 N/A $ 0.35 8/15/2020 N/A 8/31/2020 $ 0.35 1/30/2019 $ 0.70 2/15/2019 2/28/2019 N/A $ 0.35 8/15/2019 8/30/2019 N/A $ 0.35 The Company anticipates the ongoing payment of semi-annual dividends in subsequent periods, although the actual declaration of future dividends, the amount of such dividends, and the establishment of record and payment dates is subject to final determination by the Board of Directors at its discretion after its review of the Company’s financial performance and anticipated capital requirements. Comprehensive Income and Accumulated Other Comprehensive Loss The following tables disclose the effects of each component of other comprehensive income (loss), net of tax (in thousands): Attributable to Noncontrolling PriceSmart Interests Total Beginning balance, September 1, 2019 $ ( 144,339 ) $ 20 $ ( 144,319 ) Foreign currency translation adjustments ( 19,981 ) 90 ( 19,891 ) Defined benefit pension plans 53 — 53 Derivative instruments (1) ( 3,752 ) — ( 3,752 ) Ending balance, May 31, 2020 $ ( 168,019 ) $ 110 $ ( 167,909 ) Attributable to Noncontrolling PriceSmart Interests Total Beginning balance, September 1, 2018 $ ( 121,216 ) $ ( 1 ) $ ( 121,217 ) Foreign currency translation adjustments ( 17,972 ) 80 ( 17,892 ) Defined benefit pension plans 73 — 73 Derivative Instruments (1) ( 2,053 ) — ( 2,053 ) Ending balance, May 31, 2019 $ ( 141,168 ) $ 79 $ ( 141,089 ) Attributable to Noncontrolling PriceSmart Interests Total Beginning balance, September 1, 2018 $ ( 121,216 ) $ ( 1 ) $ ( 121,217 ) Foreign currency translation adjustments ( 19,717 ) 21 ( 19,696 ) Defined benefit pension plans ( 112 ) — ( 112 ) Derivative Instruments (1) ( 3,369 ) — ( 3,369 ) Amounts reclassified from accumulated other comprehensive income (loss) (2) 75 — 75 Ending balance, August 31, 2019 $ ( 144,339 ) $ 20 $ ( 144,319 ) (1) See Note 8 - Derivative Instruments and Hedging Activities. (2) Amounts reclassified from accumulated other comprehensive loss related to the minimum pension liability are included in warehouse club and other operations in the Company's consolidated statements of income. Retained Earnings Not Available for Distribution The following table summarizes retained earnings designated as legal reserves of various subsidiaries which cannot be distributed as dividends to PriceSmart, Inc. according to applicable statutory regulations (in thousands): May 31, August 31, 2020 2019 Retained earnings not available for distribution $ 8,478 $ 7,843

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	May 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company and its subsidiaries are subject to legal proceedings, claims and litigation arising in the ordinary course of business related to the Company’s operations and property ownership. The Company evaluates such matters on a case by case basis, and vigorously contests any such legal proceedings or claims which the Company believes are without merit. The Company believes that the final disposition of these matters will not have a material adverse effect on its financial position, results of operations or liquidity. It is possible, however, that the Company's results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to such matters. The Company establishes an accrual for legal proceedings if and when those matters reach a stage where they present loss contingencies that are both probable and reasonably estimable. In such cases, there may be a possible exposure to loss in excess of any amounts accrued. The Company monitors those matters for developments that would affect the likelihood of a loss and the accrued amount, if any, thereof, and adjusts the amount as appropriate. If the loss contingency at issue is not both probable and reasonably estimable, the Company does not establish an accrual, but will continue to monitor the matter for developments that will make the loss contingency both probable and reasonably estimable. If it is at least a reasonable possibility that a material loss will occur, the Company will provide disclosure regarding the contingency. On May 22, 2019, a class action complaint was filed against PriceSmart, Inc., as well as certain former and current officers in the United States District Court for the Southern District of California. On October 7, 2019, the Court granted Public Employees Retirement Association of New Mexico’s (PERA’s) Motion for Appointment as Lead Plaintiff. On January 3, 2020, PERA filed a consolidated class action complaint, which alleges violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Company believes the case lacks merit and intends to vigorously defend itself against any obligations or liability to the plaintiffs. During the third quarter of fiscal 2020, the Company filed a Motion to Dismiss the Plaintiff’s Consolidated Amended Complaint and the Plaintiff filed an Opposition to the Motion to Dismiss. During the fourth quarter of fiscal 2020, the Company plans to file a Reply to the Opposition. Oral arguments are scheduled for the first quarter of fiscal 2021. Income Taxes – For interim reporting, the Company uses an estimated annual effective tax rate (AETR), pursuant to ASC 740-279, to calculate income tax expense. Income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management’s best estimate of current and future taxes to be paid. The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgments and estimates are required in the determination of the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. In evaluating its ability to recover deferred tax assets in the jurisdictions from which they arise, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, the Company begins with historical results adjusted for the results of discontinued operations and incorporates assumptions about the amount of future state, federal, and foreign pretax operating income adjusted for items that do not have tax consequences. The assumptions about future taxable income require the use of significant judgment and are consistent with the plans and estimates we are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company considers three years of cumulative operating income (loss). The Company is required to file federal and state tax returns in the United States and various other tax returns in foreign jurisdictions. The preparation of these tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company. The Company, in consultation with its tax advisors, bases its tax returns on interpretations that are believed to be reasonable under the circumstances. The tax returns, however, are subject to routine reviews by the various taxing authorities in the jurisdictions in which the Company files its returns. As part of these reviews, a taxing authority may disagree with the interpretations the Company used to calculate its tax liability and therefore require the Company to pay additional taxes. The Company accrues an amount for its estimate of probable additional income tax liability. In certain cases, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than 50% likelihood of being sustained. There were no significant changes in the Company's uncertain income tax positions since August 31, 2019. In evaluating the exposure associated with various non-income tax filing positions, the Company accrues for probable and estimable exposures for non-income tax related tax contingencies. As of May 31, 2020 and August 31, 2019, the Company has recorded within other accrued expenses and other current liabilities a total of $ 3.1 million and $ 3.2 million, respectively, for various non-income tax related tax contingencies. While the Company believes the recorded liabilities are adequate, there are inherent limitations in projecting the outcome of litigation, in estimating probable additional income tax liability taking into account uncertain tax positions and in evaluating the probable additional tax associated with various non-income tax filing positions. As such, the Company is unable to make a reasonable estimate of the sensitivity to change of estimates affecting its recorded liabilities. As additional information becomes available, the Company assesses the potential liability and revises its estimates as appropriate. In two other countries where the Company operates, minimum income tax rules require the Company to pay taxes based on a percentage of sales rather than income. As a result, the Company is making income tax payments substantially in excess of those it would expect to pay based on taxable income. The Company had income tax receivables of $ 9.8 million and $ 7.8 million and deferred tax assets of $ 2.8 million and $ 2.7 million as of May 31, 2020 and August 31, 2019, respectively, in these countries. While the rules related to refunds of income tax receivables in these countries are either unclear or complex, the Company has not placed any type of allowance on the recoverability of these tax receivables or deferred tax assets, because the Company believes that it is more likely than not that it will ultimately succeed in its refund requests. Other Commitments In January 2017, the Company purchased a distribution center in Medley, Miami-Dade County, Florida. The Company transferred its Miami dry distribution center activities that were previously in the leased facility to the new facility during the third quarter of fiscal year 2017. As of May 31, 2020, all of the vacated space has been subleased (and/or returned to the landlord). As part of the subleases, the Company provided the landlord of the leased facility a letter of credit (“LOC”) for the initial amount of $ 500,000 which entitled the landlord to draw on the LOC based on a decreasing scale over four years if certain conditions were to occur related to nonpayment by the new tenant. The balance of this LOC decreases at an annual rate of $ 125,000 starting in August 2018. As of May 31, 2020, the remaining balance of the LOC was $ 250,000 . Although this agreement is considered a guarantee, in measuring the fair value, the Company considers the risk and probability of default by the third-party tenant as not likely nor probable based on the Company’s review of the third-party tenant’s financial position as well as the third party’s considerable capital investment into the leased facility. Therefore, the Company has not recorded a liability for this guarantee. The Company is also committed to non-cancelable construction service obligations for various warehouse club developments and expansions. As of May 31, 2020 and August 31, 2019, the Company had approximately $ 7.8 million and $ 14.9 million, respectively, in contractual obligations for construction services not yet rendered. From time to time, the Company has entered into general land purchase and land purchase option agreements. The Company’s land purchase agreements are typically subject to various conditions, including, but not limited to, the ability to obtain necessary governmental permits or approvals. A deposit under an agreement is typically returned to the Company if all permits or approvals are not obtained. Generally, the Company has the right to cancel any of its agreements to purchase land without cause by forfeiture of some or all of the deposits it has made pursuant to the agreement. As of May 31, 2020, the Company did no t have any pending land purchase option agreements. The table below summarizes the Company’s interest in real estate joint ventures, commitments to additional future investments and the Company’s maximum exposure to loss as a result of its involvement in these joint venture as of May 31, 2020 (in thousands): Entity % Ownership Initial Investment Additional Investments Net Income Inception to Date Company’s Variable Interest in Entity Commitment to Future Additional Investments (1) Company's Maximum Exposure to Loss in Entity (2) GolfPark Plaza, S.A. 50 % $ 4,616 $ 2,402 $ 92 $ 7,110 $ 99 $ 7,209 Price Plaza Alajuela PPA, S.A. 50 % 2,193 1,236 79 3,508 785 4,293 Total $ 6,809 $ 3,638 $ 171 $ 10,618 $ 884 $ 11,502 (1) The parties intend to seek alternate financing for the project, which could reduce the amount of investments each party would be required to provide. The parties may mutually agree on changes to the project, which could increase or decrease the amount of contributions each party is required to provide. (2) The maximum exposure is determined by adding the Company’s variable interest in the entity and any explicit or implicit arrangements that could require the Company to provide additional financial support.

DEBT

DEBT	9 Months Ended
	May 31, 2020
DEBT [Abstract]
DEBT	NOTE 7 – DEBT Short-term borrowings consist of unsecured lines of credit. The following table summarizes the balances of total facilities, facilities used and facilities available (in thousands): Facilities Used Total Amount Short-term Letters of Facilities Weighted average of Facilities Borrowings Credit Available interest rate May 31, 2020 $ 81,210 $ 70,886 $ 472 $ 9,852 3.6 % August 31, 2019 $ 69,000 $ 7,540 $ 486 $ 60,974 6.1 % As of May 31, 2020 and August 31, 2019, the Company had approximately $ 40.0 million of short-term facilities in the U.S. As of May 31, 2020 and August 31, 2019, the Company was in compliance with all covenants or amended covenants for each of its short-term facility agreements. Each of the facilities expires annually except for the U.S. facility, which expires bi-annually. The facilities are normally renewed. The following table provides the changes in long-term debt for the nine-months ended May 31, 2020: (Amounts in thousands) Current portion of long-term debt Long-term debt (net of current portion) Total Balances as of August 31, 2019 $ 25,875 $ 63,711 $ 89,586 (1) Proceeds from long-term debt incurred during the period: Colombia subsidiary — 25,000 25,000 Guatemala subsidiary — 20,820 20,820 Trinidad subsidiary 6,000 6,000 12,000 Regularly scheduled loan payments ( 1,539 ) ( 6,003 ) ( 7,542 ) Refinances of short-term debt ( 11,046 ) 11,046 — Reclassifications of long-term debt due in the next 12 months 3,402 ( 3,402 ) — Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (2) 92 ( 127 ) ( 35 ) Balances as of May 31, 2020 $ 22,784 $ 117,045 $ 139,829 (3) (1) The carrying amount of non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans. (2) These foreign currency translation adjustments are recorded within Other comprehensive income. (3) The carrying amount of non-cash assets assigned as collateral for these loans was $ 166.2 million. No cash assets were assigned as collateral for these loans. As of May 31, 2020, the Company had approximately $ 114.3 million of long-term loans in several foreign subsidiaries that require these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. As of May 31, 2020, the Company was in compliance with all covenants or amended covenants. As of August 31, 2019, the Company had approximately $ 83.1 million of long-term loans in several foreign subsidiaries that require these subsidiaries to comply with certain annual or quarterly financial covenants. Annual maturities of long-term debt are as follows (in thousands): Twelve Months Ended May 31, Amount 2021 $ 22,784 2022 17,900 2023 25,845 2024 8,577 2025 24,983 Thereafter 39,740 Total $ 139,829

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
	May 31, 2020
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE 8 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to interest rate risk relating to its ongoing business operations. To manage interest rate exposure, the Company enters into hedge transactions (interest rate swaps) using derivative financial instruments. The objective of entering into interest rate swaps is to eliminate the variability of cash flows in the LIBOR interest payments associated with variable-rate loans over the life of the loans. As changes in interest rates impact the future cash flow of interest payments, the hedges provide a synthetic offset to interest rate movements. In addition, the Company is exposed to foreign currency and interest rate cash flow exposure related to non-functional currency long-term debt of three of its wholly owned subsidiaries. To manage this foreign currency and interest rate cash flow exposure, the Company’s subsidiaries entered into cross-currency interest rate swaps that convert their U.S. dollar denominated floating interest payments to functional currency fixed interest payments during the life of the hedging instrument. As changes in foreign exchange and interest rates impact the future cash flow of interest payments, the hedges are intended to offset changes in cash flows attributable to interest rate and foreign exchange movements. These derivative instruments (cash flow hedging instruments) are designated and qualify as cash flow hedges, with the entire gain or loss on the derivative reported as a component of other comprehensive loss. Amounts are deferred in other comprehensive loss and reclassified into earnings in the same income statement line item that is used to present earnings effect of the hedged item when the hedged item affects earnings. The Company is exposed to foreign-currency exchange-rate fluctuations in the normal course of business, including foreign-currency exchange-rate fluctuations on U.S. dollar denominated liabilities within its international subsidiaries whose functional currency is other than the U.S. dollar. The Company manages these fluctuations, in part, through the use of non-deliverable forward foreign-exchange contracts (NDFs) that are intended to offset changes in cash flow attributable to currency exchange movements. These contracts are intended primarily to economically address exposure to U.S. dollar merchandise inventory expenditures made by the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. Currently, these contracts do not qualify for derivative hedge accounting. The Company seeks to mitigate foreign-currency exchange-rate risk with the use of these contracts and does not intend to engage in speculative transactions. These contracts do not contain any credit-risk-related contingent features. The Company uses other derivatives not designated as hedging instruments that consist primarily of written call options in which the Company receives a premium from the holder. This premium lowers the cost of the Company’s hedging activities. The Company recognizes changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Other expense, net in the consolidated statements of income in the period of change. Cash Flow Hedges As of May 31, 2020, all of the Company’s interest rate swap and cross-currency interest rate swap derivative financial instruments are designated and qualify as cash flow hedges. The Company formally documents the hedging relationships for its derivative instruments that qualify for hedge accounting. The following table summarizes agreements for which the Company has recorded cash flow hedge accounting for the nine months ended May 31, 2020: 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 Colombia 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, 2024 Colombia 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, 2024 Colombia 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, 2022 Panama 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, 2023 Honduras 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, 2024 PriceSmart, 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 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 For the three and nine months ended May 31, 2020 and 2019, 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 May 31, 2020 $ 1,067 $ 620 $ 1,687 Interest expense for the three months ended May 31, 2019 $ 1,204 $ 110 $ 1,314 Interest expense for the nine months ended May 31, 2020 $ 3,287 $ 1,477 $ 4,764 Interest expense for the nine months ended May 31, 2019 $ 3,606 $ 380 $ 3,986 (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. 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 May 31, August 31, Floating Rate Payer (Swap Counterparty) 2020 2019 Union Bank $ 34,213 $ 35,169 Citibank N.A. 50,650 24,225 Scotiabank 16,500 18,375 Total $ 101,363 $ 77,769 Derivatives listed on the table below were designated as cash flow hedging instruments. 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): May 31, 2020 August 31, 2019 Derivatives designated as cash flow hedging instruments Balance Sheet Classification Fair Value Net Tax Effect Net OCI Fair Value Net Tax Effect Net OCI Cross-currency interest rate swaps Other non-current assets $ 428 $ ( 132 ) $ 296 $ — $ — $ — Cross-currency interest rate swaps Other current assets — — — 2,736 ( 903 ) 1,833 Interest rate swaps Other long-term liabilities ( 4,005 ) 933 ( 3,072 ) ( 2,178 ) 517 ( 1,661 ) Cross-currency interest rate swaps Other long-term liabilities ( 1,562 ) 475 ( 1,087 ) ( 732 ) 220 ( 512 ) Cross-currency interest rate swaps Other current liabilities ( 30 ) 9 ( 21 ) — — — Net fair value of derivatives designated as hedging instruments $ ( 5,169 ) $ 1,285 $ ( 3,884 ) $ ( 174 ) $ ( 166 ) $ ( 340 ) Fair Value Instruments From time to time the Company enters into non-deliverable forward foreign-exchange contracts. These contracts are treated for accounting purposes as fair value contracts and do not qualify for derivative hedge accounting. The use of non-deliverable forward foreign-exchange contracts is intended to offset changes in cash flow attributable to currency exchange movements. These contracts are intended primarily to economically hedge exposure to U.S. dollar merchandise inventory expenditures made by the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. As of May 31, 2020, the Company did not have any material non-deliverable forward foreign-exchange contracts. Other Instruments Other derivatives not designated as hedging instruments consist primarily of written call options in which the Company receives a premium that it uses to reduce the costs associated with its hedging activities. As of May 31, 2020, the Company has settled its outstanding call options and does not have any other contracts not designated as hedging instruments. For the three and nine months ended May 31, 2020, the Company included in its consolidated statements of income the loss of its other non-designated derivative contracts as follows (in thousands): Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Income Statement Classification 2020 2019 2020 2019 Other expense, net $ — $ — $ ( 912 ) $ —

SEGMENTS

SEGMENTS	9 Months Ended
	May 31, 2020
SEGMENTS [Abstract]
SEGMENTS	NOTE 9 – SEGMENTS The Company and its subsidiaries are principally engaged in the international operation of membership shopping in 45 warehouse clubs located in 12 countries and one U.S. territory that are located in Central America, the Caribbean and Colombia. In addition, the Company operates distribution centers and corporate offices in the United States. The Company has aggregated its warehouse clubs, distribution centers and corporate offices into reportable segments. The Company’s reportable segments are based on management’s organization of these locations into operating segments by general geographic location, used by management and the Company's chief operating decision maker in setting up management lines of responsibility, providing support services, and making operational decisions and assessments of financial performance. Segment amounts are presented after converting to U.S. dollars and consolidating eliminations. Certain revenues, operating costs and inter-company charges included in the United States segment are not allocated to the segments within this presentation, as it is impractical to do so, and they appear as reconciling items to reflect the amount eliminated on consolidation of intersegment transactions. From time to time, the Company revises the measurement of each segment's operating income and net income, including certain corporate overhead allocations, and other measures as determined by the information regularly reviewed by the Company's chief operating decision maker. When the Company does so, the previous period amounts and balances are reclassified to conform to the current period's presentation. The following tables summarize by segment certain revenues, operating costs and balance sheet items (in thousands): United States Operations Central American Operations Caribbean Operations (1) Colombia Operations Reconciling Items (2) Total Three Months Ended May 31, 2020 Revenue from external customers $ 15,852 $ 452,927 $ 250,304 $ 80,848 — $ 799,931 Intersegment revenues 230,826 4,791 1,548 787 ( 237,952 ) — Depreciation, Property and equipment 1,294 7,577 3,810 1,591 — 14,272 Amortization, Intangibles 607 — — — — 607 Operating income (loss) ( 1,115 ) 27,606 13,547 3,487 ( 19,558 ) 23,967 Net income (loss) attributable to PriceSmart, Inc. ( 3,785 ) 22,724 10,849 2,403 ( 19,486 ) 12,705 Capital expenditures, net 1,446 9,395 2,163 3,508 — 16,512 Nine Months Ended May 31, 2020 Revenue from external customers $ 52,039 $ 1,442,336 $ 747,004 $ 277,228 $ — $ 2,518,607 Intersegment revenues 868,137 12,745 3,627 1,870 ( 886,379 ) — Depreciation, Property and equipment 3,981 22,027 11,602 5,452 — 43,062 Amortization, Intangibles 1,805 — — — — 1,805 Operating income 3,401 96,972 40,436 13,411 ( 60,730 ) 93,490 Net income (loss) attributable to PriceSmart, Inc. ( 5,350 ) 79,815 34,978 9,340 ( 60,750 ) 58,033 Long-lived assets (other than deferred tax assets) (3) 83,813 481,942 181,578 143,437 — 890,770 Intangibles, net 10,772 — — — — 10,772 Goodwill 10,695 24,484 10,137 — — 45,316 Total assets 224,682 727,527 384,168 238,112 — 1,574,489 Capital expenditures, net 5,564 42,766 13,913 28,807 — 91,050 Three Months Ended May 31, 2019 Revenue from external customers $ 17,454 $ 448,118 $ 228,586 $ 94,398 $ — $ 788,556 Intersegment revenues 284,205 3,401 1,032 444 ( 289,082 ) — Depreciation, Property and equipment 1,312 6,200 3,551 2,132 — 13,195 Amortization, Intangibles 606 — — — — 606 Operating income (loss) 1,139 26,314 10,295 3,294 ( 19,045 ) 21,997 Net income (loss) attributable to PriceSmart, Inc. ( 1,655 ) 22,725 9,514 2,528 ( 19,016 ) 14,096 Capital expenditures, net 143 13,322 8,010 1,093 — 22,568 Nine Months Ended May 31, 2019 Revenue from external customers $ 51,614 $ 1,372,918 $ 702,954 $ 295,132 $ — $ 2,422,618 Intersegment revenues 924,624 7,620 3,375 1,119 ( 936,738 ) — Depreciation, Property and equipment 3,958 18,072 10,181 6,356 — 38,567 Amortization, Intangibles 1,798 — — — — 1,798 Operating income 4,565 90,681 37,346 10,327 ( 59,716 ) 83,203 Net income (loss) attributable to PriceSmart, Inc. ( 3,885 ) 75,009 32,536 8,632 ( 59,774 ) 52,518 Long-lived assets (other than deferred tax assets) 85,638 339,950 157,186 105,384 — 688,158 Intangibles, net 13,182 — — — — 13,182 Goodwill 11,315 24,606 10,237 — — 46,158 Total assets 152,322 605,399 331,999 172,144 — 1,261,864 Capital expenditures, net 3,759 56,695 24,271 3,831 — 88,556 As of August 31, 2019 Long-lived assets (other than deferred tax assets) $ 65,278 $ 383,665 $ 165,584 $ 115,838 $ — $ 730,365 Intangibles, net 12,576 — — — — 12,576 Goodwill 11,315 24,593 10,193 — — 46,101 Total assets 161,583 614,579 340,216 180,033 — 1,296,411 (1) Management considers its club in the U.S. Virgin Islands to be part of its Caribbean operations. (2) The reconciling items reflect the amount eliminated on consolidation of intersegment transactions. (3) Effective September 1, 2019, we adopted the requirements of Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)" (ASC 842) using the modified retrospective approach, under which financial results reported in prior periods were not restated. As a result, the Long-lived assets (other than deferred tax assets) as of May 31, 2020 is not comparable with that as of May 31, 2019 and August 31, 2019.

LEASES

LEASES	9 Months Ended
	May 31, 2020
LEASES [Abstract]
LEASES	NOTE 10 – LEASES The Company adopted ASC 842 as of September 1, 2019, using the modified retrospective method and applying transitional relief allowing entities to initially apply the requirements at the adoption date by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, results and disclosures for the reporting periods beginning September 1, 2019 are reported and presented under ASC 842, while prior period amounts and disclosures are not adjusted and continue to be reported and presented under ASC 840. As part of the adoption, the Company elected the following practical expedients:  A package of practical expedients allowing the Company to: a) carry forward its historical lease classification; b) avoid reassessing whether any expired or existing contracts are or contain leases; and c) avoid reassessing initial direct costs for any existing lease.  A practical expedient related to land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements and eliminating the need to reassess existing lease contracts to determine if land easements are separate leases under ASC 842.  A practical expedient allowing the Company not to apply the recognition requirements of ASC 842 to short-term leases (12 months or less). The Company did not elect the following practical expedients:  A practical expedient that would allow the Company to use hindsight in determining the lease term and to assess impairment of the entity’s right-of use (“ROU”) assets because election of this expedient could make adoption more complex given the requirement to reevaluate the lease term.  A practical expedient allowing the Company to not separate lease components from nonlease components ( e.g. , common area maintenance costs) because the Company does not combine lease and nonlease components for any of its real estate leases. In accordance with ASC 842, the Company determines if an arrangement is a lease at inception or modification of a contract and classifies each lease as either operating or finance lease at commencement. The Company only reassesses lease classification subsequent to commencement upon a change to the expected lease term or the contract being modified. As of May 31, 2020, the Company only has operating leases for its clubs, distribution centers, office space, and land. Operating leases, net of accumulated amortization, are included in operating lease ROU assets, and current and non-current operating lease liabilities, on the Company’s consolidated balance sheets. Lease expense for operating leases is included in selling, general and administrative expense on the Company’s consolidated statements of income. Leases with an initial term of twelve months or less are not recorded on the Company’s consolidated balance sheet. The Company is generally obligated for the cost of property taxes, insurance, and maintenance relating to its leases, which are often variable lease payments. Such costs are included in selling, general and administrative expense on the interim unaudited consolidated statements of income. Certain of the Company's lease agreements provide for lease payments based on future sales volumes at the leased location, or include rental payments adjusted periodically for inflation or based on an index, which are not measurable at the inception of the lease. The Company expenses such variable amounts in the period incurred, which is the period in which it becomes probable that the specified target that triggers the variable lease payments will be achieved. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the reasonably certain lease term. The operating lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option or if an economic penalty may be incurred if the option is not exercised. The initial lease term of the Company’s operating leases range from two to 30 years. Where the Company's leases do not provide an implicit rate, a collateralized incremental borrowing rate ("IBR") is used to determine the present value of lease payments. The IBR is based on a yield curve derived by publicly traded bond offerings for companies with similar credit characteristics that approximate the Company's market risk profile. In addition, we adjust the IBR for jurisdictional risk derived from quoted interest rates from financial institutions to reflect the cost of borrowing in the Company’s local markets. Adoption of the standard resulted in the initial recognition of $ 120.6 million of operating lease ROU assets and $ 132.1 million of short-term and long-term operating lease liabilities as of September 1, 2019. The difference between the newly recorded assets and liabilities is $ 11.5 million, which was recorded against our deferred rent balance of $ 11.2 million as of August 31, 2019. The difference of $ 0.3 million was expensed in the first quarter of fiscal year 2020. No cumulative-effect adjustments were recorded to retained earnings, and there was no material impact to the Company’s interim consolidated statements of income, consolidated statements of comprehensive income, or consolidated statements of cash flows. The following table is a summary of the Company’s components of total lease costs for the three and nine months of fiscal year 2020 (in thousands): Three Months Ended Nine Months Ended May 31, May 31, 2020 2020 Operating lease cost $ 4,338 $ 12,831 Short-term lease cost 64 146 Variable lease cost 856 2,983 Sublease income ( 258 ) ( 829 ) Total lease costs $ 5,000 $ 15,131 The weighted average remaining lease term and weighted average discount rate for operating leases as of May 31, 2020 were as follows: Operating leases Weighted average remaining lease term in years 18.3 Weighted average discount rate percentage 6.4 % Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands): Three Months Ended Nine Months Ended May 31, May 31, 2020 2020 Operating cash flows paid for operating leases $ 3,653 $ 11,306 The Company is committed under non-cancelable operating leases for the rental of facilities and land. Future minimum lease commitments for facilities under these leases with an initial term in excess of one year are as follows (in thousands): Leased Years Ended May 31, Locations (1) 2021 $ 14,914 2022 14,959 2023 14,762 2024 14,454 2025 13,984 Thereafter 171,840 Total future lease payments 244,913 Less imputed interest ( 110,229 ) Total operating lease liabilities $ 134,684 (2) (1) Operating lease obligations have been reduced by approximately $ 1.2 million to reflect expected sub-lease income. Certain obligations under leasing arrangements are collateralized by the underlying asset being leased. (2) Future minimum lease payments include $ 0.7 million of lease payment obligations for the prior leased Miami distribution center. For purposes of calculating the minimum lease payments, a reduction is reflected for the actual sub-lease income the Company expects to receive during the remaining lease term. This sub-lease income was also considered for the purposes of calculating the exit obligation, which was immaterial as of May 31, 2020.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	May 31, 2020
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS The Company has evaluated all events subsequent to the balance sheet date of May 31, 2020 through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events that require disclosure.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	9 Months Ended
	May 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Principles of Consolidation	Principles of Consolidation – The interim consolidated financial statements of the Company included herein include the assets, liabilities and results of operations of the Company’s wholly owned subsidiaries, subsidiaries in which it has a controlling interest, and the Company’s joint ventures for which the Company has determined that it is the primary beneficiary. The Company’s net income excludes income attributable to noncontrolling interests. The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Company’s equity. The consolidated financial statements also include the Company's investment in, and the Company's share of the income (loss) of, joint ventures recorded under the equity method. All significant inter-company accounts and transactions have been eliminated in consolidation. The interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC and reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to fairly present the financial position, results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of the results for the year. The Company determines whether any of the joint ventures in which it has made investments is a Variable Interest Entity (“VIE”) at the start of each new venture and if a reconsideration event has occurred. At this time, the Company also considers whether it must consolidate a VIE and/or disclose information about its involvement in a VIE. A reporting entity must consolidate a VIE if that reporting entity has a variable interest (or combination of variable interests) and is determined to be the primary beneficiary. If the Company determines that it is not the primary beneficiary of the VIE, then the Company records its investment in, and the Company's share of the income (loss) of, joint ventures recorded under the equity method. Due to the nature of the joint ventures that the Company participates in and the continued commitments for additional financing, the Company determined these joint ventures are VIEs. In the case of the Company's ownership interest in real estate development joint ventures, both parties to each joint venture share all rights, obligations and the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. As a result, the Company has determined that it is not the primary beneficiary of the VIEs and, therefore, has accounted for these entities under the equity method. Under the equity method, the Company's investments in unconsolidated affiliates are initially recorded as an investment in the stock of an investee at cost and are adjusted for the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of the initial investment. The Company's ownership interest in real estate development joint ventures the Company has recorded under the equity method as of May 31, 2020 are listed below: Real Estate Development Joint Ventures Countries Ownership Basis of Presentation GolfPark Plaza, S.A. Panama 50.0 % Equity (1) Price Plaza Alajuela PPA, S.A. Costa Rica 50.0 % Equity (1) (1) Joint venture interests are recorded as investment in unconsolidated affiliates on the consolidated balance sheets. The Company has determined that for its ownership interest in store-front joint ventures within its marketplace and casillero business, the Company has the power to direct the activities that most significantly impact the economic performance of these VIEs. Therefore, the Company has determined that it is the primary beneficiary of these VIEs and has consolidated these entities within its consolidated financial statements. The Company's ownership interest in store-front joint ventures for which the Company has consolidated their financial statements as of May 31, 2020 are listed below: Marketplace and Casillero Store-front Joint Ventures Countries Ownership Basis of Presentation Guatemala Guatemala 60.0 % Consolidated Tortola British Virgin Islands 50.0 % Consolidated Trinidad Trinidad 50.0 % Consolidated
Use of Estimates	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents – The Company considers as cash and cash equivalents all cash on deposit, highly liquid investments with a maturity of three months or less at the date of purchase and proceeds due from credit and debit card transactions in the process of settlement.
Restricted Cash	Restricted Cash – The changes in restricted cash are disclosed within the consolidated statement of cash flows based on the nature of the restriction. The following table summarizes the restricted cash reported by the Company (in thousands): May 31, August 31, 2020 2019 Short-term restricted cash $ 240 $ 54 Long-term restricted cash (1) 3,996 3,529 Total restricted cash $ 4,236 $ 3,583 (1) Long-term restricted cash consists mainly of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama.
Short-Term Investments	Short-Term Investments – The Company considers as short-term investments certificates of deposit and similar time-based deposits with financial institutions with maturities over three months and up to one year.
Long-Term Investments	Long-Term Investments – The Company considers as long-term investments certificates of deposit and similar time-based deposits with financial institutions with maturities over one year.
Goodwill and Other Intangibles, net	Goodwill and Other Intangibles, net – Goodwill and other intangibles totaled $ 56.1 million as of May 31, 2020 and $ 58.7 million as of August 31, 2019 . The Company reviews reported goodwill and other intangibles at the cash-generating unit level for impairment. The Company tests goodwill for impairment at least annually or when events or changes in circumstances indicate that it is more likely than not that the asset is impaired.
Tax Receivables	Tax Receivables – The Company pays Value Added Tax (“VAT”) or similar taxes (“input VAT”), income taxes, and other taxes within the normal course of the Company’s business in most of the countries in which the Company operates related to the procurement of merchandise and/or services it acquires and/or on sales and taxable income. The Company also collects VAT or similar taxes on behalf of the government (“output VAT”) for merchandise and/or services it sells. If the output VAT exceeds the input VAT, then the difference is remitted to the government, usually on a monthly basis. If the input VAT exceeds the output VAT, this creates a VAT receivable. In most countries where the Company operates, the governments have implemented additional collection procedures, such as requiring credit card processors to remit a portion of sales processed via credit card directly to the government as advance payments of VAT and/or income tax. In the case of VAT, these procedures alter the natural offset of input and output VAT and generally leave us with a net VAT receivable, forcing us to process significant refund claims on a recurring basis. With respect to income taxes paid, if the estimated income taxes paid or withheld exceed the actual income tax due, this creates an income tax receivable. The Company either requests a refund of these tax receivables or applies the balance to expected future tax payments. These refund or offset processes can take anywhere from several months to several years to complete. In most countries where the Company operates, there are defined and structured processes to recover VAT receivables via refunds or offsets. However, in one country without a clearly defined refund process, the Company is actively engaged with the local government to recover VAT receivables totaling $ 6.2 million and $ 5.1 million as of May 31, 2020 and August 31, 2019, respectively. In two other countries, minimum income tax rules require the Company to pay taxes based on a percentage of sales rather than income. As a result, the Company is making income tax payments substantially in excess of those it would expect to pay based on taxable income. The Company had income tax receivables of $ 9.8 million and $ 7.8 million and deferred tax assets of $ 2.8 million and $ 2.7 million as of May 31, 2020 and August 31, 2019, respectively, in these countries. While the rules related to refunds of income tax receivables in these countries are either unclear or complex, the Company has not placed any type of allowance on the recoverability of these tax receivables or deferred tax assets, because the Company believes that it is more likely than not that it will ultimately succeed in its refund requests. The Company’s policy for classification and presentation of VAT receivables, income tax receivables and other tax receivables is as follows:  Short-term VAT and Income tax receivables, recorded as Prepaid expenses and other current assets: This classification is used for any countries where the Company’s subsidiary has generally demonstrated the ability to recover the VAT or income tax receivable within one year. The Company also classifies as short-term any approved refunds or credit notes to the extent that the Company expects to receive the refund or use the credit notes within one year.  Long-term VAT and Income tax receivables, recorded as Other non-current assets: This classification is used for amounts not approved for refund or credit in countries where the Company’s subsidiary has not demonstrated the ability to obtain refunds within one year and/or for amounts which are subject to outstanding disputes. An allowance is provided against VAT and income tax receivable balances in dispute when the Company does not expect to eventually prevail in its recovery. The Company does not currently have any allowances provided against VAT and income tax receivables. The following table summarizes the VAT receivables reported by the Company (in thousands): May 31, August 31, 2020 2019 Prepaid expenses and other current assets $ 724 $ 1,639 Other non-current assets 25,235 22,691 Total amount of VAT receivables reported $ 25,959 $ 24,330 The following table summarizes the Income tax receivables reported by the Company (in thousands): May 31, August 31, 2020 2019 Prepaid expenses and other current assets $ 8,084 $ 9,009 Other non-current assets 20,652 16,381 Total amount of income tax receivables reported $ 28,736 $ 25,390
Lease Accounting	Lease Accounting – The Company’s leases are operating leases for warehouse clubs and non-warehouse club facilities such as corporate headquarters, regional offices, and regional distribution centers. The Company does not have finance leases. The Company determines if an arrangement is a lease and classifies it as either a finance or operating lease at lease inception. Operating leases are included in Operating lease right-of-use assets, net ; Operating lease liabilities, current portion ; and Long-term operating lease liabilities on the consolidated balance sheets. Operating lease liabilities are recognized at commencement date based on the present value of the future minimum lease payments over the lease term. The Company’s leases generally do not have a readily determinable implicit rate; therefore, the Company uses a collateralized incremental borrowing rate at the commencement date in determining the present value of future payments. The incremental borrowing rate is based on a yield curve derived from publicly traded bond offerings for companies with credit characteristics that approximate the Company's market risk profile. In addition, we adjust the incremental borrowing rate for jurisdictional risk derived from quoted interest rates from financial institutions to reflect the cost of borrowing in the Company’s local markets. The Company’s lease terms may include options to purchase, extend or terminate the lease, which are recognized when it is reasonably certain that the Company will exercise that option. T he Company does not combine lease and non-lease components. The Company measures Right-of-use (“ROU”) assets based on the corresponding lease liabilities, adjusted for any initial direct costs and prepaid lease payments made to the lessor before or at the commencement date (net of lease incentives). The lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the calculation of the ROU asset and the related lease liability and are recognized as this lease expense is incurred. The Company’s variable lease payments generally relate to amounts the Company pays for additional contingent rent based on a contractually stipulated percentage of sales. In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which the Company adopted on September 1, 2019. The Company has elected to apply the temporary practical expedient and not treat changes to certain leases due to the effects of COVID-19 as modifications. The Company has recorded accruals for rent payment deferrals.
Merchandise Inventories	Merchandise Inventories – Merchandise inventories, which include merchandise for resale, are valued at the lower of cost (average cost) or net realizable value. The Company provides for estimated inventory losses and obsolescence between physical inventory counts on the basis of a percentage of sales. The provision is adjusted periodically to reflect the trend of actual physical inventory count results, with physical inventories occurring primarily in the second and fourth fiscal quarters. In addition, the Company may be required to take markdowns below the carrying cost of certain inventory to expedite the sale of such merchandise.
Stock Based Compensation	Stock Based Compensation – The Company utilizes three types of equity awards: restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”). Compensation related to RSAs, RSUs and PSUs is based on the fair market value at the time of grant. The Company recognizes the compensation cost related to RSAs and RSUs over the requisite service period as determined by the grant, amortized ratably or on a straight-line basis over the life of the grant. The Company also recognizes compensation cost for PSUs over the performance period of each tranche, adjusting this cost based on the probability that performance metrics will be achieved. If the Company determines that an award is unlikely to vest, any previously recorded expense is then reversed. The Company accounts for actual forfeitures as they occur. The Company records the tax savings resulting from tax deductions in excess of expense for stock-based compensation and the tax deficiency resulting from stock-based compensation in excess of the related tax deduction as income tax expense or benefit. In addition, the Company reflects the tax savings (deficiency) resulting from the taxation of stock-based compensation as an operating cash flow in its consolidated statement of cash flows. RSAs are outstanding shares of common stock and have the same cash dividend and voting rights as other shares of common stock. Shares of common stock subject to RSUs are not issued nor outstanding until vested, and RSUs do not have the same dividend and voting rights as common stock. However, all outstanding RSUs have accompanying dividend equivalents, requiring payment to the employees and directors with unvested RSUs of amounts equal to the dividend they would have received had the shares of common stock underlying the RSUs been actually issued and outstanding. Payments of dividend equivalents to employees are recorded as compensation expense. PSUs, similar to RSUs, are awarded with dividend equivalents, provided that such amounts become payable only if the performance metric is achieved. At the time the Compensation Committee confirms the performance metric has been achieved, the accrued dividend equivalents are paid on the PSUs.
Treasury Stock	Treasury Stock – Shares of common stock repurchased by the Company are recorded at cost as treasury stock and result in the reduction of stockholders’ equity in the Company’s consolidated balance sheets. The Company may reissue these treasury shares as part of its stock-based compensation programs. When treasury shares are reissued, the Company uses the first in/first out (“FIFO”) cost method for determining cost of the reissued shares. If the issuance price is higher than the cost, the excess of the issuance price over the cost is credited to additional paid-in capital (“APIC”). If the issuance price is lower than the cost, the difference is first charged against any credit balance in APIC from treasury stock and the balance is charged to retained earnings. During the nine months ended May 31, 2020, the Company reissued approximately 174,000 treasury shares.
Fair Value Measurements	Fair Value Measurements – The Company measures the fair value for all financial and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring or nonrecurring basis. The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable and willing parties able to engage in the transaction. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor. The Company has established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring and revaluing fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company was not required to revalue any assets or liabilities utilizing Level 1 or Level 3 inputs at the balance sheet dates. The Company's Level 2 assets and liabilities revalued at the balance sheet dates, on a recurring basis, consisted of cash flow hedges (interest rate swaps and cross-currency interest rate swaps) and forward foreign exchange contracts. In addition, the Company utilizes Level 2 inputs in determining the fair value of long-term debt. The Company did not make any significant transfers in and out of Level 1 and Level 2 fair value tiers during the periods reported on herein. Non-financial assets and liabilities are revalued and recognized at fair value subsequent to initial recognition when there is evidence of impairment. For the periods reported, no impairment of such non-financial assets was recorded. The Company’s current and long-term financial assets and liabilities have fair values that approximate their carrying values. The Company’s long-term financial liabilities consist of long-term debt, which is recorded on the balance sheet at issuance price and adjusted for any applicable unamortized discounts or premiums and debt issuance costs. There have been no significant changes in fair market value of the Company’s current and long-term financial assets, and there have been no material changes to the valuation techniques utilized in the fair value measurement of assets and liabilities disclosed in the Company’s 2019 Annual Report on Form 10-K.
Derivatives Instruments and Hedging Activities	Derivatives Instruments and Hedging Activities – The Company uses derivative financial instruments for hedging and non-trading purposes to manage its exposure to changes in interest and currency exchange rates. In using derivative financial instruments for the purpose of hedging the Company’s exposure to interest and currency exchange rate risks, the contractual terms of a hedged instrument closely mirror those of the hedged item, providing a high degree of risk reduction and correlation. Contracts that are effective at meeting the risk reduction and correlation criteria (effective hedge) are recorded using hedge accounting. If a derivative financial instrument is an effective hedge, changes in the fair value of the instrument will be reported in accumulated other comprehensive loss until the hedged item completes its contractual term. Instruments that do not meet the criteria for hedge accounting, or contracts for which the Company has not elected hedge accounting, are valued at fair value with unrealized gains or losses reported in earnings during the period of the change. The Company did not change valuation techniques utilized in the fair value measurement of assets and liabilities presented on the Company’s consolidated balance sheets from previous practice during the reporting period. The Company seeks to manage counterparty risk associated with these contracts by limiting transactions to counterparties with which the Company has an established banking relationship. There can be no assurance, however, that this practice effectively mitigates counterparty risk. Cash Flow Instruments. The Company is a party to receive floating interest rate, pay fixed-rate interest rate swaps to hedge the interest rate risk of certain U.S. dollar denominated debt within its international subsidiaries. The swaps are designated as cash flow hedges of interest expense risk. These instruments are considered effective hedges and are recorded using hedge accounting. The Company is also a party to receive variable interest rate, pay fixed interest rate cross-currency interest rate swaps to hedge the interest rate and currency exposure associated with the expected payments of principal and interest of U.S. denominated debt within its international subsidiaries whose functional currency is other than the U.S. dollar. The swaps are designated as cash flow hedges of the currency risk and interest-rate risk related to payments on the U.S. denominated debt. These instruments are also considered to be effective hedges and are recorded using hedge accounting. Under cash flow hedging, the entire gain or loss of the derivative, calculated as the net present value of the future cash flows, is reported on the consolidated balance sheets in accumulated other comprehensive loss. Amounts recorded in accumulated other comprehensive loss are released to earnings in the same period that the hedged transaction impacts consolidated earnings. See Note 8 - Derivative Instruments and Hedging Activities for information on the fair value of interest rate swaps and cross-currency interest rate swaps as of May 31, 2020 and August 31, 2019. Fair Value Instruments. The Company is exposed to foreign currency exchange rate fluctuations in the normal course of business. This includes exposure to foreign currency exchange rate fluctuations on U.S. dollar denominated liabilities within the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. The Company manages these fluctuations, in part, through the use of non-deliverable forward foreign-exchange contracts that are intended to offset changes in cash flows attributable to currency exchange movements. The contracts are intended primarily to economically address exposure to U.S. dollar merchandise inventory expenditures made by the Company’s international subsidiaries whose functional currency is other than the U.S. dollar. Currently, these contracts are treated for accounting purposes as fair value instruments and do not qualify for derivative hedge accounting, and as such the Company does not apply derivative hedge accounting to record these transactions. As a result, these contracts are valued at fair value with unrealized gains or losses reported in earnings during the period of the change. The Company seeks to mitigate foreign currency exchange-rate risk with the use of these contracts and does not intend to engage in speculative transactions. These contracts do not contain any credit-risk-related contingent features and are limited to less than one year in duration. Other Instruments. Other derivatives not designated as hedging instruments consist primarily of written call options in which the Company receives a premium that it uses to reduce the costs associated with its hedging activities. For derivative instruments not designated as hedging instruments, the Company recognizes changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Other expense, net in the consolidated statements of income in the period of change.
Revenue Recognition	Revenue Recognition – The accounting policies and other disclosures such as the disclosure of disaggregated revenues are described in Note 3 – Revenue Recognition.
Insurance Reimbursements	Insurance Reimbursements – Receipts from insurance reimbursements up to the amount of the losses recognized are considered recoveries. These recoveries are accounted for when they are probable of receipt. Insurance recoveries are not recognized prior to the recognition of the related cost. Anticipated proceeds in excess of the amount of loss recognized are considered gains and are subject to gain contingency guidance. Anticipated proceeds in excess of a loss recognized in the financial statements are not recognized until all contingencies related to the insurance claim are resolved.
Self-Insurance	Self-Insurance – T he Company changed health insurance providers and is no longer self-insured as of October 1, 2019.
Cost of Goods Sold	Cost of Goods Sold – The Company includes the cost of merchandise, food service and bakery raw materials in cost of goods sold, net merchandise sales. The Company also includes in cost of goods sold: net merchandise sales the external and internal distribution and handling costs for supplying merchandise, raw materials and supplies to the warehouse clubs, and, when applicable, costs of shipping to members. External costs include inbound freight, duties, drayage, fees, insurance, and non-recoverable value-added tax related to inventory shrink, spoilage and damage. Internal costs include payroll and related costs, utilities, consumable supplies, repair and maintenance, rent expense and building and equipment depreciation at the Company's distribution facilities and payroll and other direct costs for in-club demonstrations. For export sales, the Company includes the cost of merchandise and external and internal distribution and handling costs for supplying merchandise in cost of goods sold, exports. For the marketplace and casillero operations, the Company includes the costs of external and internal shipping, handling and other direct costs incurred to provide delivery, insurance and customs processing services in cost of goods sold, non-merchandise. Vendor consideration consists primarily of volume rebates, time-limited product promotions, slotting fees, demonstration reimbursements and prompt payment discounts. Volume rebates that are not threshold based are incorporated into the unit cost of merchandise reducing the inventory cost and cost of goods sold. Volume rebates that are threshold based are recorded as a reduction to cost of goods sold when the Company achieves established purchase levels that are confirmed by the vendor in writing or upon receipt of funds. On a quarterly basis, the Company calculates the amount of rebates recorded in cost of goods sold that relates to inventory on hand and this amount is reclassified as a reduction to inventory, if significant. Slotting fees are related to consideration received by the Company from vendors for preferential "end cap" placement of the vendor's products within the warehouse club. Demonstration reimbursements are related to consideration received by the Company from vendors for the in-club promotion of the vendors' products. The Company records the reduction in cost of goods sold on a transactional basis for these programs. Prompt payment discounts are taken in substantially all cases and therefore are applied directly to reduce the acquisition cost of the related inventory, with the resulting effect recorded to cost of goods sold when the inventory is sold.
Selling, General and Administrative	Selling, General and Administrative – Selling, general and administrative costs are comprised primarily of expenses associated with operating warehouse clubs and freight forwarding operations. These costs include payroll and related costs, utilities, consumable supplies, repair and maintenance, rent expense, building and equipment depreciation, bank, credit card processing fees, and amortization of intangibles. Also included in selling, general and administrative expenses are the payroll and related costs for the Company’s U.S. and regional management and purchasing centers.
Pre-Opening Costs	Pre-Opening Costs – The Company expenses pre-opening costs (the costs of start-up activities, including organization costs and rent) for new warehouse clubs as incurred.
Contingencies and Litigation	Contingencies and Litigation – The Company records and reserves for loss contingencies if (a) information available prior to issuance of the consolidated financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the consolidated financial statements and (b) the amount of loss can be reasonably estimated. If one or both criteria for accrual are not met, but there is at least a reasonable possibility that a material loss will occur, the Company does not record and reserve for a loss contingency but describes the contingency within a note and provides detail, when possible, of the estimated potential loss or range of loss. If an estimate cannot be made, a statement to that effect is made.
Foreign Currency Translation	Foreign Currency Translation – The assets and liabilities of the Company’s foreign operations are translated to U.S. dollars when the functional currency in the Company’s international subsidiaries is the local currency and not U.S. dollars. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the exchange rate on the balance sheet date, and revenue, costs and expenses are translated at average rates of exchange in effect during the period. The corresponding translation gains and losses are recorded as a component of accumulated other comprehensive income or loss. These adjustments will affect net income upon the sale or liquidation of the underlying investment. The following table discloses the net effect of translation into the reporting currency on other comprehensive loss for these local currency denominated accounts for the three and nine months ended May 31, 2020 and 2019: Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2020 2019 2020 2019 Effect on other comprehensive loss due to foreign currency translation $ ( 12,874 ) $ ( 9,697 ) $ ( 19,981 ) $ ( 17,972 ) Monetary assets and liabilities denominated in currencies other than the functional currency of the respective entity (primarily U.S. dollars) are revalued to the functional currency using the exchange rate on the balance sheet date. These foreign exchange transaction gains (losses), including transactions recorded involving these monetary assets and liabilities, are recorded as Other income (expense) in the consolidated statements of income. Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2020 2019 2020 2019 Currency gain (loss) $ ( 1,529 ) $ 192 $ ( 2,431 ) $ ( 1,930 )
Recent Accounting Pronouncements - Not Yet Adopted	Recent Accounting Pronouncements – Not Yet Adopted FASB ASC 848 ASU 2020-04—Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU No. 2020-04 provides optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for contracts, hedging relationships, and other transactions affected by reference rate reform. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company will evaluate the impact adoption of this guidance may have on the Company’s consolidated financial statements. FASB ASC 740 ASU 2019-12—Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes. ASU No. 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The ASU is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. The Company expects to adopt ASU No. 2019-12 on September 1, 2021, the first quarter of fiscal year 2022. The Company will evaluate the impact adoption of this guidance may have on the Company’s consolidated financial statements. FASB ASC 810 ASU 2018-15 – Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. ASU No. 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). As such, the amendment in this ASU requires an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in subtopic 350-40 in order to determine which implementation costs to capitalize as an asset and which costs to expense. Additionally, the amendments in this ASU require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The amendments in this ASU are effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. Early adoption is permitted. The Company expects to adopt ASU No. 2018-15 on September 1, 2020, the first quarter of fiscal year 2021. While the Company is still in the process of determining the impact that adoption of this guidance will have on its consolidated financial statements, it does not anticipate that the new guidance will have a material impact on its consolidated financial statements. FASB ASC 715 ASU 2018-14 – Compensation—Retirement Benefits—Defined Benefit Plans — General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement benefits (Topic 715-20). The standard amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other post-retirement plans. This ASU is effective for fiscal years ending after December 15, 2020 and must be applied on a retrospective basis. The Company expects to adopt ASU No. 2018-14 on September 1, 2021, the first quarter of fiscal year 2022. The Company will evaluate the impact adoption of this guidance may have on the Company’s consolidated financial statements. FASB ASC 820 ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820). The standard eliminates such disclosures as the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. ASU No. 2018-13 adds new disclosure requirements for Level 3 measurements. The amendments in this ASU are effective for annual periods beginning after December 15, 2019. Early adoption is permitted. The Company expects to adopt ASU No. 2018-13 on September 1, 2020, the first quarter of fiscal year 2021. While the Company is still in the process of determining the impact that adoption of this guidance will have on its consolidated financial statements, it does not anticipate that the new guidance will have a material impact on its consolidated financial statements. FASB ASC 350 ASU 2017-04 – Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the amendments in this ASU, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU No. 2017-04 requires any reporting unit with a zero or negative carrying amount to perform Step 2 of the goodwill impairment test. The amendments in this ASU are effective for annual periods beginning after December 15, 2019. Early adoption is permitted. The Company expects to adopt ASU No. 2017-04 on September 1, 2020, the first quarter of fiscal year 2021. While the Company is still in the process of determining the impact that adoption of this guidance will have on its consolidated financial statements, it does not anticipate that the new guidance will have a material impact on its consolidated financial statements. FASB ASC 326 ASU 2016-13 – Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326), which amends the FASB’s guidance on the impairment of financial instruments. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments to clarify and address certain items related to the amendments in ASU 2016-13. These amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company expects to adopt the amendments on September 1, 2020, the first quarter of fiscal year 2021. While the Company is still in the process of determining the impact that adoption of this guidance will have on its consolidated financial statements, it does not anticipate that the new guidance will have a material impact on its consolidated financial statements given the materiality and nature of the financial assets currently held.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted FASB ASC 815 ASU 2018-16 – Derivatives and Hedging — Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes In October 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-16, Derivatives and Hedging—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes, which expands the list of United States benchmark interest rates permitted in the application of hedge accounting. The amendments in this ASU allow use of the Overnight Index Swap (OIS) rate based on the Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, Derivatives and Hedging. The Company adopted ASU 2018-16 in the first quarter of fiscal year 2020. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. FASB ASC 718 ASU 2018-07 - Compensation—Stock Compensation (Topic 718) — Improvements to Nonemployee Share-Based Payment Accounting In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which expands the scope to include share-based payment transactions for acquiring goods and services from non-employees. The amendments in this ASU apply to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in the grantor’s own operations by issuing share-based payment awards. The amendments in this ASU are effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods. The Company adopted ASU 2018-07 in the first quarter of fiscal year 2020. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. FASB ASC 842 ASU 2016-02 -Leases (Topic 842): Amendments to the FASB Accounting Standards Codification In February 2016, the FASB issued guidance codified in ASC 842, Leases , which amends a number of aspects of lease accounting, including requiring lessees to recognize operating leases with a term greater than one year on their balance sheet as a right-of-use asset and corresponding lease liability, measured at the present value of the lease payments. The Company adopted ASU 2016-02 using the modified retrospective transition method in the first quarter of fiscal year 2020. In accordance with ASC 842, the Company did not restate comparative periods in transition to ASC 842 and instead reported comparative periods under ASC 840. Adoption of the standard resulted in the initial recognition of $ 120.6 million of operating lease right-of-use (“ROU”) assets and $ 132.1 million of short-term and long-term operating lease liabilities as of September 1, 2019. The difference between the assets and liabilities primarily represents the deferred rent recorded as of August 31, 2019, which was eliminated upon adoption. No cumulative-effect adjustments were recorded to retained earnings, and there was no material impact to the Company’s interim consolidated statements of income, consolidated statements of comprehensive income, or consolidated statements of cash flows. However, several of the Company’s leases are denominated in a currency that is not the functional currency of the Company’s local subsidiary. The resulting monetary liability is revalued to the functional currency at each balance sheet date, with the resulting gain or loss being recorded in Other income (expense). The monetary lease liability subject to revaluation as of May 31, 2020 was $ 33.7 million. Due to the mix of foreign currency exchange rate fluctuations during the third quarter of fiscal year 2020, the impact to the interim consolidated statements of income of revaluing this liability was immaterial. The Company elected the transition package of practical expedients permitted within the new standard which, among other things, allowed it to carry-forward the historical lease classification. The Company also elected the practical expedient to carry forward the accounting treatment for land easements and the practical expedient allowing the Company not to apply the recognition requirements of ASC 842 to short-term leases. However, the Company did not elect to combine lease and non-lease components. Please refer to Note 10 – Leases for further discussion on the Company's leases. There were no other new accounting standards that had a material impact on the Company’s consolidated financial statements during the three and nine month periods ended May 31, 2020, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of May 31, 2020 that the Company expects to have a material impact on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	May 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Schedule of Joint Ventures	Real Estate Development Joint Ventures Countries Ownership Basis of Presentation GolfPark Plaza, S.A. Panama 50.0 % Equity (1) Price Plaza Alajuela PPA, S.A. Costa Rica 50.0 % Equity (1) (1) Joint venture interests are recorded as investment in unconsolidated affiliates on the consolidated balance sheets.
Schedule of Consolidated Joint Ventures	Marketplace and Casillero Store-front Joint Ventures Countries Ownership Basis of Presentation Guatemala Guatemala 60.0 % Consolidated Tortola British Virgin Islands 50.0 % Consolidated Trinidad Trinidad 50.0 % Consolidated
Summary of Restricted Cash	May 31, August 31, 2020 2019 Short-term restricted cash $ 240 $ 54 Long-term restricted cash (1) 3,996 3,529 Total restricted cash $ 4,236 $ 3,583 (1) Long-term restricted cash consists mainly of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama.
Summary of Value Added Tax Receivables	May 31, August 31, 2020 2019 Prepaid expenses and other current assets $ 724 $ 1,639 Other non-current assets 25,235 22,691 Total amount of VAT receivables reported $ 25,959 $ 24,330
Summary of Income Tax Receivables	May 31, August 31, 2020 2019 Prepaid expenses and other current assets $ 8,084 $ 9,009 Other non-current assets 20,652 16,381 Total amount of income tax receivables reported $ 28,736 $ 25,390
Net Effect of Foreign Currency Translation	Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2020 2019 2020 2019 Effect on other comprehensive loss due to foreign currency translation $ ( 12,874 ) $ ( 9,697 ) $ ( 19,981 ) $ ( 17,972 )
Summary of Foreign Currency Gains (Losses)	Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2020 2019 2020 2019 Currency gain (loss) $ ( 1,529 ) $ 192 $ ( 2,431 ) $ ( 1,930 )

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	May 31, 2020
REVENUE RECOGNITION [Abstract]
Contract Performance Liabilities	Contract Liabilities May 31, 2020 August 31, 2019 Deferred membership income $ 23,380 $ 24,901 Other contract performance liabilities $ 4,892 $ 4,048
Disaggregated Revenues	Three Months Ended Nine Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Foods & Sundries $ 419,579 $ 384,902 $ 1,250,728 $ 1,174,087 Fresh Foods 228,858 209,452 685,413 630,657 Hardlines 70,374 83,606 261,796 274,596 Softlines 25,597 38,700 115,860 127,158 Other Business 23,960 38,349 105,025 116,244 Net Merchandise Sales $ 768,368 $ 755,009 $ 2,418,822 $ 2,322,742

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	May 31, 2020
EARNINGS PER SHARE [Abstract]
Schedule of the Computation of Net Income Per Share	Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, 2020 2019 2020 2019 Net income attributable to PriceSmart, Inc. $ 12,705 $ 14,096 $ 58,033 $ 52,518 Less: Allocation of income to unvested stockholders ( 188 ) ( 189 ) ( 527 ) ( 414 ) Net income attributable to PriceSmart, Inc. per share available for distribution $ 12,517 $ 13,907 $ 57,506 $ 52,104 Basic weighted average shares outstanding 30,271 30,198 30,268 30,192 Add dilutive effect of performance stock units (two-class method) 4 7 5 10 Diluted average shares outstanding 30,275 30,205 30,273 30,202 Basic net income per share $ 0.41 $ 0.46 $ 1.90 $ 1.73 Diluted net income per share $ 0.41 $ 0.46 $ 1.90 $ 1.73

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	May 31, 2020
STOCKHOLDERS' EQUITY [Abstract]
Schedule of Dividends	First Payment Second Payment Declared Amount Record Date Date Paid Date Payable Amount Record Date Date Paid Date Payable Amount 2/6/2020 $ 0.70 2/15/2020 2/28/2020 N/A $ 0.35 8/15/2020 N/A 8/31/2020 $ 0.35 1/30/2019 $ 0.70 2/15/2019 2/28/2019 N/A $ 0.35 8/15/2019 8/30/2019 N/A $ 0.35
Schedule of Components of Other Comprehensive Income (Loss)	Attributable to Noncontrolling PriceSmart Interests Total Beginning balance, September 1, 2019 $ ( 144,339 ) $ 20 $ ( 144,319 ) Foreign currency translation adjustments ( 19,981 ) 90 ( 19,891 ) Defined benefit pension plans 53 — 53 Derivative instruments (1) ( 3,752 ) — ( 3,752 ) Ending balance, May 31, 2020 $ ( 168,019 ) $ 110 $ ( 167,909 ) Attributable to Noncontrolling PriceSmart Interests Total Beginning balance, September 1, 2018 $ ( 121,216 ) $ ( 1 ) $ ( 121,217 ) Foreign currency translation adjustments ( 17,972 ) 80 ( 17,892 ) Defined benefit pension plans 73 — 73 Derivative Instruments (1) ( 2,053 ) — ( 2,053 ) Ending balance, May 31, 2019 $ ( 141,168 ) $ 79 $ ( 141,089 ) Attributable to Noncontrolling PriceSmart Interests Total Beginning balance, September 1, 2018 $ ( 121,216 ) $ ( 1 ) $ ( 121,217 ) Foreign currency translation adjustments ( 19,717 ) 21 ( 19,696 ) Defined benefit pension plans ( 112 ) — ( 112 ) Derivative Instruments (1) ( 3,369 ) — ( 3,369 ) Amounts reclassified from accumulated other comprehensive income (loss) (2) 75 — 75 Ending balance, August 31, 2019 $ ( 144,339 ) $ 20 $ ( 144,319 ) (1) See Note 8 - Derivative Instruments and Hedging Activities. (2) Amounts reclassified from accumulated other comprehensive loss related to the minimum pension liability are included in warehouse club and other operations in the Company's consolidated statements of income.
Summary of Retained Earnings Not Available for Distribution	May 31, August 31, 2020 2019 Retained earnings not available for distribution $ 8,478 $ 7,843

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	May 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Schedule of Variable Interest Entities Maximum Loss Exposure	Entity % Ownership Initial Investment Additional Investments Net Income Inception to Date Company’s Variable Interest in Entity Commitment to Future Additional Investments (1) Company's Maximum Exposure to Loss in Entity (2) GolfPark Plaza, S.A. 50 % $ 4,616 $ 2,402 $ 92 $ 7,110 $ 99 $ 7,209 Price Plaza Alajuela PPA, S.A. 50 % 2,193 1,236 79 3,508 785 4,293 Total $ 6,809 $ 3,638 $ 171 $ 10,618 $ 884 $ 11,502 (1) The parties intend to seek alternate financing for the project, which could reduce the amount of investments each party would be required to provide. The parties may mutually agree on changes to the project, which could increase or decrease the amount of contributions each party is required to provide. (2) The maximum exposure is determined by adding the Company’s variable interest in the entity and any explicit or implicit arrangements that could require the Company to provide additional financial support.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	May 31, 2020
DEBT [Abstract]
Schedule of Short-Term Borrowings	Facilities Used Total Amount Short-term Letters of Facilities Weighted average of Facilities Borrowings Credit Available interest rate May 31, 2020 $ 81,210 $ 70,886 $ 472 $ 9,852 3.6 % August 31, 2019 $ 69,000 $ 7,540 $ 486 $ 60,974 6.1 %
Summary of Changes in Long-Term Debt	(Amounts in thousands) Current portion of long-term debt Long-term debt (net of current portion) Total Balances as of August 31, 2019 $ 25,875 $ 63,711 $ 89,586 (1) Proceeds from long-term debt incurred during the period: Colombia subsidiary — 25,000 25,000 Guatemala subsidiary — 20,820 20,820 Trinidad subsidiary 6,000 6,000 12,000 Regularly scheduled loan payments ( 1,539 ) ( 6,003 ) ( 7,542 ) Refinances of short-term debt ( 11,046 ) 11,046 — Reclassifications of long-term debt due in the next 12 months 3,402 ( 3,402 ) — Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (2) 92 ( 127 ) ( 35 ) Balances as of May 31, 2020 $ 22,784 $ 117,045 $ 139,829 (3) (1) The carrying amount of non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans. (2) These foreign currency translation adjustments are recorded within Other comprehensive income. (3) The carrying amount of non-cash assets assigned as collateral for these loans was $ 166.2 million. No cash assets were assigned as collateral for these loans.
Schedule of Annual Maturities of Long-Term Debt	Twelve Months Ended May 31, Amount 2021 $ 22,784 2022 17,900 2023 25,845 2024 8,577 2025 24,983 Thereafter 39,740 Total $ 139,829

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	May 31, 2020
Derivative [Line Items]
Schedule of Interest Rate Derivatives	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 Colombia 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, 2024 Colombia 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, 2024 Colombia 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, 2022 Panama 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, 2023 Honduras 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, 2024 PriceSmart, 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 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
Schedule of Notional Amounts of Outstanding Derivative Positions	Notional Amount as of May 31, August 31, Floating Rate Payer (Swap Counterparty) 2020 2019 Union Bank $ 34,213 $ 35,169 Citibank N.A. 50,650 24,225 Scotiabank 16,500 18,375 Total $ 101,363 $ 77,769
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	May 31, 2020 August 31, 2019 Derivatives designated as cash flow hedging instruments Balance Sheet Classification Fair Value Net Tax Effect Net OCI Fair Value Net Tax Effect Net OCI Cross-currency interest rate swaps Other non-current assets $ 428 $ ( 132 ) $ 296 $ — $ — $ — Cross-currency interest rate swaps Other current assets — — — 2,736 ( 903 ) 1,833 Interest rate swaps Other long-term liabilities ( 4,005 ) 933 ( 3,072 ) ( 2,178 ) 517 ( 1,661 ) Cross-currency interest rate swaps Other long-term liabilities ( 1,562 ) 475 ( 1,087 ) ( 732 ) 220 ( 512 ) Cross-currency interest rate swaps Other current liabilities ( 30 ) 9 ( 21 ) — — — Net fair value of derivatives designated as hedging instruments $ ( 5,169 ) $ 1,285 $ ( 3,884 ) $ ( 174 ) $ ( 166 ) $ ( 340 )
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 Interest expense on borrowings (1) Cost of swaps (2) Total Interest expense for the three months ended May 31, 2020 $ 1,067 $ 620 $ 1,687 Interest expense for the three months ended May 31, 2019 $ 1,204 $ 110 $ 1,314 Interest expense for the nine months ended May 31, 2020 $ 3,287 $ 1,477 $ 4,764 Interest expense for the nine months ended May 31, 2019 $ 3,606 $ 380 $ 3,986 (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.
Not Designated as Hedging Instrument [Member] | Other Instruments [Member]
Derivative [Line Items]
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location	Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Income Statement Classification 2020 2019 2020 2019 Other expense, net $ — $ — $ ( 912 ) $ —

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	May 31, 2020
SEGMENTS [Abstract]
Summary of Segment Revenues, Operating Costs and Balance Sheet Items	United States Operations Central American Operations Caribbean Operations (1) Colombia Operations Reconciling Items (2) Total Three Months Ended May 31, 2020 Revenue from external customers $ 15,852 $ 452,927 $ 250,304 $ 80,848 — $ 799,931 Intersegment revenues 230,826 4,791 1,548 787 ( 237,952 ) — Depreciation, Property and equipment 1,294 7,577 3,810 1,591 — 14,272 Amortization, Intangibles 607 — — — — 607 Operating income (loss) ( 1,115 ) 27,606 13,547 3,487 ( 19,558 ) 23,967 Net income (loss) attributable to PriceSmart, Inc. ( 3,785 ) 22,724 10,849 2,403 ( 19,486 ) 12,705 Capital expenditures, net 1,446 9,395 2,163 3,508 — 16,512 Nine Months Ended May 31, 2020 Revenue from external customers $ 52,039 $ 1,442,336 $ 747,004 $ 277,228 $ — $ 2,518,607 Intersegment revenues 868,137 12,745 3,627 1,870 ( 886,379 ) — Depreciation, Property and equipment 3,981 22,027 11,602 5,452 — 43,062 Amortization, Intangibles 1,805 — — — — 1,805 Operating income 3,401 96,972 40,436 13,411 ( 60,730 ) 93,490 Net income (loss) attributable to PriceSmart, Inc. ( 5,350 ) 79,815 34,978 9,340 ( 60,750 ) 58,033 Long-lived assets (other than deferred tax assets) (3) 83,813 481,942 181,578 143,437 — 890,770 Intangibles, net 10,772 — — — — 10,772 Goodwill 10,695 24,484 10,137 — — 45,316 Total assets 224,682 727,527 384,168 238,112 — 1,574,489 Capital expenditures, net 5,564 42,766 13,913 28,807 — 91,050 Three Months Ended May 31, 2019 Revenue from external customers $ 17,454 $ 448,118 $ 228,586 $ 94,398 $ — $ 788,556 Intersegment revenues 284,205 3,401 1,032 444 ( 289,082 ) — Depreciation, Property and equipment 1,312 6,200 3,551 2,132 — 13,195 Amortization, Intangibles 606 — — — — 606 Operating income (loss) 1,139 26,314 10,295 3,294 ( 19,045 ) 21,997 Net income (loss) attributable to PriceSmart, Inc. ( 1,655 ) 22,725 9,514 2,528 ( 19,016 ) 14,096 Capital expenditures, net 143 13,322 8,010 1,093 — 22,568 Nine Months Ended May 31, 2019 Revenue from external customers $ 51,614 $ 1,372,918 $ 702,954 $ 295,132 $ — $ 2,422,618 Intersegment revenues 924,624 7,620 3,375 1,119 ( 936,738 ) — Depreciation, Property and equipment 3,958 18,072 10,181 6,356 — 38,567 Amortization, Intangibles 1,798 — — — — 1,798 Operating income 4,565 90,681 37,346 10,327 ( 59,716 ) 83,203 Net income (loss) attributable to PriceSmart, Inc. ( 3,885 ) 75,009 32,536 8,632 ( 59,774 ) 52,518 Long-lived assets (other than deferred tax assets) 85,638 339,950 157,186 105,384 — 688,158 Intangibles, net 13,182 — — — — 13,182 Goodwill 11,315 24,606 10,237 — — 46,158 Total assets 152,322 605,399 331,999 172,144 — 1,261,864 Capital expenditures, net 3,759 56,695 24,271 3,831 — 88,556 As of August 31, 2019 Long-lived assets (other than deferred tax assets) $ 65,278 $ 383,665 $ 165,584 $ 115,838 $ — $ 730,365 Intangibles, net 12,576 — — — — 12,576 Goodwill 11,315 24,593 10,193 — — 46,101 Total assets 161,583 614,579 340,216 180,033 — 1,296,411 (1) Management considers its club in the U.S. Virgin Islands to be part of its Caribbean operations. (2) The reconciling items reflect the amount eliminated on consolidation of intersegment transactions. (3) Effective September 1, 2019, we adopted the requirements of Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)" (ASC 842) using the modified retrospective approach, under which financial results reported in prior periods were not restated. As a result, the Long-lived assets (other than deferred tax assets) as of May 31, 2020 is not comparable with that as of May 31, 2019 and August 31, 2019.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	May 31, 2020
LEASES [Abstract]
Summary of Components of Total Lease Costs	Three Months Ended Nine Months Ended May 31, May 31, 2020 2020 Operating lease cost $ 4,338 $ 12,831 Short-term lease cost 64 146 Variable lease cost 856 2,983 Sublease income ( 258 ) ( 829 ) Total lease costs $ 5,000 $ 15,131
Weighted Average Remaining Lease Term and Weighted Average Discount Rate	Operating leases Weighted average remaining lease term in years 18.3 Weighted average discount rate percentage 6.4 %
Supplemental Cash Flow Information Related To Leases	Three Months Ended Nine Months Ended May 31, May 31, 2020 2020 Operating cash flows paid for operating leases $ 3,653 $ 11,306
Schedule of Future Minimum Lease Commitments	Leased Years Ended May 31, Locations (1) 2021 $ 14,914 2022 14,959 2023 14,762 2024 14,454 2025 13,984 Thereafter 171,840 Total future lease payments 244,913 Less imputed interest ( 110,229 ) Total operating lease liabilities $ 134,684 (2) (1) Operating lease obligations have been reduced by approximately $ 1.2 million to reflect expected sub-lease income. Certain obligations under leasing arrangements are collateralized by the underlying asset being leased. (2) Future minimum lease payments include $ 0.7 million of lease payment obligations for the prior leased Miami distribution center. For purposes of calculating the minimum lease payments, a reduction is reflected for the actual sub-lease income the Company expects to receive during the remaining lease term. This sub-lease income was also considered for the purposes of calculating the exit obligation, which was immaterial as of May 31, 2020.

COMPANY OVERVIEW AND BASIS OF_2

COMPANY OVERVIEW AND BASIS OF PRESENTATION (Narrative) (Details)	Feb. 28, 2021warehouse	Jun. 17, 2020warehouse	May 31, 2020warehousecountry
Company Overview And Basis Of Presentation [Line Items]
Number of stores			45
Number of countries | country			13
Ownership interest			100.00%
Colombia [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			7
Costa Rica [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			7
Panama [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			7
Dominican Republic [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			5
Trinidad [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			4
Guatemala [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			4
Honduras [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			3
El Salvador [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			2
Nicaragua [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			2
Aruba [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			1
Barbados [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			1
Jamaica [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			1
United States Virgin Islands [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores			1
Subsequent Event [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores		46
Subsequent Event [Member] | Costa Rica [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores		8
Scenario, Forecast [Member] | Colombia [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores	8
Scenario, Forecast [Member] | Bogota, Columbia
Company Overview And Basis Of Presentation [Line Items]
Number of stores	3
Foreign Countries [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of countries | country			12
Domestic Territories [Member] | United States Operations [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of countries | country			1
Aeropost, Inc [Member] | Latin America [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of countries | country			38

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Goodwill and Other Intangibles) (Narrative) (Details) - USD ($) $ in Millions	May 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Goodwill and other intangibles, net	$ 56.1	$ 58.7

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tax Receivables) (Narrative) (Details) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Tax Receivables [Line Items]
Value added tax receivable	$ 25,959	$ 24,330
Income taxes receivable	28,736	25,390
Unknown Country [Member]
Tax Receivables [Line Items]
Value added tax receivable	6,200	5,100
Deferred tax assets, net	2,800	2,700
Income taxes receivable	$ 9,800	$ 7,800

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock Based Compensation) (Narrative) (Details)	9 Months Ended
	May 31, 2020item
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Number of equity awards issued	3

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Treasury Stock) (Narrative) (Details)	9 Months Ended
	May 31, 2020shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Reissued treasury shares	174,000

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurements) (Narrative) (Details)	9 Months Ended
	May 31, 2020USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Non-financial asset impairment	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Recent Accounting Pronouncements Adopted) (Narrative) (Details) - USD ($)		9 Months Ended
		May 31, 2020	Feb. 29, 2020	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Aug. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability	[1],[2]	$ 134,684,000
Operating lease right-of-use assets, net		121,802,000
Cumulative effect of accounting change for the adoption of ASU 2016-09		819,603,000	$ 818,867,000	$ 798,279,000	$ 779,055,000	$ 773,590,000	$ 758,638,000
Foreign currency exposure		$ 33,700,000
Cumulative Effect, Period of Adoption, Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability				132,100,000
Operating lease right-of-use assets, net				120,600,000
Cumulative effect of accounting change for the adoption of ASU 2016-09				$ 0
[1]	Future minimum lease payments include $ 0.7 million of lease payment obligations for the prior leased Miami distribution center. For purposes of calculating the minimum lease payments, a reduction is reflected for the actual sub-lease income the Company expects to receive during the remaining lease term. This sub-lease income was also considered for the purposes of calculating the exit obligation, which was immaterial as of May 31, 2020.
[2]	Operating lease obligations have been reduced by approximately $ 1.2 million to reflect expected sub-lease income. Certain obligations under leasing arrangements are collateralized by the underlying asset being leased.

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Joint Ventures) (Details)	9 Months Ended
	May 31, 2020
GolfPark Plaza, S.A. [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	50.00%	[1]
Price Plaza Alajuela PPA, S.A. [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	50.00%	[1]
Marketplace And Casillero Store Front, Guatemala [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	60.00%
Marketplace And Casillero Store Front, Tortola [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	50.00%
Marketplace And Casillero Store Front, Trinidad [Member]
Schedule of Equity Method Investments [Line Items]
Percentage Ownership	50.00%
[1]	Joint venture interests are recorded as investment in unconsolidated affiliates on the consolidated balance sheets.

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Restricted Cash) (Details) - USD ($) $ in Thousands		May 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Short-term restricted cash		$ 240	$ 54
Long-term restricted cash	[1]	3,996	3,529
Total restricted cash		$ 4,236	$ 3,583
[1]	Long-term restricted cash consists mainly of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama.

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Value Added Tax Receivables) (Details) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Value Added Tax, Prepaid expenses and other current assets	$ 724	$ 1,639
Value Added Tax, Other non-current assets	25,235	22,691
Total amount of VAT receivables reported	$ 25,959	$ 24,330

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Income Tax Receivables) (Details) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Income Tax Receivable, Prepaid expenses and other current assets	$ 8,084	$ 9,009
Income Tax Receivable, Other non-current assets	20,652	16,381
Total amount of income tax receivables reported	$ 28,736	$ 25,390

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Net Effect of Foreign Currency Translation) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Effect on other comprehensive loss due to foreign currency translation	[1]	$ (12,874)	$ (9,697)	$ (19,981)	$ (17,972)
[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.

SUMMARY OF SIGNIFICANT ACCOU_15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Foreign Currency Gains (Losses)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Currency gain (loss)	$ (1,529)	$ 192	$ (2,431)	$ (1,930)

REVENUE RECOGNITION (Narrative)

REVENUE RECOGNITION (Narrative) (Details)	9 Months Ended
	May 31, 2020USD ($)country
Platinum membership redemption rate	100.00%
Annual membership fee | $	$ 75
Platinum membership rebate	2.00%
Maximum Platinum membership rebate | $	$ 500
Platinum membership recorded liability	95.00%
Breakage revenue percent	5.00%
Number of countries | country	13
Platinum Membership [Member]
Number of countries | country	11

REVENUE RECOGNITION (Contract P

REVENUE RECOGNITION (Contract Performance Liabilities) (Details) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Deferred Membership Income [Member]
Contract with Customer, Asset and Liability [Line Items]
Contract Liabilities	$ 23,380	$ 24,901
Other Contract Performance Liabilities [Member]
Contract with Customer, Asset and Liability [Line Items]
Contract Liabilities	$ 4,892	$ 4,048

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregated Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	$ 768,368	$ 755,009	$ 2,418,822	$ 2,322,742
Foods And Sundries [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	419,579	384,902	1,250,728	1,174,087
Fresh Foods [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	228,858	209,452	685,413	630,657
Hardlines [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	70,374	83,606	261,796	274,596
Softlines [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	25,597	38,700	115,860	127,158
Other Business [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	$ 23,960	$ 38,349	$ 105,025	$ 116,244

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of the Computation of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
EARNINGS PER SHARE [Abstract]
Net income attributable to PriceSmart, Inc.	$ 12,705	$ 14,096	$ 58,033	$ 52,518
Less: Allocation of income to unvested stockholders	(188)	(189)	(527)	(414)
Net income attributable to PriceSmart, Inc. per share available for distribution	$ 12,517	$ 13,907	$ 57,506	$ 52,104
Basic weighted average shares outstanding	30,271	30,198	30,268	30,192
Add dilutive effect of performance stock units (two-class method)	4	7	5	10
Diluted average shares outstanding	30,275	30,205	30,273	30,202
Basic net income per share	$ 0.41	$ 0.46	$ 1.90	$ 1.73
Diluted net income per share	$ 0.41	$ 0.46	$ 1.90	$ 1.73

STOCKHOLDERS' EQUITY (Schedule

STOCKHOLDERS' EQUITY (Schedule of Dividends) (Details) - $ / shares	Feb. 28, 2020	Feb. 06, 2020	Aug. 30, 2019	Feb. 28, 2019	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Dividends Payable [Line Items]
Amount							$ 0.70	$ 0.70
2020 Dividend Declared [Member]
Dividends Payable [Line Items]
Declared							Feb. 6, 2020
Amount		$ 0.70
2019 Dividend Declared [Member]
Dividends Payable [Line Items]
Declared							Jan. 30, 2019
Amount							$ 0.70
2020 First Dividend Paid [Member]
Dividends Payable [Line Items]
Record Date							Feb. 15, 2020
Date Paid							Feb. 28, 2020
Payment Amount	$ 0.35
2020 Second Dividend Paid [Member]
Dividends Payable [Line Items]
Record Date							Aug. 15, 2020
Date Payable							Aug. 31, 2020
Payment Amount							$ 0.35
2019 First Dividend Paid [Member]
Dividends Payable [Line Items]
Record Date							Feb. 15, 2019
Date Paid							Feb. 28, 2019
Payment Amount				$ 0.35
2019 Second Dividend Paid [Member]
Dividends Payable [Line Items]
Record Date							Aug. 15, 2019
Date Paid							Aug. 30, 2019
Payment Amount			$ 0.35

STOCKHOLDERS' EQUITY (Schedul_2

STOCKHOLDERS' EQUITY (Schedule of Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Aug. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, Attributable to PriceSmart				$ 797,351
Other comprehensive income (loss), Attributable to PriceSmart		$ (15,411)	$ (11,000)	(23,590)	$ (19,872)
Balance, Attributable to PriceSmart		818,666		818,666		$ 797,351
Balance		818,867	773,590	798,279	758,638	758,638
Other comprehensive income (loss)		(15,446)	(11,059)	(23,680)	(19,952)
Balance		819,603	779,055	819,603	779,055	798,279
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, Attributable to PriceSmart				(144,339)	(121,216)	(121,216)
Other comprehensive income (loss), Attributable to PriceSmart		(15,446)	(11,059)	(23,680)	(19,952)
Balance, Attributable to PriceSmart		(168,019)	(141,168)	(168,019)	(141,168)	(144,339)
Balance		(152,573)	(130,109)	(144,339)	(121,216)	(121,216)
Balance		(168,019)	(141,168)	(168,019)	(141,168)	(144,339)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), Attributable to PriceSmart				(19,981)	(17,972)	(19,717)
Defined Benefit Pension Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), Attributable to PriceSmart				53	73	(112)
Derivative Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), Attributable to PriceSmart	[1]			(3,752)	(2,053)	(3,369)
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance				20	(1)	(1)
Balance		110	79	110	79	20
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)				90	80	21
Reclassification From Other Comprehensive Income (Loss) Attributable To Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount reclassified from accumulated other comprehensive income (loss), Attributable to PriceSmart						75
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance				(144,319)	(121,217)	(121,217)
Balance		$ (167,909)	$ (141,089)	(167,909)	(141,089)	(144,319)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)				(19,891)	(17,892)	(19,696)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)				53	73	(112)
Accumulated Derivative Instruments Including Portion Attributable To Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	[1]			$ (3,752)	$ (2,053)	(3,369)
Reclassification From Other Comprehensive Income (Loss) Including Portion Attributable To Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive income (loss)						$ 75
[1]	See Note 8 - Derivative Instruments and Hedging Activities.

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Retained Earnings Not Available for Distribution) (Details) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
STOCKHOLDERS' EQUITY [Abstract]
Retained earnings not available for distribution	$ 8,478	$ 7,843

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	1 Months Ended		9 Months Ended
	Aug. 31, 2018	Jan. 31, 2017	May 31, 2020	Aug. 31, 2019
Commitments And Contingencies [Line Items]
Accrual for taxes other than income taxes, Current			$ 3,100,000	$ 3,200,000
Contractual obligation			7,800,000	14,900,000
Land purchase option agreement			0
Income taxes receivable			$ 28,736,000	25,390,000
Miami-Dade County, Florida [Member]
Commitments And Contingencies [Line Items]
Letter of credit payable to the landlord		$ 500,000
Debt term			4 years
Annual decrease in LOC	$ 125,000
Remaining outstanding balance			$ 250,000
Unknown Country [Member]
Commitments And Contingencies [Line Items]
Income taxes receivable			9,800,000	7,800,000
Deferred tax assets, net			$ 2,800,000	$ 2,700,000

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Schedule of Variable Interest Entities Maximum Loss Exposure) (Details) - USD ($) $ in Thousands		9 Months Ended
		May 31, 2020	Aug. 31, 2019
Variable Interest Entity [Line Items]
Initial Investment		$ 6,809
Additional Investments		3,638
Net Income Inception to Date		171
Company's Variable Interest in Entity		10,618	$ 10,697
Commitment to Future Additional Investments	[1]	884
Company's Maximum Exposure to Loss in Entity	[2]	11,502
GolfPark Plaza, S.A [Member]
Variable Interest Entity [Line Items]
Initial Investment		4,616
Additional Investments		2,402
Net Income Inception to Date		92
Company's Variable Interest in Entity		7,110
Commitment to Future Additional Investments	[1]	99
Company's Maximum Exposure to Loss in Entity	[2]	7,209
Price Plaza Alajuela, S.A. [Member]
Variable Interest Entity [Line Items]
Initial Investment		2,193
Additional Investments		1,236
Net Income Inception to Date		79
Company's Variable Interest in Entity		3,508
Commitment to Future Additional Investments	[1]	785
Company's Maximum Exposure to Loss in Entity	[2]	$ 4,293
GolfPark Plaza, S.A. [Member]
Variable Interest Entity [Line Items]
Percentage Ownership	[3]	50.00%
Price Plaza Alajuela PPA, S.A. [Member]
Variable Interest Entity [Line Items]
Percentage Ownership	[3]	50.00%
[1]	The parties intend to seek alternate financing for the project, which could reduce the amount of investments each party would be required to provide. The parties may mutually agree on changes to the project, which could increase or decrease the amount of contributions each party is required to provide.
[2]	The maximum exposure is determined by adding the Company’s variable interest in the entity and any explicit or implicit arrangements that could require the Company to provide additional financial support.
[3]	Joint venture interests are recorded as investment in unconsolidated affiliates on the consolidated balance sheets.

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	May 31, 2020		Aug. 31, 2019
Debt Instrument [Line Items]
Total long-term loans	$ 139,829	[1]	$ 89,586	[2]
Debt With Covenants [Member]
Debt Instrument [Line Items]
Line of Credit, Current facilities used	40,000		40,000
Group of Subsidiaries [Member] | Debt With Covenants [Member]
Debt Instrument [Line Items]
Total long-term loans	$ 114,300		$ 83,100
[1]	The carrying amount of non-cash assets assigned as collateral for these loans was $ 166.2 million. No cash assets were assigned as collateral for these loans.
[2]	The carrying amount of non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans.

DEBT (Schedule of Short-Term Bo

DEBT (Schedule of Short-Term Borrowings) (Details) - Facilities [Member] - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Short-term Debt [Line Items]
Total Amount of Facilities	$ 81,210	$ 69,000
Facilities Available	$ 9,852	$ 60,974
Weighted average interest rate	3.60%	6.10%
Short-term Borrowings [Member]
Short-term Debt [Line Items]
Facilities Used	$ 70,886	$ 7,540
Letters of Credit [Member]
Short-term Debt [Line Items]
Facilities Used	$ 472	$ 486

DEBT (Summary of Changes in Lon

DEBT (Summary of Changes in Long-Term Debt) (Details) - USD ($)		9 Months Ended
		May 31, 2020	Aug. 31, 2019
Debt Instrument [Line Items]
Current portion of long-term debt		$ 25,875,000
Long-term debt (net of current portion)		63,711,000
Total	[1]	89,586,000
Proceeds from long-term debt incurred during the period total		57,820,000
Regularly scheduled loan payments, Current		(1,539,000)
Regularly scheduled loan payments, Noncurrent		(6,003,000)
Regularly scheduled loan payments total		(7,542,000)
Refinances of short-term debt, Current		(11,046,000)
Refinances of short-term debt, Noncurrent		11,046,000
Refinances of short-term debt total
Reclassification of long-term debt, Current		3,402,000
Reclassification of long-term debt, Noncurrent		(3,402,000)
Reclassification of long-term debt total
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar, Current	[2]	92,000
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar, Noncurrent	[2]	(127,000)
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar total	[2]	(35,000)
Current portion of long-term debt		22,784,000
Long-term debt (net of current portion)		117,045,000
Total	[3]	139,829,000
Colombia Subsidiary [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt incurred during the period, Noncurrent		25,000,000
Proceeds from long-term debt incurred during the period total		25,000,000
Guatemala Subsidiary [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt incurred during the period, Noncurrent		20,820,000
Proceeds from long-term debt incurred during the period total		20,820,000
Trinidad Subsidiary [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt incurred during the period, Current		6,000,000
Proceeds from long-term debt incurred during the period, Noncurrent		6,000,000
Proceeds from long-term debt incurred during the period total		12,000,000
Cash Asset [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral amount		0	$ 0
NonCash Asset [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral amount		$ 166,200,000	$ 111,300,000
[1]	The carrying amount of non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans.
[2]	These foreign currency translation adjustments are recorded within Other comprehensive income.
[3]	The carrying amount of non-cash assets assigned as collateral for these loans was $ 166.2 million. No cash assets were assigned as collateral for these loans.

DEBT (Schedule of Annual Maturi

DEBT (Schedule of Annual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	May 31, 2020		Aug. 31, 2019	[2]
DEBT [Abstract]
2021	$ 22,784
2022	17,900
2023	25,845
2024	8,577
2025	24,983
Thereafter	39,740
Total	$ 139,829	[1]	$ 89,586
[1]	The carrying amount of non-cash assets assigned as collateral for these loans was $ 166.2 million. No cash assets were assigned as collateral for these loans.
[2]	The carrying amount of non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans.

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Interest Rate Derivatives) (Details) - Cash Flow Hedging [Member]	May 31, 2020USD ($)
Colombia $8M Cross Currency Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Initial Notional Amount	$ 7,875,000
Debt instrument, Basis spread on variable rate	2.45%
Derivative, Fixed Rate for PSMT Subsidiary	7.87%
Columbia $25M Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Initial Notional Amount	$ 25,000,000
Debt instrument, Basis spread on variable rate	2.45%
Derivative, Fixed Rate for PSMT Subsidiary	7.93%
Colombia $12.5M Cross Currency Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Initial Notional Amount	$ 12,500,000
Debt instrument, Basis spread on variable rate	2.50%
Derivative, Fixed Rate for PSMT Subsidiary	7.09%
Panama $15M Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Initial Notional Amount	$ 14,625,000
Debt instrument, Basis spread on variable rate	3.00%
Derivative, Fixed Rate for PSMT Subsidiary	5.99%
Honduras $13.5M Cross Currency Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Initial Notional Amount	$ 13,500,000
Debt instrument, Basis spread on variable rate	3.00%
Derivative, Fixed Rate for PSMT Subsidiary	9.75%
Pricesmart $35.7M Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Initial Notional Amount	$ 35,700,000
Debt instrument, Basis spread on variable rate	1.70%
Derivative, Fixed Rate for PSMT Subsidiary	3.65%
Costa Rica $7.5M Cross Currency Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Initial Notional Amount	$ 7,500,000
Debt instrument, Basis spread on variable rate	2.50%
Derivative, Fixed Rate for PSMT Subsidiary	7.65%

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Interest Expense [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, gain (loss) on derivative, Net		$ 1,687	$ 1,314	$ 4,764	$ 3,986
Interest Rate Contract [Member] | Interest Expense [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, gain (loss) on derivative, Net	[1]	1,067	1,204	3,287	3,606
Interest Rate Swaps [Member] | Interest Expense [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, gain (loss) on derivative, Net	[2]	$ 620	$ 110	1,477	$ 380
Not Designated as Hedging Instrument [Member] | Other Instruments [Member] | Other Expense, Net [Member]
Derivative [Line Items]
Derivative, gain (loss) on derivative, Net				$ (912)
[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.

DERIVATIVE INSTRUMENTS AND HE_5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 101,363	$ 77,769
Union Bank [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	34,213	35,169
Citibank N.A. [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	50,650	24,225
Scotiabank [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 16,500	$ 18,375

DERIVATIVE INSTRUMENTS AND HE_6

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Instruments in Statement of Financial Position, Fair Value) (Details) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Derivative [Line Items]
Derivative Liability, Current	$ (30)	$ 0
Derivative Asset, Noncurrent	428	0
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Noncurrent	(5,169)
Derivative Liability, Noncurrent		(174)
Net Tax Effect	1,285	(166)
Net OCI	(3,884)	(340)
Cross Currency Interest Rate Swaps [Member] | Other Non-current Assets [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Noncurrent	428
Net Tax Effect	(132)
Net OCI	296
Cross Currency Interest Rate Swaps [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Current		2,736
Net Tax Effect		(903)
Net OCI		1,833
Cross Currency Interest Rate Swaps [Member] | Other Long-term Liabilities [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability, Noncurrent	(1,562)	(732)
Net Tax Effect	475	220
Net OCI	(1,087)	(512)
Cross Currency Interest Rate Swaps [Member] | Other Current Liabilities [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability, Current	(30)
Net Tax Effect	9
Net OCI	(21)
Interest Rate Swaps [Member] | Other Long-term Liabilities [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability, Noncurrent	(4,005)	(2,178)
Net Tax Effect	933	517
Net OCI	$ (3,072)	$ (1,661)

SEGMENTS (Summary of Segment Re

SEGMENTS (Summary of Segment Revenues, Operating Costs and Balance Sheet Items) (Details) $ in Thousands		3 Months Ended			9 Months Ended
		May 31, 2020USD ($)countrywarehouse		May 31, 2019USD ($)	May 31, 2020USD ($)countrywarehouse		May 31, 2019USD ($)	Aug. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of stores | warehouse		45			45
Number of countries | country		13			13
Segment Reporting Information
Revenue		$ 799,931		$ 788,556	$ 2,518,607		$ 2,422,618
Depreciation, Property and equipment		14,272		13,195	43,062		38,567
Amortization, Intangibles		607		606	1,805		1,798
Operating income (loss)		23,967		21,997	93,490		83,203
Net income (loss) attributable to PriceSmart Inc.		12,705		14,096	58,033		52,518
Long-lived assets (other than deferred tax assets)		890,770	[1]	688,158	890,770	[1]	688,158	$ 730,365
Intangibles, net		10,772		13,182	10,772		13,182	12,576
Goodwill		45,316		46,158	45,316		46,158	46,101
Total assets		1,574,489		1,261,864	1,574,489		1,261,864	1,296,411
Capital expenditures, net		16,512		22,568	91,050		88,556
United States Operations Segment [Member]
Segment Reporting Information
Revenue		15,852		17,454	52,039		51,614
Depreciation, Property and equipment		1,294		1,312	3,981		3,958
Amortization, Intangibles		607		606	1,805		1,798
Operating income (loss)		(1,115)		1,139	3,401		4,565
Net income (loss) attributable to PriceSmart Inc.		(3,785)		(1,655)	(5,350)		(3,885)
Long-lived assets (other than deferred tax assets)		83,813	[1]	85,638	83,813	[1]	85,638	65,278
Intangibles, net		10,772		13,182	10,772		13,182	12,576
Goodwill		10,695		11,315	10,695		11,315	11,315
Total assets		224,682		152,322	224,682		152,322	161,583
Capital expenditures, net		1,446		143	5,564		3,759
Central American Operations Segment [Member]
Segment Reporting Information
Revenue		452,927		448,118	1,442,336		1,372,918
Depreciation, Property and equipment		7,577		6,200	22,027		18,072
Operating income (loss)		27,606		26,314	96,972		90,681
Net income (loss) attributable to PriceSmart Inc.		22,724		22,725	79,815		75,009
Long-lived assets (other than deferred tax assets)		481,942	[1]	339,950	481,942	[1]	339,950	383,665
Goodwill		24,484		24,606	24,484		24,606	24,593
Total assets		727,527		605,399	727,527		605,399	614,579
Capital expenditures, net		9,395		13,322	42,766		56,695
Caribbean Operations Segment [Member]
Segment Reporting Information
Revenue	[2]	250,304		228,586	747,004		702,954
Depreciation, Property and equipment	[2]	3,810		3,551	11,602		10,181
Operating income (loss)	[2]	13,547		10,295	40,436		37,346
Net income (loss) attributable to PriceSmart Inc.	[2]	10,849		9,514	34,978		32,536
Long-lived assets (other than deferred tax assets)	[2]	181,578	[1]	157,186	181,578	[1]	157,186	165,584
Goodwill	[2]	10,137		10,237	10,137		10,237	10,193
Total assets	[2]	384,168		331,999	384,168		331,999	340,216
Capital expenditures, net	[2]	2,163		8,010	13,913		24,271
Colombia Operations Segment [Member]
Segment Reporting Information
Revenue		80,848		94,398	277,228		295,132
Depreciation, Property and equipment		1,591		2,132	5,452		6,356
Operating income (loss)		3,487		3,294	13,411		10,327
Net income (loss) attributable to PriceSmart Inc.		2,403		2,528	9,340		8,632
Long-lived assets (other than deferred tax assets)		143,437	[1]	105,384	143,437	[1]	105,384	115,838
Total assets		238,112		172,144	238,112		172,144	$ 180,033
Capital expenditures, net		3,508		1,093	28,807		3,831
Intersegment [Member]
Segment Reporting Information
Revenue	[3]	(237,952)		(289,082)	(886,379)		(936,738)
Intersegment [Member] | United States Operations Segment [Member]
Segment Reporting Information
Revenue		(230,826)		(284,205)	(868,137)		(924,624)
Intersegment [Member] | Central American Operations Segment [Member]
Segment Reporting Information
Revenue		(4,791)		(3,401)	(12,745)		(7,620)
Intersegment [Member] | Caribbean Operations Segment [Member]
Segment Reporting Information
Revenue	[2]	(1,548)		(1,032)	(3,627)		(3,375)
Intersegment [Member] | Colombia Operations Segment [Member]
Segment Reporting Information
Revenue		(787)		(444)	(1,870)		(1,119)
Reconciling Items [Member]
Segment Reporting Information
Operating income (loss)	[3]	(19,558)		(19,045)	(60,730)		(59,716)
Net income (loss) attributable to PriceSmart Inc.	[3]	$ (19,486)		$ (19,016)	$ (60,750)		$ (59,774)
Foreign Countries [Member]
Segment Reporting Information [Line Items]
Number of countries | country		12			12
Domestic Territories [Member] | United States Operations [Member]
Segment Reporting Information [Line Items]
Number of countries | country		1			1
[1]	Effective September 1, 2019, we adopted the requirements of Accounting Standards Update (ASU) 2016-02, "Leases (Topic 842)" (ASC 842) using the modified retrospective approach, under which financial results reported in prior periods were not restated. As a result, the Long-lived assets (other than deferred tax assets) as of May 31, 2020 is not comparable with that as of May 31, 2019 and August 31, 2019.
[2]	Management considers its club in the U.S. Virgin Islands to be part of its Caribbean operations.
[3]	The reconciling items reflect the amount eliminated on consolidation of intersegment transactions.

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($)		3 Months Ended
		Nov. 30, 2019	May 31, 2020	Feb. 29, 2020	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Aug. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net			$ 121,802,000
Lease liability	[1],[2]		134,684,000
Long-term portion of deferred rent					$ 11,198,000
Deferred rent accruals		$ 300,000
Cumulative-effect adjustment			819,603,000	$ 818,867,000	798,279,000	$ 779,055,000	$ 773,590,000	$ 758,638,000
Newly recorded assets and liabilities difference					11,500,000
Cumulative Effect, Period of Adoption, Adjustment [Member]
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets, net					120,600,000
Lease liability					132,100,000
Cumulative-effect adjustment					0
Retained Earnings [Member]
Lessee, Lease, Description [Line Items]
Cumulative-effect adjustment			$ 562,408,000	$ 549,703,000	$ 525,804,000	$ 505,127,000	$ 491,031,000	$ 473,954,000
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lease term			2 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease term			30 years
[1]	Future minimum lease payments include $ 0.7 million of lease payment obligations for the prior leased Miami distribution center. For purposes of calculating the minimum lease payments, a reduction is reflected for the actual sub-lease income the Company expects to receive during the remaining lease term. This sub-lease income was also considered for the purposes of calculating the exit obligation, which was immaterial as of May 31, 2020.
[2]	Operating lease obligations have been reduced by approximately $ 1.2 million to reflect expected sub-lease income. Certain obligations under leasing arrangements are collateralized by the underlying asset being leased.

LEASES (Summary of Components o

LEASES (Summary of Components of Total Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	May 31, 2020	May 31, 2020
LEASES [Abstract]
Operating lease cost	$ 4,338	$ 12,831
Short-term lease cost	64	146
Variable lease cost	856	2,983
Sublease income	(258)	(829)
Total lease costs	$ 5,000	$ 15,131

LEASES (Weighted Average Remain

LEASES (Weighted Average Remaining Lease Term and Weighted Average Discount Rate) (Details)	May 31, 2020
LEASES [Abstract]
Weighted average remaining lease term in years	18 years 3 months 18 days
Weighted average discount rate percentage	6.40%

LEASES (Supplemental Cash Flow

LEASES (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	May 31, 2020	May 31, 2020
LEASES [Abstract]
Operating cash flows paid for operating leases	$ 3,653	$ 11,306

LEASES (Schedule of Future Mini

LEASES (Schedule of Future Minimum Lease Commitments) (Details) $ in Thousands	May 31, 2020USD ($)
Operating Leased Assets [Line Items]
2021	$ 14,914	[1]
2022	14,959	[1]
2023	14,762	[1]
2024	14,454	[1]
2025	13,984	[1]
Thereafter	171,840	[1]
Total future lease payments	244,913	[1]
Less imputed interest	(110,229)	[1]
Total operating lease liabilities	134,684	[1],[2]
Sub-lease income	1,200
Miami Distribution Center [Member]
Operating Leased Assets [Line Items]
Total future lease payments	$ 700
[1]	Operating lease obligations have been reduced by approximately $ 1.2 million to reflect expected sub-lease income. Certain obligations under leasing arrangements are collateralized by the underlying asset being leased.
[2]	Future minimum lease payments include $ 0.7 million of lease payment obligations for the prior leased Miami distribution center. For purposes of calculating the minimum lease payments, a reduction is reflected for the actual sub-lease income the Company expects to receive during the remaining lease term. This sub-lease income was also considered for the purposes of calculating the exit obligation, which was immaterial as of May 31, 2020.

Uncategorized Items - psmt-2020

Label	Element	Value
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	$ 10,719,000
Dividends Payable	us-gaap_DividendsPayableCurrentAndNoncurrent	$ 10,672,000