PriceSmart (PSMT) 10-K21 Oct 212021 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Aug. 31, 2021	Oct. 19, 2021	Feb. 28, 2021
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Aug. 31, 2021
Document Transition Report	false
Entity File Number	000-22793
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
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 2,305,076,288
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,844,167
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive Proxy Statement for the Annual Meeting of Stockholders to be held on February 3, 2022 are incorporated by reference into Part III of this Form 10-K.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020
Current Assets:
Cash and cash equivalents	$ 202,060	$ 299,481
Short-term restricted cash	3,647	185
Short-term investments	50,233	46,509
Receivables, net of allowance for doubtful accounts of $94 as of August 31, 2021 and $147 as of August 31, 2020, respectively	12,359	13,153
Merchandise inventories	389,711	309,509
Prepaid expenses and other current assets	39,194	30,165
Total current assets	697,204	699,002
Long-term restricted cash	9,772	4,105
Property and equipment, net	730,204	692,279
Operating lease right-of-use assets, net	123,655	119,533
Goodwill	45,095	45,206
Other intangibles, net	7,762	10,166
Deferred tax assets	24,225	21,672
Other non-current assets (includes $2,464 and $872 as of August 31, 2021 and August 31, 2020, respectively, for the fair value of derivative instruments)	57,329	54,260
Investment in unconsolidated affiliates	10,544	10,602
Total Assets	1,705,790	1,656,825
Current Liabilities:
Short-term borrowings		65,143
Accounts payable	388,791	373,172
Accrued salaries and benefits	41,896	32,946
Deferred income	26,898	23,525
Income taxes payable	8,310	7,727
Other accrued expenses and other current liabilities	39,736	37,731
Operating lease liabilities, current portion	8,526	8,594
Long-term debt, current portion	19,395	19,437
Total current liabilities	533,552	568,275
Deferred tax liability	1,568	1,713
Long-term income taxes payable, net of current portion	4,160	5,132
Long-term operating lease liabilities	129,256	124,181
Long-term debt, net of current portion	110,110	112,610
Other long-term liabilities (includes $3,010 and $4,685 for the fair value of derivative instruments and $7,380 and $6,155 for post-employment plans as of August 31, 2021 and August 31, 2020, respectively)	10,930	12,182
Total Liabilities	789,576	824,093
Stockholders' Equity:
Common stock $0.0001 par value, 45,000,000 shares authorized; 31,467,971 and 31,417,576 shares issued and 30,755,308 and 30,670,712 shares outstanding (net of treasury shares) as of August 31, 2021 and August 31, 2020, respectively	3	3
Additional paid-in capital	465,015	454,455
Accumulated other comprehensive loss	(182,508)	(176,820)
Retained earnings	658,919	582,487
Less: treasury stock at cost, 712,663 shares as of August 31, 2021 and 746,864 shares as of August 31, 2020	(26,084)	(28,406)
Total stockholders' equity attributable to PriceSmart, Inc. stockholders	915,345	831,719
Noncontrolling interest in consolidated subsidiaries	869	1,013
Total Stockholders' Equity	916,214	832,732
Total Liabilities and Equity	$ 1,705,790	$ 1,656,825

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020
CONSOLIDATED BALANCE SHEETS [Abstract]
Receivables, allowance for doubtful accounts	$ 94	$ 147
Other non-current assets, fair value of derivative instruments	2,464	872
Other long-term liabilities, fair value of derivative instruments	3,010	4,685
Other long-term liabilities, post-employment plans	$ 7,380	$ 6,155
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares issued	31,467,971	31,417,576
Common stock, shares outstanding	30,755,308	30,670,712
Treasury stock, shares	712,663	746,864

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Revenues:
Net merchandise sales	$ 3,465,442	$ 3,191,762	$ 3,091,648
Export sales	41,520	34,374	30,981
Membership income	56,030	54,501	52,149
Other revenue and income	56,879	48,551	49,140
Total revenues	3,619,871	3,329,188	3,223,918
Cost of goods sold:
Net merchandise sales	2,912,489	2,723,942	2,648,665
Export sales	39,513	32,676	29,524
Non-merchandise	23,336	18,160	17,502
Selling, general and administrative:
Warehouse club and other operations	359,221	323,178	307,823
General and administrative	125,416	106,776	101,432
Pre-opening expenses	849	1,545	2,726
Loss on disposal of assets	1,027	443	1,079
Total operating expenses	3,461,851	3,206,720	3,108,751
Operating income	158,020	122,468	115,167
Other expense:
Interest income	1,979	2,031	1,489
Interest expense	(7,210)	(7,625)	(3,939)
Other expense, net	(5,603)	(834)	(1,607)
Total other expense	(10,834)	(6,428)	(4,057)
Income before provision for income taxes and loss of unconsolidated affiliates	147,186	116,040	111,110
Provision for income taxes	(48,969)	(37,764)	(37,560)
Loss of unconsolidated affiliates	(58)	(95)	(61)
Net income	98,159	78,181	73,489
Less: net income attributable to noncontrolling interest	(196)	(72)	(298)
Net income attributable to PriceSmart, Inc.	$ 97,963	$ 78,109	$ 73,191
Net income attributable to PriceSmart Inc, per share available for distribution:
Basic	$ 3.18	$ 2.55	$ 2.40
Diluted	$ 3.18	$ 2.55	$ 2.40
Shares used in per share computations:
Basic	30,403	30,259	30,195
Diluted	30,403	30,259	30,195
Dividends per share	$ 0.70	$ 0.70	$ 0.70

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income		$ 98,159	$ 78,181	$ 73,489
Less: net income attributable to noncontrolling interest		(196)	(72)	(298)
Net income attributable to PriceSmart, Inc.		97,963	78,109	73,191
Other Comprehensive Income, net of tax:
Foreign currency translation adjustments	[1]	(7,837)	(29,413)	(19,717)
Defined benefit pension plan:
Net gain/(loss) arising during period		(230)	(79)	(112)
Amortization of prior service cost and actuarial gains included in net periodic pensions cost		127	93	74
Total defined benefit pension plan		(103)	14	(38)
Derivative instruments:
Unrealized losses on change in derivative obligations	[2]	(140)	(490)	(267)
Unrealized gains/(losses) on change in fair value of interest rate swaps	[2]	2,392	(5,313)	(3,102)
Amounts reclassified from accumulated other comprehensive income to other expense, net for settlement of derivatives	[2]		2,721	1
Total derivative instruments	[2]	2,252	(3,082)	(3,368)
Other comprehensive loss		(5,688)	(32,481)	(23,123)
Comprehensive income/(loss)		92,275	45,628	50,068
Less: comprehensive income attributable to noncontrolling interest		117	114	21
Comprehensive income/(loss) attributable to PriceSmart, Inc.		$ 92,158	$ 45,514	$ 50,047

[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]	Refer to “Note 13 - Derivative Instruments and Hedging Activities.

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive 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	$ 444,368	$ (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					$ (4,604)	(4,604)		(4,604)
Purchase of treasury stock (in shares)					75,000
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)	178,000
Forfeiture of restricted stock awards (in shares)	(27,000)
Stock-based compensation		15,512				15,512		15,512
Dividend paid to stockholders				(21,341)		(21,341)	(313)	(21,654)
Net income				73,191		73,191	298	73,489
Other comprehensive income (loss)			(23,123)			(23,123)	21	(23,102)
Other		(286)				(286)	286
Balance at Aug. 31, 2019	$ 3	454,570	(144,339)	525,804	$ (38,687)	797,351	928	798,279
Balance (in shares) at Aug. 31, 2019	31,461,000				924,000
Purchase of treasury stock					$ (3,651)	(3,651)		(3,651)
Purchase of treasury stock (in shares)					57,000
Issuance of treasury stock		(13,932)			$ 13,932
Issuance of treasury stock (in shares)	(234,000)				(234,000)
Issuance of restricted stock award (in shares)	222,000
Forfeiture of restricted stock awards (in shares)	(31,000)
Stock-based compensation		13,817				13,817		13,817
Dividend paid to stockholders				(21,426)		(21,426)	(101)	(21,527)
Net income				78,109		78,109	72	78,181
Other comprehensive income (loss)			(32,481)			(32,481)	114	(32,367)
Balance at Aug. 31, 2020	$ 3	454,455	(176,820)	582,487	$ (28,406)	831,719	1,013	$ 832,732
Balance (in shares) at Aug. 31, 2020	31,418,000				747,000			30,670,712
Purchase of treasury stock					$ (5,542)	(5,542)		$ (5,542)
Purchase of treasury stock (in shares)					62,000
Issuance of treasury stock		(7,864)			$ 7,864
Issuance of treasury stock (in shares)	(96,000)				(96,000)
Issuance of restricted stock award (in shares)	154,000
Forfeiture of restricted stock awards (in shares)	(8,000)
Stock-based compensation		18,424				18,424		18,424
Dividend paid to stockholders				(21,531)		(21,531)	(457)	(21,988)
Net income				97,963		97,963	196	98,159
Other comprehensive income (loss)			(5,688)			(5,688)	117	(5,571)
Balance at Aug. 31, 2021	$ 3	$ 465,015	$ (182,508)	$ 658,919	$ (26,084)	$ 915,345	$ 869	$ 916,214
Balance (in shares) at Aug. 31, 2021	31,468,000				713,000			30,755,308

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Operating Activities:
Net income	$ 98,159	$ 78,181	$ 73,489
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,983	61,225	54,958
Allowance for doubtful accounts	(53)	3	47
Loss on sale of property and equipment	1,027	443	1,079
Deferred income taxes	(3,853)	(3,405)	(4,401)
Equity in losses of unconsolidated affiliates	58	95	61
Stock-based compensation	18,424	13,817	15,061
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	13,097	(3,040)	14,961
Merchandise inventories	(80,202)	21,764	(10,248)
Accounts payable	15,526	90,185	25,325
Net cash provided by operating activities	127,166	259,268	170,332
Investing Activities:
Additions to property and equipment	(113,174)	(100,320)	(140,061)
Purchases of short-term investments	(69,460)	(49,629)	(15,244)
Proceeds from settlements of short-term investments	65,528	20,182	30,527
Purchases of long-term investments	(1,478)	(1,485)
Proceeds from settlements of long-term investments	1,478
Proceeds from disposal of property and equipment	385	40	74
Net cash used in investing activities	(116,721)	(131,212)	(124,704)
Financing Activities:
Proceeds from long-term bank borrowings	17,565	57,882
Repayment of long-term bank borrowings	(19,993)	(15,164)	(12,939)
Proceeds from short-term bank borrowings		271,014	18,403
Repayment of short-term bank borrowings	(64,983)	(212,919)	(10,863)
Cash dividend payments	(21,988)	(21,527)	(21,654)
Purchase of treasury stock for tax withholding on stock compensation	(5,542)	(3,651)	(4,604)
Other financing activities	(196)	(72)	(298)
Net cash provided by (used in) financing activities	(95,137)	75,563	(31,955)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(3,600)	(6,084)	(4,351)
Net increase (decrease) in cash, cash equivalents	(88,292)	197,535	9,322
Cash, cash equivalents and restricted cash at beginning of period	303,771	106,236	96,914
Cash, cash equivalents and restricted cash at end of period	215,479	303,771	106,236
Supplemental disclosure of noncash investing activities:
Capital expenditures accrued, but not yet paid	3,497	10,563	6,637
Cash paid during the period for:
Interest	7,774	6,877	3,504
Income taxes	58,571	50,814	48,312
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	202,060	299,481	102,653
Short-term restricted cash	3,647	185	54
Long-term restricted cash	9,772	4,105	3,529
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 215,479	$ 303,771	$ 106,236

COMPANY OVERVIEW AND BASIS OF P

COMPANY OVERVIEW AND BASIS OF PRESENTATION	12 Months Ended
COMPANY OVERVIEW AND BASIS OF PRESENTATION	Aug. 31, 2021
COMPANY OVERVIEW AND BASIS OF PRESENTATION [Abstract]
COMPANY OVERVIEW AND BASIS OF PRESENTATION	NOTE 1 – COMP ANY 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 August 31, 2021, the Company had 47 warehouse clubs in operation in 12 countries and one U.S. territory ( eight in Costa Rica and Colombia; seven in Panama; five in the Dominican Republic, four 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). The Company also plans to open new warehouse clubs in Guatemala City, Guatemala in late October 2021 and in Bucaramanga, Colombia in November 2021 and in Portmore, Jamaica in the spring of 2022. Once these three new clubs are open, the Company will operate 50 warehouse clubs. PriceSmart continues to invest in technology to increase operational efficiencies that are expected to lead to greater value to the Member, to gain greater insights into the shopping preferences of our Members and to enhance the overall Member experience. Technology developments are driving omni-channel initiatives and capabilities, including online shopping and services. As of August 31, 2021, the Company offered the Click & Go™ curbside pickup and delivery service in all 13 of its markets. These services provide an alternative and convenient way for Members to shop, while reducing physical contact. The Company also has launched digital membership, which helps it gather higher quality data it can use to make better informed decisions in all areas of the business and facilitates a more seamless auto-renewal process, increasing predictability of membership income. We believe digital membership also provides more convenience to the Members with digital cards and online payment. From March 2018 through September 2021, we operated a cross border package forwarding (casillero) and online marketplace business under the “Aeropost” banner in 38 countries in Latin America and the Caribbean. PriceSmart acquired Aeropost in 2018 to leverage Aeropost’s technology and its management’s experience in developing software and systems for e-commerce and logistics to advance PriceSmart’s development of an omni-channel shopping experience for its Members. In October 2021, PriceSmart sold the legacy casillero and marketplace operations, which were not core to our main objectives. PriceSmart retained key Aeropost personnel and technology in the transaction, with which we believe we can continue to leverage and grow our omni-channel business. This technology and talent have helped us combine our brick and mortar operations with online capabilities, supported by a more sophisticated distribution system that provides us with the potential to expand our geography, reach more Members in more ways and continue to develop approaches to gain efficiencies, reduce costs and provide Members with great value. Basis of Presentation – The consolidated financial statements have been prepared in accordance with the instructions to Form 10-K for annual financial reporting pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and U.S. generally accepted accounting principles (GAAP) for annual financial information. The 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	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Aug. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The 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 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 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 August 31, 2021 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 August 31, 2021 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 consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The novel coronavirus (COVID-19) pandemic continues to significantly impact the economies of the countries where the Company operates due to elevated infection rates and government restrictions. 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. 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): August 31, August 31, 2021 2020 Short-term restricted cash $ 3,647 $ 185 Long-term restricted cash 9,772 4,105 Total restricted cash (1) $ 13,419 $ 4,290 (1) Restricted cash consists mainly of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama. In addition, the Company is required to maintain a certificate of deposit and/or security deposits of Trinidad dollars, as measured in U.S. dollars, of approximately $ 8.6 million with a few of its lenders as compensating balances for several U.S. dollar denominated loans payable over several years. The certificates of deposit will be reduced annually commensurate with the loan balances. 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 $ 52.9 million as of August 31, 2021 and $ 55.4 million as of August 31, 2020 . 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. The Company's intangible assets consist of the Aeropost trade name and developed technology, which are amortized on a straight-line basis over a period of 25 and 5 years, respectively. Amortization expense is included in general and administrative expenses on the accompanying consolidated statements of income. The changes in the carrying amount of goodwill for the year ended August 31, 2021 are as follows (in thousands): Amount Goodwill at August 31, 2020 $ 45,206 Foreign currency exchange rate changes ( 111 ) Goodwill at August 31, 2021 $ 45,095 Amount Other intangibles at August 31, 2020 $ 10,166 Amortization ( 2,404 ) Net other intangibles at August 31, 2021 $ 7,762 Total goodwill and other intangibles, net at August 31, 2021 $ 52,857 The table below shows our estimated amortization of intangibles for fiscal years 2022 through 2026 and thereafter (in thousands): Twelve Months Ended August 31, Amount 2022 $ 2,404 2023 1,373 2024 205 2025 204 2026 204 Thereafter 3,372 Total $ 7,762 Tax Receivables – The Company pays Value Added Tax (“VAT”) or similar taxes, income taxes, and other taxes within the normal course of business in most of the countries in which it operates related to the procurement of merchandise and/or services the Company acquires and/or on sales and taxable income. VAT is a form of indirect tax applied to the value added at each stage of production (primary, manufacturing, wholesale and retail). This tax is similar to, but operates somewhat differently than, sales tax paid in the United States. The Company generally collects VAT from its Members upon sale of goods and services and pays VAT to its vendors upon purchase of goods and services. Periodically, the Company submits VAT reports to governmental agencies and reconciles the VAT paid and VAT received. The net overpaid VAT may be refunded or applied to subsequent returns, and the net underpaid VAT must be remitted to the government. 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. 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 and debit cards directly to the government as advance payments of VAT and/or income tax. This collection mechanism generally leaves the Company with net VAT and/or income tax receivables, forcing the Company to process significant refund claims on a recurring basis. 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 $ 9.7 million and $ 7.0 million as of August 31, 2021 and August 31, 2020, respectively. In two other countries, there have been changes in the method of computing minimum tax payments, under which the governments have sought to require the Company to pay taxes based on a percentage of sales rather than taxable income. As a result, the Company has made and may continue to make income tax payments substantially in excess of those it would expect to pay based on taxable income. The Company had income tax receivables of $ 11.0 million and $ 10.4 million and deferred tax assets of $ 3.3 million and $ 2.8 million as of August 31, 2021 and August 31, 2020, 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. Similarly, we have not placed any recoverability allowances on tax receivables that arise from payments we are required to make originating from tax assessments that we are appealing, as we believe it is more likely than not that we will ultimately prevail in the related appeals. 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): August 31, August 31, 2021 2020 Prepaid expenses and other current assets $ 3,173 $ 1,749 Other non-current assets 28,437 25,851 Total amount of VAT receivables reported $ 31,610 $ 27,600 The following table summarizes the income tax receivables reported by the Company (in thousands): August 31, August 31, 2021 2020 Prepaid expenses and other current assets $ 11,491 $ 10,944 Other non-current assets 18,872 20,116 Total amount of income tax receivables reported $ 30,363 $ 31,060 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 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. The Company does not have finance leases. 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. 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 based on a percentage of sales. The provision is adjusted every reporting period to reflect the trend of actual physical inventory and cycle count results. 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 corresponding 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 twelve months ended August 31, 2021, the Company reissued approximately 96,400 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 disclosure of fair value of certain financial assets and liabilities recorded at cost is as follows: Cash and cash equivalents: The carrying value approximates fair value due to the short maturity of these instruments. Short-term restricted cash: The carrying value approximates fair value due to the short maturity of these instruments. Short-term investments: Short-term investments consists of certificates of deposit and similar time-based deposits with financial institutions with maturity dates over three months and up to twelve months. The carrying value approximates fair value due to the maturity of the underlying certificates of deposit within the normal operating cycle of the Company. Long-term investments: Long-term investments consists of certificates of deposit and similar time-based deposits with financial institutions with maturity dates over one year. The carrying value approximates fair value due to the maturity of the underlying certificates of deposit within the normal operating cycle of the Company. Long-term restricted cash: Long-term restricted cash primarily consists of certificates of deposit with maturity dates of over a year, which are held as collateral against our long-term debt. The carrying value approximates fair value due to the maturity of the underlying certificates of deposit within the normal operating cycle of the Company. Accounts receivable: Receivables consist primarily of credit card receivables and receivables from vendors and are stated net of allowances for credit losses. The determination of the allowance for credit losses is based on the Company’s assessment of collectability along with the consideration of current and expected market conditions that could impact collectability. Short-term VAT and Income tax receivables: The carrying value approximates fair value due to the short maturity of these accounts. Long-term VAT and income tax receivables: The fair value of long-term receivables would normally be measured using a discounted cash flow analysis based on the current market interest rates for similar types of financial instruments, with an estimate of the time these receivables are expected to be outstanding. The Company is not able to provide an estimate as to the time these receivables owed to the Company by various government agencies are expected to be outstanding; therefore, the Company has not presented a fair value on the long-term VAT and income tax receivables. Short-term debt: The carrying value approximates fair value due to the short maturity of these instruments. Long-term debt: The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments. These inputs are not quoted prices in active markets but they are either directly or indirectly observable; therefore, they are classified as Level 2 inputs. The carrying value and fair value of the Company’s debt as of August 31, 2021 and August 31, 2020 is as follows (in thousands): August 31, 2021 August 31, 2020 Carrying Value Fair Value (1) Carrying Value Fair Value Long-term debt, including current portion $ 129,505 $ 119,646 $ 132,047 $ 124,085 (1) The Company has disclosed the fair value of long-term debt, including debt for which it has entered into cross-currency interest rate swaps, using the derivative obligation as of August 31, 2021 to estimate the fair value of long-term debt, which includes the effects that the cross-currency interest rate swaps have had on the fair value of long-term debt. 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. Refer to “Note 13 - Derivative Instruments and Hedging Activities” for information on the fair value of interest rate swaps and cross-currency interest rate swaps as of August 31, 2021 and August 31, 2020. 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. 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, cooperative marketing efforts, digital advertising, slotting fees, demonstration reimbursements and prompt payment discounts. Volume rebates and time-limited promotions are recognized on a systematic and rational allocation of the cash consideration as the Company progresses toward earning the rebate, provided the amounts to be earned are probable and reasonably estimable. Cooperative marketing efforts and digital advertising are related to consideration received by the Company from vendors for non-distinct online advertising services on the Company’s website and social media platforms. 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. On a quarterly basis, the Company calculates the amount of rebates recorded in cost of goods sold that relates t

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
REVENUE RECOGNITION	Aug. 31, 2021
REVENUE RECOGNITION [Abstract]
Revenue Recognition	NOTE 3 – REVENUE RECOGNITION The Company uses the five-step model to recognize revenue according to Accounting Standards Codification (ASC) Topic 606, “Revenue Recognition from Contracts with Customers.” The five steps are:  Identify the contract with the customer;  Identity the performance obligation(s);  Determine the transaction price;  Allocate the transaction price to each performance obligation if multiple obligations exist; and  Recognize the revenue as the performance obligations are satisfied. 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. Net 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. O ur membership policy allows for Members to cancel their membership in the first 60 days and receive a full refund. After the 60 day period, membership refunds are prorated over the remaining term of the membership. The Company has significant experience with membership refund patterns and expects membership refunds will not be material. Therefore, n o refund reserve was required 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 all 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 net merchandise 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 cards; therefore, the Company assumes a 100 % redemption rate prior to expiration of the gift card. The Company periodically reviews unredeemed outstanding gift cards, and the gift cards 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. Determining the Transaction Price The transaction price is the amount of consideration the Company expects to receive under the arrangement. The Company is required to estimate variable consideration (if any) and to factor that estimate into the determination of the transaction price. The Company may offer sales incentives to customers, including discounts. For retail transactions, the Company has significant experience with returns and refund patterns and relied on this experience in its determination that expected returns are not material; therefore, returns are not factored when determining the transaction price. Discounts given to customers are usually in the form of coupons and instant markdowns and are recognized as redeemed and recorded in contra revenue accounts, as they are part of the transaction price of the merchandise sale. Manufacturer coupons that are available for redemption at all retailers are not recorded as a reduction to the sale price of merchandise. Manufacturer coupons or discounts that are specific to the Company are recorded as a reduction to the cost of sales. Agent Relationships The Company evaluates the criteria outlined in ASC 606-10-55, Principal versus Agent Considerations, in determining whether it is appropriate in these arrangements to record the gross amount of merchandise sales and related costs, or the net amount earned as commissions. When the Company is considered the principal in a transaction, revenue is recorded gross; otherwise, revenue is recorded on a net basis. The Company's Non-merchandise Sales revenues are recorded on a net basis. Significant Judgments For arrangements that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation on a relative standalone selling price basis. Incremental costs to obtain contracts are not material to the Company. Policy Elections In addition to those previously disclosed, the Company has made the following accounting policy elections and practical expedients:  Taxes - The Company excludes from the transaction price any taxes collected from customers that are remitted to taxing authorities.  Shipping and Handling Charges - Charges that are incurred after the customer obtains control of goods are deemed costs required to complete our performance obligation. Therefore, the Company considers the act of shipping after the customer obtains control of goods to not be a separate performance obligation. These shipping and handling costs are classified as “Costs of goods sold” in the consolidated statements of income because they are incurred to fulfill a revenue obligation.  Time Value of Money - The Company's payment terms are less than one year from the transfer of goods. Therefore, the Company does not adjust promised amounts of consideration for the effects of the time value of money. 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 August 31, 2021 August 31, 2020 Deferred membership income $ 25,951 $ 23,051 Other contract performance liabilities $ 7,871 $ 5,190 Disaggregated Revenues In the following table, net merchandise sales are disaggregated by merchandise category (in thousands): Years Ended August 31, 2021 August 31, 2020 August 31, 2019 Foods & Sundries $ 1,736,509 $ 1,656,682 $ 1,563,162 Fresh Foods 1,003,694 912,325 847,496 Hardlines 409,644 345,051 358,276 Softlines 175,505 147,085 167,149 Other Business 140,090 130,619 155,565 Net Merchandise Sales $ 3,465,442 $ 3,191,762 $ 3,091,648

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
PROPERTY AND EQUIPMENT	Aug. 31, 2021
PROPERTY AND EQUIPMENT [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment are stated at historical cost. The historical cost of acquiring an asset includes the costs incurred to bring it to the condition and location necessary for its intended use. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets. The useful life of fixtures and equipment ranges from 3 to 15 years and that of certain components of building improvements and buildings from 10 to 40 years. Leasehold improvements are amortized over the shorter of the life of the improvement or the expected term of the lease. In some locations, leasehold improvements are amortized over a period longer than the initial lease term where management believes it is reasonably certain that the renewal option in the underlying lease will be exercised because an economic penalty may be incurred if the option is not exercised. The sale or purchase of property and equipment is recognized upon legal transfer of property. Property and equipment consist of the following (in thousands): August 31, August 31, 2021 2020 Land $ 216,703 $ 215,433 Building and improvements 533,802 498,964 Fixtures and equipment 315,391 287,073 Construction in progress 68,835 44,362 Total property and equipment, historical cost 1,134,731 1,045,832 Less: accumulated depreciation ( 404,527 ) ( 353,553 ) Property and equipment, net $ 730,204 $ 692,279 Depreciation and amortization expense (in thousands): Years Ended August 31, 2021 2020 2019 Depreciation expense, Property and equipment $ 62,579 $ 58,815 $ 52,554 Amortization expense, Intangible assets 2,404 2,410 2,404 Total depreciation and amortization expense $ 64,983 $ 61,225 $ 54,958 The Company capitalizes interest on expenditures for qualifying assets over a period that covers the duration of the activities required to get the asset ready for its intended use, provided that expenditures for the asset have been made and interest cost is being incurred. Interest capitalization continues as long as those activities and the incurrence of interest cost continue. The amount capitalized in an accounting period is determined by applying the Company’s consolidated capitalization rate (average interest rate) to the average amount of accumulated expenditures for the qualifying asset, for each country, during the period. The capitalization rates are based on the interest rates applicable to borrowings outstanding during the period. Total interest capitalized (in thousands): Balance as of August 31, August 31, 2021 2020 Total interest capitalized $ 13,175 $ 11,994 Total interest capitalized (in thousands): Years Ended August 31, 2021 2020 2019 Interest capitalized $ 2,282 $ 2,190 $ 2,116 A summary of asset disposal activity for fiscal years 2021, 2020 and 2019 is as follows (in thousands): Historical Cost Accumulated Depreciation Receivables and Proceeds from Disposal Loss recognized Fiscal Year 2021 $ 10,946 $ 9,534 $ 385 $ ( 1,027 ) Fiscal Year 2020 $ 5,115 $ 4,640 $ 32 $ ( 443 ) Fiscal Year 2019 $ 10,740 $ 9,587 $ 74 $ ( 1,079 ) The Company also recorded within accounts payable, other accrued expenses, and other long-term liabilities approximately $ 1.2 million, $ 2.3 million and $ 0 , respectively, as of August 31, 2021 and $ 2.2 million , $ 7.3 million and $ 1.0 million, respectively, as of August 31, 2020 of liabilities related to the acquisition and/or construction of property and equipment.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Aug. 31, 2021
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 5 – 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 (“RSAs”), restricted stock units (“RSUs” and performance stock units (“PSUs”) issued pursuant to the 2013 Equity Incentive Award Plan, provided that the Company does not include PSUs as participating securities until the performance conditions have been met. 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. 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 corresponding dividend equivalents are paid on the PSUs. 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 attributable to PriceSmart for the twelve months ended August 31, 2021, 2020 and 2019 (in thousands, except per share amounts): Years Ended August 31, 2021 2020 2019 Net income attributable to PriceSmart, Inc. $ 97,963 $ 78,109 $ 73,191 Less: Allocation of income to unvested stockholders ( 1,282 ) ( 842 ) ( 721 ) Net income attributable to PriceSmart, Inc. per share available for distribution $ 96,681 $ 77,267 $ 72,470 Basic weighted average shares outstanding 30,403 30,259 30,195 Diluted average shares outstanding 30,403 30,259 30,195 Basic net income per share $ 3.18 $ 2.55 $ 2.40 Diluted net income per share $ 3.18 $ 2.55 $ 2.40

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Aug. 31, 2021
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	NOTE 6 – STOCKHOLDERS’ EQUITY Dividends The following table summarizes the dividends declared and paid during fiscal years 2021, 2020 and 2019: First Payment Second Payment Declared Amount Record Date Date Paid Amount Record Date Date Paid Amount 2/4/2021 $ 0.70 2/15/2021 2/26/2021 $ 0.35 8/15/2021 8/31/2021 $ 0.35 2/6/2020 $ 0.70 2/15/2020 2/28/2020 $ 0.35 8/15/2020 8/31/2020 $ 0.35 1/30/2019 $ 0.70 2/15/2019 2/28/2019 $ 0.35 8/15/2019 8/30/2019 $ 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 , taking into account the uncertainty surrounding the ongoing effects of the COVID-19 pandemic on our results of operations and cash flows. Comprehensive Income and Accumulated Other Comprehensive Loss The following table discloses the changes in each component of other comprehensive loss, net of tax (in thousands): Attributable to Noncontrolling PriceSmart Interests Total Beginning balance, August 31, 2018 $ ( 121,216 ) $ ( 1 ) $ ( 121,217 ) Foreign currency translation adjustments ( 19,717 ) 21 ( 19,696 ) Defined benefit pension plans (1) ( 112 ) — ( 112 ) Derivative Instruments (2) ( 3,369 ) — ( 3,369 ) Amounts reclassified from accumulated other comprehensive loss 75 — 75 Ending balance, August 31, 2019 $ ( 144,339 ) $ 20 $ ( 144,319 ) Foreign currency translation adjustments ( 29,413 ) 114 ( 29,299 ) Defined benefit pension plans (1) ( 79 ) — ( 79 ) Derivative Instruments (2) ( 5,803 ) — ( 5,803 ) Amounts reclassified from accumulated other comprehensive loss 2,814 — 2,814 Ending balance, August 31, 2020 $ ( 176,820 ) $ 134 $ ( 176,686 ) Foreign currency translation adjustments ( 7,837 ) 117 ( 7,720 ) Defined benefit pension plans (1) ( 230 ) — ( 230 ) Derivative Instruments (2) 2,252 — 2,252 Amounts reclassified from accumulated other comprehensive loss 127 — 127 Ending balance, August 31, 2021 $ ( 182,508 ) $ 251 $ ( 182,257 ) (1) 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. (2) Refer to “Note 13 - Derivative Instruments and Hedging Activities.” Retained Earnings Not Available for Distribution The following table summarizes retained earnings designated as legal reserves of various subsidiaries that cannot be distributed as dividends to PriceSmart, Inc. according to applicable statutory regulations (in thousands): August 31, August 31, 2021 2020 Retained earnings not available for distribution $ 8,022 $ 7,375

POST EMPLOYMENT PLANS

POST EMPLOYMENT PLANS	12 Months Ended
POST EMPLOYMENT PLANS	Aug. 31, 2021
POST EMPLOYMENT PLANS [Abstract]
POST EMPLOYMENT PLANS	NOTE 7 – POST EMPLOYMENT PLANS Defined Contribution Plans PriceSmart offers a defined contribution 401(k) retirement plan to its U.S. employees, including warehouse club employees in the U.S. Virgin Islands, which auto-enrolls employees in the plan immediately on the first day of employment. The Company makes nondiscretionary contributions to the 401(k) plan with a 4 % “Company Contribution” based on the employee’s salary regardless of the employee’s own contributions to the plan up to the IRS maximum allowed. The Company also makes incremental nondiscretionary contributions to the 401(k) plan to the employees who defer up to 2 % of their salary. Employer contributions to the 401(k) plan for the Company's U.S. employees were $ 2.6 million, $ 2.2 million and $ 2.1 million during fiscal years 2021 , 2020 and 2019 , respectively. PriceSmart also offers defined contribution retirement plans in many of its subsidiaries. The Company makes nondiscretionary contributions to these plans based on the employee’s salary, regardless of the employee’s own contributions to the plan, up to the maximum allowed. The expenses associated with the plans for the Company’s non-U.S. employees were $ 3.0 million, $ 3.1 million and $ 3.0 million during fiscal years 2021, 2020, and 2019, respectively. Defined Benefit Plans The Company's subsidiaries located in three countries have unfunded post-employment benefit plans (defined benefit plans) in which the subsidiary is required to pay a specified benefit upon retirement, voluntary departure or death of the employee. The amount of the benefit is predetermined by a formula based on the employee's earnings history, tenure of service and age. Because the obligation to provide benefits arises as employees render the services necessary to earn the benefits pursuant to the terms of the plan, the Company recognizes the cost of providing the benefits over the projected employee service periods. These payments are only due if an employee reaches certain thresholds, such as tenure and/or age. Therefore, these plans are treated as defined benefit plans. For these defined benefit plans, the Company has engaged actuaries to assist with estimating the current costs associated with these future benefits . The liabilities for these unfunded plans are recorded as non-current liabilities. The following table summarizes the amount of the funding obligation and the line items in which it is recorded on the consolidated balance sheets as of August 31, 2021 and 2020 and consolidated statements of income for the fiscal years ended August 31, 2021, 2020 and 2019 (in thousands): Other Long-Term Liability Accumulated Other Comprehensive Loss Operating Expenses August 31, Year Ended August 31, 2021 2020 2021 2020 2021 2020 2019 Start of period $ ( 1,805 ) $ ( 1,579 ) $ 747 $ 772 $ — $ — $ — Service cost ( 184 ) ( 95 ) — — 229 177 187 Interest cost ( 104 ) ( 101 ) — — 104 101 80 Prior service cost (amortization) — — ( 55 ) ( 55 ) 55 55 55 Actuarial gains/(losses) ( 205 ) ( 30 ) 205 30 72 38 19 Totals $ ( 2,298 ) $ ( 1,805 ) $ 897 $ 747 (1) $ 460 $ 371 $ 341 (1) The Company has recorded a deferred tax asset of $ 282,000 and $ 236,000 as of August 31, 2021 and 2020, respectively, relating to the unrealized expense on defined benefit plans. The Company also recorded accumulated other comprehensive loss, net of tax, for $( 615,000 ) and $( 512,000 ) as of August 31, 2021 and 2020, respectively. The valuation assumptions used to calculate the liability for the defined benefit plans differ based on the country where the plan applies. These assumptions are summarized as follows: Year Ended August 31, Valuation Assumptions: 2021 2020 Discount rate 3.5 % to 7.5 % 3.5 % to 10.7 % Future salary escalation 3.0 % to 4.0 % 3.0 % to 4.1 % Percentage of employees assumed to withdraw from Company without a benefit (“turnover”) 8.3 % to 15.0 % 11.1 % to 15.0 % Percentage of employees assumed to withdraw from Company with a benefit (“disability”) 0.5 % to 6.6 % 0.5 % to 4.9 % For the fiscal year ending August 31, 2022, the Company expects to recognize, as components of net periodic benefit cost, the following amounts currently recorded in accumulated other comprehensive loss (in thousands): Prior service cost $ 55 Actuarial gain/loss 118 $ 173 Other Post-Employment Benefit Plans Some of the Company’s subsidiaries are parties to funded and unfunded post-employment benefit plans based on services that the employees have rendered. These plans require the Company to pay a specified benefit on retirement, voluntary departure or death of the employee, or monthly payments to an external fund manager. The amount of these payments is predetermined by a formula based on the employee's earnings history and tenure of service. Because the obligation to provide benefits arises as employees render the services necessary to earn the benefits pursuant to the terms of the plan, the cost associated with providing the benefits is recognized as the employee provides those services. The employees' rights to receive payment on these plans are not dependent on their reaching certain thresholds like age or tenure. Therefore, these plans are not treated as defined benefit plans. For these post-employment benefit plans, the Company has accrued liabilities that are recorded as accrued salaries and benefits and other long-term liabilities. The following table summarizes the amounts recorded on the balance sheet and amounts expensed on the consolidated statements of income (in thousands): Accrued Salaries and Benefits Other Long-Term Liability Restricted Cash Held (1) Operating Expenses Years Ended August 31, 2021 2020 2021 2020 2021 2020 2021 2020 2019 Other Post Employment Plans $ 544 $ 438 $ 4,352 $ 3,813 $ 3,909 $ 3,688 $ 1,447 $ 1,250 $ 1,259 (1) With some locations, local statutes require the applicable Company subsidiary to deposit cash in its own name with designated fund managers. The funds earn interest, which the Company recognizes as interest income.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
STOCK BASED COMPENSATION	Aug. 31, 2021
STOCK BASED COMPENSATION [Abstract]
STOCK BASED COMPENSATION	NOTE 8 – 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”). Refer “Note 2 - Summary of Significant Accounting Policies.” The Company adopted the 2013 Equity Incentive Award Plan (the "2013 Plan") for the benefit of its eligible employees, consultants and non-employee directors on January 22, 2013. The 2013 Plan provides for awards covering up to 1.1 million shares of common stock plus the number of shares that remained available for issuance as of January 22, 2013 under three equity participation plans previously maintained by the Company. The 2013 plan was amended in fiscal year 2021 to increase the number of shares of Common Stock available for the grant of awards by 500,000 shares. The number of shares reserved for issuance under the 2013 Plan increases during the term of the plan by the number of shares relating to awards outstanding under the 2013 Plan or any of the prior plans that expire, or are forfeited, terminated, canceled or repurchased, or are settled in cash in lieu of shares. However, in no event will more than an aggregate of 2,031,818 shares of the Company’s common stock be issued under the 2013 Plan. The following table summarizes the shares authorized and shares available for future grants: Shares available to grant Shares authorized for issuance as of August 31, 2021 August 31, August 31, (including shares originally authorized for issuance under prior plans) 2021 2020 2013 Plan 1,562,832 705,924 297,366 The following table summarizes the components of the stock-based compensation expense for the twelve-month periods ended August 31, 2021, 2020 and 2019 (in thousands), which are included in general and administrative expense and warehouse club and other operations in the consolidated statements of income: Years Ended August 31, 2021 2020 2019 Restricted stock awards $ 11,010 $ 8,747 $ 11,477 Restricted stock units 3,939 3,011 2,820 Performance-based restricted stock units 3,475 2,059 764 Stock-based compensation expense $ 18,424 $ 13,817 $ 15,061 The following tables summarize other information related to stock-based compensation: Balance as of August 31, August 31, August 31, 2021 2020 2019 Remaining unrecognized compensation cost (in thousands) $ 16,349 $ 21,720 $ 21,116 Weighted average period of time over which this cost will be recognized (years) 2 2 3 Years Ended August 31, August 31, August 31, 2021 2020 2019 Excess tax deficiency on stock-based compensation (in thousands) $ ( 778 ) $ ( 936 ) $ ( 1,829 ) The restricted stock awards and units generally vest over a three-year period and the unvested portion of the award is forfeited if the employee or non-employee director leaves the Company before the vesting period is completed. Restricted stock awards, restricted stock units, and performance-based restricted stock units activity for the twelve-months ended August 31, 2021, 2020 and 2019 was as follows: Years Ended August 31, August 31, August 31, 2021 2020 2019 Grants outstanding at beginning of period 415,869 362,826 385,417 Granted 166,160 266,759 193,489 Forfeited ( 12,436 ) ( 43,198 ) ( 16,127 ) Vested ( 193,971 ) ( 170,518 ) ( 199,953 ) Grants outstanding at end of period 375,622 415,869 362,826 The following table summarizes the weighted average per share grant date fair value for restricted stock awards, restricted stock units, and performance based restricted stock units for fiscal years 2021, 2020 and 2019: Years Ended August 31, August 31, August 31, Weighted Average Grant Date Fair Value 2021 2020 2019 RSAs, RSUs, and PSUs granted $ 79.02 $ 64.57 $ 65.11 RSAs, RSUs, and PSUs vested $ 70.03 $ 72.82 $ 79.28 RSAs, RSUs, and PSUs forfeited $ 70.56 $ 76.81 $ 75.02 The following table summarizes the total fair market value of restricted stock awards, restricted stock units, and performance based restricted stock units vested for the period (in thousands): Years Ended August 31, August 31, August 31, 2021 2020 2019 Total fair market value of RSAs, RSUs, and PSUs vested (in thousands) $ 17,478 $ 10,914 $ 12,302 At the vesting dates for restricted stock awards to employees, the Company repurchases a portion of the shares that have vested at the prior day's closing price per share, with the funds used to pay the employees' minimum statutory tax withholding requirements related to the vesting of restricted stock awards. The Company expects to continue this practice going forward. The Company does not have a stock repurchase program. 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. The following table summarizes the shares repurchased during fiscal years 2021, 2020 and 2019: Years Ended August 31, August 31, August 31, 2021 2020 2019 Shares repurchased 62,282 56,503 75,462 Cost of repurchase of shares (in thousands) $ 5,542 $ 3,651 $ 4,604 The Company reissues treasury shares as part of its stock-based compensation programs. The following table summarizes the treasury shares reissued during the period: Years Ended August 31, August 31, August 31, 2021 2020 2019 Reissued treasury shares 96,400 234,370 63,130

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Aug. 31, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 – 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. Taxes 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 respect to 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 a 50% or less likelihood of being sustained (refer to “Note 10 - Income Taxes for additional information”). 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 August 31, 2021 and 2020, the Company has recorded within other accrued expenses a total of $ 1.8 million and $ 2.5 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. Other Commitments The Company is committed under non-cancelable operating leases for the rental of facilities and land. R efer to “ Note 12 – Leases”. The Company is committed to non-cancelable construction service obligations for various warehouse club developments and expansions. As of August 31, 2021 and August 31, 2020, the Company had approximately $ 16.2 million and $ 5.1 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 August 31, 2021, the Company had entered into land purchase agreements that, if completed, would result in the use of approximately $ 13.3 million in cash. Refer to “ Note 15 - Unconsolidated Affiliates” for a description of additional capital contributions that may be required in connection with joint ventures to develop commercial centers adjacent to PriceSmart warehouse clubs in Panama and Costa Rica.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Aug. 31, 2021
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 10 – INCOME TAXES Income from continuing operations before provision for income taxes and loss of unconsolidated affiliates includes the following components (in thousands): Years Ended August 31, 2021 2020 2019 United States $ 33,818 $ 24,771 $ 25,167 Foreign 113,368 91,269 85,943 Income from continuing operations before provision for income taxes and loss of unconsolidated affiliates $ 147,186 $ 116,040 $ 111,110 Significant components of the income tax provision are as follows (in thousands): Years Ended August 31, 2021 2020 2019 Current: U.S. tax expense $ 16,904 $ 10,046 $ 10,878 Foreign tax expense 35,918 31,122 29,675 Total $ 52,822 $ 41,168 $ 40,553 Deferred: U.S. tax benefit $ ( 10,212 ) $ ( 5,945 ) $ ( 5,978 ) U.S. valuation allowance change 9,777 5,570 6,171 Foreign tax expense (benefit) ( 3,125 ) ( 3,157 ) 966 Foreign valuation allowance change ( 293 ) 128 ( 4,152 ) Total $ ( 3,853 ) $ ( 3,404 ) $ ( 2,993 ) Provision for income taxes $ 48,969 $ 37,764 $ 37,560 The reconciliation of income tax computed at the Federal statutory tax rate to the provision for income taxes is as follows (in percentages): Years Ended August 31, 2021 2020 2019 Federal tax provision at statutory rates 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 0.1 0.1 0.3 Differences in foreign tax rates 6.9 9.7 10.6 Permanent items and other adjustments ( 2.2 ) ( 4.4 ) ( 2.1 ) Increase in valuation allowance 7.5 6.1 4.0 Provision for income taxes 33.3 % 32.5 % 33.8 % Significant components of the Company’s deferred tax assets as of August 31, 2021 and 2020 are shown below (in thousands): August 31, 2021 2020 Deferred tax assets: U.S. net operating loss carryforward $ 2,866 $ 4,416 Foreign tax credits 22,420 12,691 Deferred compensation 2,334 1,357 U.S. timing differences 3,759 3,742 Foreign net operating losses 5,051 4,811 Foreign timing differences: Accrued expenses and other timing differences 7,636 6,808 Depreciation and amortization 10,498 9,043 Deferred income 6,422 5,241 Gross deferred tax assets 60,986 48,109 U.S. deferred tax liabilities (depreciation and other timing differences) ( 4,083 ) ( 4,679 ) Foreign deferred tax liabilities netted against deferred tax assets ( 5,753 ) ( 4,311 ) U.S. valuation allowance ( 22,523 ) ( 12,746 ) Foreign valuation allowance ( 4,402 ) ( 4,701 ) Net deferred tax assets $ 24,225 $ 21,672 For fiscal 2021, the effective tax rate was 33.3 %. The increase in the effective rate versus the prior year was primarily attributable to the following factors: 1. The comparably favorable impact of 2.5 % due to a greater portion of income falling into lower tax jurisdictions; 2. The comparably unfavorable impact of 1.8 % resulting from nonrecurrence of changes in income tax liabilities from uncertain tax position for which the applicable statutes of limitations have expired; 3. The comparably unfavorable impact of 0.4 % resulting from the effect of the change in foreign currency value and related adjustments; 4. The comparably unfavorable impact of 0.4 % resulting from valuation allowances on deferred tax assets from foreign tax credits that are no longer deemed recoverable. For fiscal 2021, management concluded that a valuation allowance continues to be necessary for certain U.S. and foreign deferred tax assets primarily because of the existence of negative objective evidence, such as the fact that certain subsidiaries are in a cumulative loss position for the past three years, and the determination that certain net operating loss carryforward periods are not sufficient to realize the related deferred tax assets. The Company factored into its analysis the inherent risk of forecasting revenue and expenses over an extended period of time and also considered the potential risks associated with its business. The Company had net foreign deferred tax assets of $ 19.5 million and $ 16.9 million as of August 31, 2021 and 2020, respectively. The Company had U.S. federal and state tax NOLs at August 31, 2021 of approximately $ 10.3 million and $ 15.7 million, respectively. Substantially all of the federal and state NOLs expire during periods ranging from 2021 through 2036 unless previously utilized. In calculating the tax provision and assessing the likelihood that the Company will be able to utilize the deferred tax assets, the Company considered and weighed all of the evidence, both positive and negative, and both objective and subjective. The Company factored in the inherent risk of forecasting revenue and expenses over an extended period of time and considered the potential risks associated with its business. Using the Company's U.S. income from continuing operations and projections of future taxable income in the U.S., the Company was able to determine that there was sufficient positive evidence to support the conclusion that it was more likely than not that the Company would be able to realize substantially all of its federal U.S. NOLs by generating sufficient taxable income during the carry-forward period. Further, based on current projections and using current apportionment factors, the Company maintains a partial valuation allowance on its Florida state NOLs ($ 15.7 million in gross) originating from its acquisition of its Aeropost, Inc. subsidiary, as the Company expects that $ 11.1 million of this NOL will expire before being utilized. The Company has determined that due to a deemed change of ownership (as defined in Section 382 of the Internal Revenue Code) in October 2004, for PriceSmart, Inc., and March 2018 for Aeropost, Inc., there will be annual limitations in the amount of U.S. taxable income that may be offset by NOLs of approximately $ 6.1 million, through 2022. The Company expects substantially all recoverable NOLs will be recovered by 2023. The Company does not provide for income taxes which would be payable if undistributed earnings of its foreign subsidiaries were remitted to the U.S. because the Company considers these earnings to be permanently reinvested as management has no plans to repatriate undistributed earnings and profits of foreign affiliates. As of August 31, 2021 and 2020, the undistributed earnings of these foreign subsidiaries are approximately $ 254.5 million and $ 177.5 million, respectively. The Company accrues for the estimated additional amount of taxes for uncertain income tax positions if the likelihood of sustaining the tax position does not meet the more-likely-than-not-standard for recognition of tax benefits. These positions are recorded as unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Years Ended August 31, 2021 2020 2019 Balance at beginning of fiscal year $ 4,573 $ 6,490 $ 7,005 Gross increase - tax positions in prior period 135 464 530 Gross decrease - tax positions in prior period ( 306 ) — — Additions based on tax positions related to the current year 333 186 94 Expiration of the statute of limitations for the assessment of taxes ( 824 ) ( 2,567 ) ( 1,139 ) Balance at end of fiscal year $ 3,911 $ 4,573 $ 6,490 As of August 31, 2021, the liability for income taxes associated with unrecognized tax benefits was $ 3.9 million and can be reduced by $ 1.5 million of tax benefits recorded as deferred tax assets and liabilities. The total $ 3.9 million unrecognized tax benefit includes $ 400,000 of associated timing adjustments. The net amount of $ 3.5 million would, if recognized, favorably affect the Company's financial statements and favorably affect the Company's effective income tax rate. The Company recognizes interest and/or penalties related to unrecognized tax benefits in income tax expense. As of August 31, 2021 and 2020, the Company had accrued an additional $ 1.6 million and $ 2.0 million, respectively, for the payment of interest and penalties related to the above-mentioned unrecognized tax benefits. The Company expects changes in the amount of unrecognized tax benefits in the next 12 months as the result of a lapse in various statutes of limitations. The lapse of statutes of limitations in the twelve-month period ending August 31, 2022 could result in a total income tax benefit amounting up to $ 900,000 . The Company has various appeals pending before tax courts in its subsidiaries' jurisdictions. Any possible settlement could increase or decrease earnings but is not expected to be significant. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. 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 $ 11.0 million and $ 10.4 million and deferred tax assets of $ 3.3 million and $ 2.8 million as of August 31, 2021 and August 31, 2020, 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 and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is generally no longer subject to income tax examinations by tax authorities in its major jurisdictions except for the fiscal years subject to audit as set forth in the table below: Tax Jurisdiction Fiscal Years Subject to Audit U.S. federal 2005, 2007, 2011* to 2016, 2017 to the present California (U.S.) (state return) 2005 and 2017 to the present Florida (U.S.) (state return) 2011 to 2017, 2018 to the present Aruba 2016 to the present Barbados 2015 to the present Costa Rica 2011 to 2012, 2015 to the present Colombia 2016 to the present Dominican Republic 2011 to 2012 and 2016 to the present El Salvador 2018 to the present Guatemala 2012 to 2013, 2017 the present Honduras 2016 to the present Jamaica 2015 to the present Mexico 2016 to the present Nicaragua 2017 to the present Panama 2017, 2018 to the present Trinidad 2015 to the present U.S. Virgin Islands 2001 to the present Spain 2018 to the present Chile 2018* to the present *Aeropost only Generally for U.S. federal and U.S. Virgin Islands tax reporting purposes, the statute of limitations is three years from the date of filing of the income tax return. If and to the extent the tax year resulted in a taxable loss, the statute is extended to three years from the filing date of the income tax return in which the carryforward tax loss was used to offset taxable income in the carryforward year. Given the historical losses in these jurisdictions and the Section 382 change in control limitations on the use of the tax loss carryforwards, there is uncertainty and significant variation as to when a tax year is no longer subject to audit.

DEBT

DEBT	12 Months Ended
DEBT	Aug. 31, 2021
DEBT [Abstract]
DEBT	NOTE 11 – 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 August 31, 2021 $ 131,000 $ — $ 97 $ 130,903 — % August 31, 2020 $ 81,210 $ 65,143 $ 388 $ 15,679 3.7 % As of August 31, 2021 and August 31, 2020, the Company was in compliance with all covenants or amended covenants for each of its short-term facility agreements. These facilities generally expire annually or bi-annually and are normally renewed. The following table provides the changes in long-term debt for the twelve months ended August 31, 2021: (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 6,062 6,000 12,062 Regularly scheduled loan payments ( 5,393 ) ( 9,771 ) ( 15,164 ) Refinances of short-term debt ( 11,046 ) 11,046 — Reclassifications of long-term debt due in the next 12 months 3,875 ( 3,875 ) — Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (3) 64 ( 321 ) ( 257 ) Balances as of August 31, 2020 19,437 112,610 132,047 (2) Proceeds from long-term debt incurred during the period: Trinidad subsidiary 2,736 14,829 17,565 Regularly scheduled loan payments ( 5,168 ) ( 14,825 ) ( 19,993 ) Reclassifications of long-term debt due in the next 12 months 2,368 ( 2,368 ) — Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (3) 22 ( 136 ) ( 114 ) Balances as of August 31, 2021 $ 19,395 $ 110,110 $ 129,505 (4) (1) The carrying amount on non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans. (2) The carrying amount on non-cash assets assigned as collateral for these loans was $ 158.6 million. No cash assets were assigned as collateral for these loans. (3) These foreign currency translation adjustments are recorded within other comprehensive loss. (4) The carrying amount on non-cash assets assigned as collateral for these loans was $ 153.5 million. The carrying amount on cash assets assigned as collateral for these loans was $ 7.0 million. The following table provides a summary of the long-term loans entered into by the Company: August 31, August 31, 2021 2020 Loans entered into by the Company's subsidiaries for which the subsidiary has entered into a cross-currency interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants $ 38,531 $ 42,585 Loans entered into by the Company's subsidiaries for which the subsidiary has entered into an interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants 42,744 45,519 Unswapped loans entered into by the Company's subsidiaries with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants 48,230 43,943 Total long-term debt 129,505 132,047 Less: current portion 19,395 19,437 Long-term debt, net of current portion $ 110,110 $ 112,610 As of August 31, 2021 and August 31, 2020, the Company had approximately $ 103.4 million and $ 107.4 million, respectively, 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. The Company was in compliance with all covenants or amended covenants for both periods. Annual maturities of long-term debt are as follows (in thousands): Twelve Months Ended August 31, Amount 2022 $ 19,395 2023 27,427 2024 11,264 2025 25,730 2026 10,844 Thereafter 34,845 Total $ 129,505

LEASES

LEASES	12 Months Ended
LEASES	Aug. 31, 2021
LEASES [Abstract]
LEASES	NOTE 12 – 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 August 31, 2021, 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 right of use (“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 in the 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. The following table is a summary of the Company’s components of total lease costs for fiscal year 2021 and 2020 (in thousands): Years Ended August 31, 2021 2020 Operating lease cost $ 17,724 $ 17,305 Short-term lease cost 167 236 Variable lease cost 4,410 3,679 Sublease income ( 891 ) ( 1,061 ) Total lease costs $ 21,410 $ 20,159 The weighted average remaining lease term and weighted average discount rate for operating leases as of August 31, 2021 and August 31, 2020 were as follows: Years Ended August 31, 2021 2020 Weighted average remaining lease term in years 18.3 18.2 Weighted average discount rate percentage 6.7 % 6.4 % Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands): Years Ended August 31, 2021 2020 Operating cash flows paid for operating leases $ 16,420 $ 15,392 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 August 31, Locations 2022 $ 16,436 2023 15,442 2024 14,864 2025 14,606 2026 13,014 Thereafter 176,386 Total future lease payments 250,748 Less imputed interest ( 112,966 ) Total operating lease liabilities $ 137,782

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	12 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	Aug. 31, 2021
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE 13 – 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 two 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 August 31, 2021, 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 cash flow hedge accounting transactions as of August 31, 2021: 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 For the twelve-month periods ended August 31, 2021, 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 year ended August 31, 2021 $ 2,619 $ 3,655 $ 6,274 Interest expense for the year ended August 31, 2020 $ 4,045 $ 2,416 $ 6,461 Interest expense for the year ended August 31, 2019 $ 4,732 $ 511 $ 5,243 (1) This amount is representative of the interest expense recognized on the underlying hedged transactions. (2) This amount is representative of the interest expense recognized on the interest rate swaps and cross currency swaps designated as cash flow hedging instruments. 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 August 31, August 31, Floating Rate Payer (Swap Counterparty) 2021 2020 Union Bank $ 32,619 $ 33,894 Citibank N.A. 51,032 55,086 Scotiabank 10,125 11,625 Total $ 93,776 $ 100,605 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): August 31, 2021 August 31, 2020 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 $ 2,464 $ ( 741 ) $ 1,723 $ 872 $ ( 265 ) $ 607 Interest rate swaps Other long-term liabilities ( 2,305 ) 535 ( 1,770 ) ( 3,857 ) 898 ( 2,959 ) Cross-currency interest rate swaps Other long-term liabilities ( 705 ) 212 ( 493 ) ( 828 ) 248 ( 580 ) Net fair value of derivatives designated as hedging instruments $ ( 546 ) $ 6 $ ( 540 ) $ ( 3,813 ) $ 881 $ ( 2,932 ) 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. The following table summarizes the non-deliverable forward foreign exchange contracts that are open as of August 31, 2021: Subsidiary Dates entered into Financial Derivative (Counterparty) Derivative Financial Instrument Notional Amount (in thousands) Settlement Date Effective Period of Forward Colombia 28-Apr-21 Scotiabank Colpatria, S.A. Forward foreign exchange contracts (USD) $ 5,000 28-Dec-21 April 28, 2021 - December 28, 2021 Colombia 28-May-21 Scotiabank Colpatria, S.A. Forward foreign exchange contracts (USD) $ 2,000 29-Dec-21 May 28, 2021 - December 29, 2021 While forward derivative gains and (losses) on non-deliverable forward foreign-exchange contracts were immaterial for the twelve months ended August 31 2021, 2020, and 2019, they are included in Other expense, net in the consolidated statements of income in the period of change. 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 August 31, 2021, the Company has settled its outstanding call options and does not have any other contracts not designated as hedging instruments. For the twelve-month periods ended August 31, 2021, 2020 and 2019 , the Company included in its consolidated statements of income the loss of its other non-designated derivative contracts as follows (in thousands): Years Ended August 31, Income Statement Classification 2021 2020 2019 Other expense, net $ — $ ( 912 ) $ —

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	12 Months Ended
RELATED-PARTY TRANSACTIONS	Aug. 31, 2021
RELATED-PARTY TRANSACTIONS [Abstract]
RELATED-PARTY TRANSACTIONS	NOTE 14 – RELATED-PARTY TRANSACTIONS Relationships with Edgar Zurcher: Mr. Zurcher is also a director of a company that owns 40 % of Payless ShoeSource Holdings, Ltd., which rents retail space from the Company. The Company recorded approximately $ 1.4 million, $ 1.5 million and $ 1.6 million in rental income for this space during the fiscal years ended 2021, 2020 and 2019 . Additionally, Mr. Zurcher is a director of Molinos de Costa Rica S.A. The Company paid approximately $ 1.1 million , $ 1.1 million and $ 741,000 for products purchased from this entity during the fiscal years ended August 31, 2021 , 2020 and 2019 , respectively. Relationships with Price Family Charitable Organizations: During the years ended August 31, 2021, 2020 and 2019, the Company sold approximately $ 1.6 million, $ 525,000 and $ 527,000 , respectively, of supplies to Price Philanthropies Foundation. Robert Price, Chairman of the Company's Board of Directors, is the Chairman of the Board and President of the Price Philanthropies Foundation. Sherry S. Bahrambeygui, a director and the Chief Executive Officer of the Company, serves as Vice President and Vice Chairman of the Board of the Price Philanthropies Foundation. Jeffrey R. Fisher, a director of the Company, serves as the Chief Financial Officer and as a director of the Board of the Price Philanthropies Foundation. Relationships with Mitchell G. Lynn: Mr. Lynn has been a director of the Company since November 2011. Mr. Lynn is a founder and a limited partner of CRI 2000, LP, dba Combined Resources International ("CRI") and Lightspeed Outdoors, LP (“LSO”). CRI designs and imports consumer products for wholesale distribution, primarily through warehouse clubs. LSO designs and imports recreational products for wholesale distribution and online retailing. The Company purchased approximately $ 179,000 of merchandise from CRI and LSO during fiscal year 2021 and immaterial amounts of merchandise during the fiscal years ended August 31, 2020 and 2019. Relationship with Golf Park Plaza, S.A.: Golf Park Plaza, S.A. is a real estate joint venture located in Panama entered into by the Company in 2008 (see Note 15 - Unconsolidated Affiliate). On December 12, 2013, the Company entered into a lease agreement for approximately 17,976 square feet ( 1,670 square meters) of land with Golf Park Plaza, S.A. upon which the Company constructed its central offices in Panama. The lease term is for 15 years with three options to renew for five years each at the Company's discretion. The Company recognized $ 105,700 in rent expense for each of the fiscal years ended August 31, 2021, 2020 and 2019.

UNCONSOLIDATED AFFILIATES

UNCONSOLIDATED AFFILIATES	12 Months Ended
UNCONSOLIDATED AFFILIATES	Aug. 31, 2021
UNCONSOLIDATED AFFILIATES [Abstract]
UNCONSOLIDATED AFFILIATES	NOTE 15 – UNCONSOLIDATED AFFILIATES 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 the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The reporting entity that consolidates a VIE is called the primary beneficiary of that VIE. In 2008, the Company entered into real estate joint ventures to jointly own and operate separate commercial retail centers adjacent to warehouse clubs in Panama (GolfPark Plaza, S.A.) and Costa Rica (Price Plaza Alajuela PPA, S.A.). Due to the initial nature of the joint ventures and the continued commitments for additional financing, the Company determined these joint ventures are VIEs. Since all rights, obligations and the power to direct the activities of a VIE that most significantly impact the VIE's economic performance is shared equally by both parties within each joint venture, 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. On December 12, 2013, the Company entered into a lease agreement for approximately 17,976 square feet ( 1,670 square meters) of land with Golf Park Plaza, S.A. upon which the Company constructed its central offices in Panama. Construction of the offices was completed in October 2014. The lease term is for 15 years with three options to renew for five years each at the Company's discretion. The Company recognized $ 105,700 in rent expense for each of the fiscal years ended August 31, 2021, 2020 and 2019. The table below summarizes the Company’s interest in these VIEs and the Company’s maximum exposure to loss as a result of its involvement with these VIEs as of August 31, 2021 (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 $ ( 8 ) $ 7,010 $ 99 $ 7,109 Price Plaza Alajuela PPA, S.A. 50 % 2,193 1,236 105 3,534 785 4,319 Total $ 6,809 $ 3,638 $ 97 $ 10,544 $ 884 $ 11,428 (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. The summarized financial information of the unconsolidated affiliates is as follows (in thousands): August 31, August 31, 2021 2020 Current assets $ 1,728 $ 1,398 Noncurrent assets 10,253 10,686 Current liabilities 151 138 Noncurrent liabilities 8 8 Years Ended August 31, 2021 2020 2019 PriceSmart's share of net loss of unconsolidated affiliates $ ( 58 ) $ ( 95 ) $ ( 61 )

SEGMENTS

SEGMENTS	12 Months Ended
SEGMENTS	Aug. 31, 2021
SEGMENTS [Abstract]
SEGMENTS	NOTE 16 – SEGMENTS The Company and its subsidiaries are principally engaged in the international operation of membership shopping in 47 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 Year Ended August 31, 2021 Revenue from external customers $ 88,397 $ 2,105,856 $ 1,004,793 $ 420,825 $ — $ 3,619,871 Intersegment revenues 1,280,236 17,861 5,087 3,869 ( 1,307,053 ) — Depreciation, Property and equipment 6,970 31,319 15,432 8,858 — 62,579 Amortization, Intangibles 2,404 — — — — 2,404 Operating income (loss) 12,687 151,933 74,769 21,932 ( 103,301 ) 158,020 Interest income from external sources 13 878 985 103 — 1,979 Interest income from intersegment sources 2,130 2,393 483 — ( 5,006 ) — Interest expense from external sources 1,606 2,831 427 2,346 — 7,210 Interest expense from intersegment sources 34 1,286 2,647 298 ( 4,265 ) — Provision for income taxes 15,919 22,661 8,006 2,383 — 48,969 Net income (loss) attributable to PriceSmart, Inc. ( 4,777 ) 127,879 61,025 17,333 ( 103,497 ) 97,963 Long-lived assets (other than deferred tax assets) (3) 79,404 490,099 197,030 164,970 — 931,503 Intangibles, net 7,762 — — — — 7,762 Goodwill 10,695 24,332 10,068 — — 45,095 Investment in unconsolidated affiliates — 10,544 — — — 10,544 Total assets 246,896 795,940 434,428 228,526 — 1,705,790 Capital expenditures, net 9,061 45,524 23,342 28,181 — 106,108 Year Ended August 31, 2020 Revenue from external customers $ 73,703 $ 1,895,857 $ 993,657 $ 365,971 $ — $ 3,329,188 Intersegment revenues 1,148,004 16,524 4,909 2,723 ( 1,172,160 ) — Depreciation, Property and equipment 6,888 29,312 15,441 7,174 — 58,815 Amortization, Intangibles 2,410 — — — — 2,410 Operating income (loss) 3,873 125,351 57,217 18,071 ( 82,044 ) 122,468 Interest income from external sources 7 612 749 663 — 2,031 Interest income from intersegment sources 2,065 2,566 431 — ( 5,062 ) — Interest expense from external sources 1,890 3,425 310 2,000 — 7,625 Interest expense from intersegment sources 39 1,547 2,258 561 ( 4,405 ) — Provision for income taxes 10,106 20,001 6,416 1,241 — 37,764 Net income (loss) attributable to PriceSmart, Inc. ( 7,578 ) 103,697 50,553 13,554 ( 82,117 ) 78,109 Long-lived assets (other than deferred tax assets) (3) 81,008 475,744 177,166 146,862 — 880,780 Intangibles, net 10,166 — — — — 10,166 Goodwill 10,696 24,418 10,092 — — 45,206 Investment in unconsolidated affiliates — 10,602 — — — 10,602 Total assets 272,190 741,523 395,244 247,868 — 1,656,825 Capital expenditures, net 6,072 48,150 14,460 35,565 — 104,247 Year Ended August 31, 2019 Revenue from external customers $ 68,335 $ 1,831,761 $ 933,886 $ 389,936 $ — $ 3,223,918 Intersegment revenues 1,205,986 11,185 4,507 1,498 ( 1,223,176 ) — Depreciation, Property and equipment 5,334 24,684 14,052 8,484 — 52,554 Amortization, Intangibles 2,404 — — — — 2,404 Operating income (loss) 3,805 122,629 50,724 14,909 ( 76,900 ) 115,167 Interest income from external sources 74 499 568 348 — 1,489 Interest income from intersegment sources 1,408 1,877 724 — ( 4,009 ) — Interest expense from external sources 1,377 2,368 ( 401 ) 595 — 3,939 Interest expense from intersegment sources 60 1,505 2,132 8 ( 3,705 ) — Provision for income taxes 11,280 19,429 6,615 236 — 37,560 Net income (loss) attributable to PriceSmart, Inc. ( 8,518 ) 100,614 44,168 14,124 ( 77,197 ) 73,191 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 Investment in unconsolidated affiliates — 10,697 — — — 10,697 Total assets 161,583 614,579 340,216 180,033 — 1,296,411 Capital expenditures, net 8,439 85,962 28,434 22,832 — 145,667 (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 (fiscal year 2020), 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 August 31, 2021 and August 31, 2020 is not comparable with that as of August 31, 2019.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Aug. 31, 2021
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS The Company has evaluated all events subsequent to the balance sheet date of August 31, 2021 through the date of issuance of these consolidated financial statements and has determined that, except as set forth below, there are no subsequent events that require disclosure. Divestiture From March 2018 through September 2021, we operated a cross border package forwarding (casillero) and online marketplace business under the “Aeropost” banner in 38 countries in Latin America and the Caribbean. PriceSmart acquired Aeropost in 2018 to leverage Aeropost’s technology and its management’s experience in developing software and systems for e-commerce and logistics to advance PriceSmart’s development of an omni-channel shopping experience for its Members. In October 2021, PriceSmart sold the legacy casillero and marketplace operations, which were not core to our main objectives. PriceSmart retained key Aeropost personnel and technology in the transaction, with which we believe we can continue to leverage and grow our omni-channel business. This technology and talent have helped us combine our brick and mortar operations with online capabilities, supported by a more sophisticated distribution system that provides us with the potential to expand our geography, reach more Members in more ways and continue to develop approaches to gain efficiencies, reduce costs and provide Members with great value. The Company believes this transaction will not have a material impact on our results of operations in fiscal year 2022.

VALUATION AND QUALIFYING ACCOUN

VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
VALUATION AND QUALIFYING ACCOUNTS	Aug. 31, 2021
VALUATION AND QUALIFYING ACCOUNTS [Abstract]
VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II PRICESMART, INC. VALUATION AND QUALIFYING ACCOUNTS (amounts in thousands) Balance at Charged to Balance at Beginning Costs and End of of Period Expenses Deductions Period Allowance for doubtful accounts: Year ended August 31, 2019 $ 97 $ 270 $ ( 223 ) $ 144 Year ended August 31, 2020 $ 144 $ 155 $ ( 152 ) $ 147 Year ended August 31, 2021 $ 147 $ 93 $ ( 146 ) $ 94

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	Aug. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Principles of Consolidation	Principles of Consolidation – The 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 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 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 August 31, 2021 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 August 31, 2021 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 consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The novel coronavirus (COVID-19) pandemic continues to significantly impact the economies of the countries where the Company operates due to elevated infection rates and government restrictions. 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.
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): August 31, August 31, 2021 2020 Short-term restricted cash $ 3,647 $ 185 Long-term restricted cash 9,772 4,105 Total restricted cash (1) $ 13,419 $ 4,290 (1) Restricted cash consists mainly of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama. In addition, the Company is required to maintain a certificate of deposit and/or security deposits of Trinidad dollars, as measured in U.S. dollars, of approximately $ 8.6 million with a few of its lenders as compensating balances for several U.S. dollar denominated loans payable over several years. The certificates of deposit will be reduced annually commensurate with the loan balances.
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 $ 52.9 million as of August 31, 2021 and $ 55.4 million as of August 31, 2020 . 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. The Company's intangible assets consist of the Aeropost trade name and developed technology, which are amortized on a straight-line basis over a period of 25 and 5 years, respectively. Amortization expense is included in general and administrative expenses on the accompanying consolidated statements of income. The changes in the carrying amount of goodwill for the year ended August 31, 2021 are as follows (in thousands): Amount Goodwill at August 31, 2020 $ 45,206 Foreign currency exchange rate changes ( 111 ) Goodwill at August 31, 2021 $ 45,095 Amount Other intangibles at August 31, 2020 $ 10,166 Amortization ( 2,404 ) Net other intangibles at August 31, 2021 $ 7,762 Total goodwill and other intangibles, net at August 31, 2021 $ 52,857 The table below shows our estimated amortization of intangibles for fiscal years 2022 through 2026 and thereafter (in thousands): Twelve Months Ended August 31, Amount 2022 $ 2,404 2023 1,373 2024 205 2025 204 2026 204 Thereafter 3,372 Total $ 7,762
Tax Receivables	Tax Receivables – The Company pays Value Added Tax (“VAT”) or similar taxes, income taxes, and other taxes within the normal course of business in most of the countries in which it operates related to the procurement of merchandise and/or services the Company acquires and/or on sales and taxable income. VAT is a form of indirect tax applied to the value added at each stage of production (primary, manufacturing, wholesale and retail). This tax is similar to, but operates somewhat differently than, sales tax paid in the United States. The Company generally collects VAT from its Members upon sale of goods and services and pays VAT to its vendors upon purchase of goods and services. Periodically, the Company submits VAT reports to governmental agencies and reconciles the VAT paid and VAT received. The net overpaid VAT may be refunded or applied to subsequent returns, and the net underpaid VAT must be remitted to the government. 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. 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 and debit cards directly to the government as advance payments of VAT and/or income tax. This collection mechanism generally leaves the Company with net VAT and/or income tax receivables, forcing the Company to process significant refund claims on a recurring basis. 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 $ 9.7 million and $ 7.0 million as of August 31, 2021 and August 31, 2020, respectively. In two other countries, there have been changes in the method of computing minimum tax payments, under which the governments have sought to require the Company to pay taxes based on a percentage of sales rather than taxable income. As a result, the Company has made and may continue to make income tax payments substantially in excess of those it would expect to pay based on taxable income. The Company had income tax receivables of $ 11.0 million and $ 10.4 million and deferred tax assets of $ 3.3 million and $ 2.8 million as of August 31, 2021 and August 31, 2020, 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. Similarly, we have not placed any recoverability allowances on tax receivables that arise from payments we are required to make originating from tax assessments that we are appealing, as we believe it is more likely than not that we will ultimately prevail in the related appeals. 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): August 31, August 31, 2021 2020 Prepaid expenses and other current assets $ 3,173 $ 1,749 Other non-current assets 28,437 25,851 Total amount of VAT receivables reported $ 31,610 $ 27,600 The following table summarizes the income tax receivables reported by the Company (in thousands): August 31, August 31, 2021 2020 Prepaid expenses and other current assets $ 11,491 $ 10,944 Other non-current assets 18,872 20,116 Total amount of income tax receivables reported $ 30,363 $ 31,060
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 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. The Company does not have finance leases. 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.
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 based on a percentage of sales. The provision is adjusted every reporting period to reflect the trend of actual physical inventory and cycle count results. 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 corresponding 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 twelve months ended August 31, 2021, the Company reissued approximately 96,400 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 disclosure of fair value of certain financial assets and liabilities recorded at cost is as follows: Cash and cash equivalents: The carrying value approximates fair value due to the short maturity of these instruments. Short-term restricted cash: The carrying value approximates fair value due to the short maturity of these instruments. Short-term investments: Short-term investments consists of certificates of deposit and similar time-based deposits with financial institutions with maturity dates over three months and up to twelve months. The carrying value approximates fair value due to the maturity of the underlying certificates of deposit within the normal operating cycle of the Company. Long-term investments: Long-term investments consists of certificates of deposit and similar time-based deposits with financial institutions with maturity dates over one year. The carrying value approximates fair value due to the maturity of the underlying certificates of deposit within the normal operating cycle of the Company. Long-term restricted cash: Long-term restricted cash primarily consists of certificates of deposit with maturity dates of over a year, which are held as collateral against our long-term debt. The carrying value approximates fair value due to the maturity of the underlying certificates of deposit within the normal operating cycle of the Company. Accounts receivable: Receivables consist primarily of credit card receivables and receivables from vendors and are stated net of allowances for credit losses. The determination of the allowance for credit losses is based on the Company’s assessment of collectability along with the consideration of current and expected market conditions that could impact collectability. Short-term VAT and Income tax receivables: The carrying value approximates fair value due to the short maturity of these accounts. Long-term VAT and income tax receivables: The fair value of long-term receivables would normally be measured using a discounted cash flow analysis based on the current market interest rates for similar types of financial instruments, with an estimate of the time these receivables are expected to be outstanding. The Company is not able to provide an estimate as to the time these receivables owed to the Company by various government agencies are expected to be outstanding; therefore, the Company has not presented a fair value on the long-term VAT and income tax receivables. Short-term debt: The carrying value approximates fair value due to the short maturity of these instruments. Long-term debt: The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for similar types of financial instruments. These inputs are not quoted prices in active markets but they are either directly or indirectly observable; therefore, they are classified as Level 2 inputs. The carrying value and fair value of the Company’s debt as of August 31, 2021 and August 31, 2020 is as follows (in thousands): August 31, 2021 August 31, 2020 Carrying Value Fair Value (1) Carrying Value Fair Value Long-term debt, including current portion $ 129,505 $ 119,646 $ 132,047 $ 124,085 (1) The Company has disclosed the fair value of long-term debt, including debt for which it has entered into cross-currency interest rate swaps, using the derivative obligation as of August 31, 2021 to estimate the fair value of long-term debt, which includes the effects that the cross-currency interest rate swaps have had on the fair value of long-term debt.
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. Refer to “Note 13 - Derivative Instruments and Hedging Activities” for information on the fair value of interest rate swaps and cross-currency interest rate swaps as of August 31, 2021 and August 31, 2020. 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.
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, cooperative marketing efforts, digital advertising, slotting fees, demonstration reimbursements and prompt payment discounts. Volume rebates and time-limited promotions are recognized on a systematic and rational allocation of the cash consideration as the Company progresses toward earning the rebate, provided the amounts to be earned are probable and reasonably estimable. Cooperative marketing efforts and digital advertising are related to consideration received by the Company from vendors for non-distinct online advertising services on the Company’s website and social media platforms. 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. 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. 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 package 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 years ended August 31, 2021, 2020 and 2019: Years Ended August 31, 2021 2020 2019 Effect on other comprehensive loss due to foreign currency restatement $ ( 7,837 ) $ ( 29,413 ) $ ( 19,717 ) 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. Years Ended August 31, 2021 2020 2019 Currency loss $ ( 5,395 ) $ ( 1,370 ) $ ( 1,476 )
Income Taxes	Income Taxes – The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry-forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. The Company is required to file federal and state income 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 federal, state and foreign taxing authorities in the jurisdictions in which the Company files its returns. As part of these reviews, a taxing authority may disagree with respect to 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 a 50% or less likelihood of being sustained. This requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. When facts and circumstances change, the Company reassesses these probabilities and records any changes in the consolidated financial statements as appropriate.
Recent Accounting Pronouncements - Not Yet Adopted	Recent Accounting Pronouncements – Not Yet Adopted 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 day of the first quarter of fiscal year 2022. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements 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, if certain criteria are met, 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. This accounting standards update is intended to ease the process of migrating away from LIBOR to new reference rates. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this ASU refine the scope of ASC 848 and clarifies some of its guidance as it relates to recent rate reform activities. A substantial number of the Company’s debt agreements and hedging relationships bear interest at variable interest rates, primarily based on USD-LIBOR. To preserve the presentation of the Company’s debt and derivatives, the Company adopted ASU 2020-04 and ASU 2021-01 effective December 1, 2020, on a prospective basis. The Company has elected to apply the contract modification expedient and the hedge accounting expedients related to critical terms, probability of forecasted transactions, and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The adoption of, and future elections under ASU 2020-04 and ASU 2021-01, did not and are not expected to have a material impact on the Company’s accounting policies or consolidated financial statements. We will continue to monitor the impact the discontinuance of LIBOR will have on the Company’s contracts, hedging relationships and other transactions . FASB ASC 350 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. The Company adopted ASU No. 2018-15 on a prospective basis on September 1, 2020, the first day of the first quarter of of fiscal year 2021. Adoption of this guidance did not have a material impact 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. The Company adopted ASU No. 2018-13 on a prospective basis on September 1, 2020, the first day of the first quarter of fiscal year 2021. Adoption of this guidance did not have a material impact on the Company’s 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. The amendments in this ASU modify the concept of impairment from the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under this ASU, entities should now calculate any goodwill impairment by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge to the goodwill for the amount by which the carrying amount exceeds the reporting unit's fair value. The amendments in this ASU are effective for annual periods beginning after December 15, 2019. The Company adopted ASU No. 2017-04 on a prospective basis on September 1, 2020, the first day of the first quarter of fiscal year 2021. Adoption of this guidance did not have a material impact on the Company’s 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. The Company adopted the amendments on a prospective basis on September 1, 2020, the first day of the first quarter of fiscal year 2021. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. There were no other new accounting standards that had a material impact on the Company’s consolidated financial statements during the twelve month period ended August 31, 2021, and there were no other new accounting standards or pronouncements that were issued but not yet effective as of August 31, 2021 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)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Aug. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Summary of Restricted Cash	August 31, August 31, 2021 2020 Short-term restricted cash $ 3,647 $ 185 Long-term restricted cash 9,772 4,105 Total restricted cash (1) $ 13,419 $ 4,290 (1) Restricted cash consists mainly of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama. In addition, the Company is required to maintain a certificate of deposit and/or security deposits of Trinidad dollars, as measured in U.S. dollars, of approximately $ 8.6 million with a few of its lenders as compensating balances for several U.S. dollar denominated loans payable over several years. The certificates of deposit will be reduced annually commensurate with the loan balances.
Schedule of Goodwill	Amount Goodwill at August 31, 2020 $ 45,206 Foreign currency exchange rate changes ( 111 ) Goodwill at August 31, 2021 $ 45,095
Schedule of Goodwill and Intangibles	Amount Other intangibles at August 31, 2020 $ 10,166 Amortization ( 2,404 ) Net other intangibles at August 31, 2021 $ 7,762 Total goodwill and other intangibles, net at August 31, 2021 $ 52,857
Schedule of Amortization of Intangible Assets	Twelve Months Ended August 31, Amount 2022 $ 2,404 2023 1,373 2024 205 2025 204 2026 204 Thereafter 3,372 Total $ 7,762
Summary of Value Added Tax Receivables	August 31, August 31, 2021 2020 Prepaid expenses and other current assets $ 3,173 $ 1,749 Other non-current assets 28,437 25,851 Total amount of VAT receivables reported $ 31,610 $ 27,600
Summary of Income Tax Receivables	August 31, August 31, 2021 2020 Prepaid expenses and other current assets $ 11,491 $ 10,944 Other non-current assets 18,872 20,116 Total amount of income tax receivables reported $ 30,363 $ 31,060
Summary of Carrying Value and Fair Value of Debt	August 31, 2021 August 31, 2020 Carrying Value Fair Value (1) Carrying Value Fair Value Long-term debt, including current portion $ 129,505 $ 119,646 $ 132,047 $ 124,085 (1) The Company has disclosed the fair value of long-term debt, including debt for which it has entered into cross-currency interest rate swaps, using the derivative obligation as of August 31, 2021 to estimate the fair value of long-term debt, which includes the effects that the cross-currency interest rate swaps have had on the fair value of long-term debt.
Net Effect of Foreign Currency Translation	Years Ended August 31, 2021 2020 2019 Effect on other comprehensive loss due to foreign currency restatement $ ( 7,837 ) $ ( 29,413 ) $ ( 19,717 )
Summary of Foreign Currency Gains (Losses)	Years Ended August 31, 2021 2020 2019 Currency loss $ ( 5,395 ) $ ( 1,370 ) $ ( 1,476 )
Real Estate Development [Member]
Derivative Instruments, Gain (Loss) [Line Items]
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.
Marketplace And Casillero Store Front [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Schedule of 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

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
REVENUE RECOGNITION (Tables)	Aug. 31, 2021
REVENUE RECOGNITION [Abstract]
Contract Performance Liabilities	Contract Liabilities August 31, 2021 August 31, 2020 Deferred membership income $ 25,951 $ 23,051 Other contract performance liabilities $ 7,871 $ 5,190
Disaggregated Revenues	Years Ended August 31, 2021 August 31, 2020 August 31, 2019 Foods & Sundries $ 1,736,509 $ 1,656,682 $ 1,563,162 Fresh Foods 1,003,694 912,325 847,496 Hardlines 409,644 345,051 358,276 Softlines 175,505 147,085 167,149 Other Business 140,090 130,619 155,565 Net Merchandise Sales $ 3,465,442 $ 3,191,762 $ 3,091,648

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Aug. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Summary of Property and Equipment	August 31, August 31, 2021 2020 Land $ 216,703 $ 215,433 Building and improvements 533,802 498,964 Fixtures and equipment 315,391 287,073 Construction in progress 68,835 44,362 Total property and equipment, historical cost 1,134,731 1,045,832 Less: accumulated depreciation ( 404,527 ) ( 353,553 ) Property and equipment, net $ 730,204 $ 692,279
Summary of Depreciation and Amortization Expense	Years Ended August 31, 2021 2020 2019 Depreciation expense, Property and equipment $ 62,579 $ 58,815 $ 52,554 Amortization expense, Intangible assets 2,404 2,410 2,404 Total depreciation and amortization expense $ 64,983 $ 61,225 $ 54,958
Summary of Total Interest Capitalized	Total interest capitalized (in thousands): Balance as of August 31, August 31, 2021 2020 Total interest capitalized $ 13,175 $ 11,994 Total interest capitalized (in thousands): Years Ended August 31, 2021 2020 2019 Interest capitalized $ 2,282 $ 2,190 $ 2,116
Disposal Group, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Summary of Assets Disposed	Historical Cost Accumulated Depreciation Receivables and Proceeds from Disposal Loss recognized Fiscal Year 2021 $ 10,946 $ 9,534 $ 385 $ ( 1,027 ) Fiscal Year 2020 $ 5,115 $ 4,640 $ 32 $ ( 443 ) Fiscal Year 2019 $ 10,740 $ 9,587 $ 74 $ ( 1,079 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Aug. 31, 2021
EARNINGS PER SHARE [Abstract]
Schedule of the Computation of Net Income Per Share	Years Ended August 31, 2021 2020 2019 Net income attributable to PriceSmart, Inc. $ 97,963 $ 78,109 $ 73,191 Less: Allocation of income to unvested stockholders ( 1,282 ) ( 842 ) ( 721 ) Net income attributable to PriceSmart, Inc. per share available for distribution $ 96,681 $ 77,267 $ 72,470 Basic weighted average shares outstanding 30,403 30,259 30,195 Diluted average shares outstanding 30,403 30,259 30,195 Basic net income per share $ 3.18 $ 2.55 $ 2.40 Diluted net income per share $ 3.18 $ 2.55 $ 2.40

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Aug. 31, 2021
STOCKHOLDERS' EQUITY [Abstract]
Schedule of Dividends	First Payment Second Payment Declared Amount Record Date Date Paid Amount Record Date Date Paid Amount 2/4/2021 $ 0.70 2/15/2021 2/26/2021 $ 0.35 8/15/2021 8/31/2021 $ 0.35 2/6/2020 $ 0.70 2/15/2020 2/28/2020 $ 0.35 8/15/2020 8/31/2020 $ 0.35 1/30/2019 $ 0.70 2/15/2019 2/28/2019 $ 0.35 8/15/2019 8/30/2019 $ 0.35
Schedule of Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	Attributable to Noncontrolling PriceSmart Interests Total Beginning balance, August 31, 2018 $ ( 121,216 ) $ ( 1 ) $ ( 121,217 ) Foreign currency translation adjustments ( 19,717 ) 21 ( 19,696 ) Defined benefit pension plans (1) ( 112 ) — ( 112 ) Derivative Instruments (2) ( 3,369 ) — ( 3,369 ) Amounts reclassified from accumulated other comprehensive loss 75 — 75 Ending balance, August 31, 2019 $ ( 144,339 ) $ 20 $ ( 144,319 ) Foreign currency translation adjustments ( 29,413 ) 114 ( 29,299 ) Defined benefit pension plans (1) ( 79 ) — ( 79 ) Derivative Instruments (2) ( 5,803 ) — ( 5,803 ) Amounts reclassified from accumulated other comprehensive loss 2,814 — 2,814 Ending balance, August 31, 2020 $ ( 176,820 ) $ 134 $ ( 176,686 ) Foreign currency translation adjustments ( 7,837 ) 117 ( 7,720 ) Defined benefit pension plans (1) ( 230 ) — ( 230 ) Derivative Instruments (2) 2,252 — 2,252 Amounts reclassified from accumulated other comprehensive loss 127 — 127 Ending balance, August 31, 2021 $ ( 182,508 ) $ 251 $ ( 182,257 ) (1) 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. (2) Refer to “Note 13 - Derivative Instruments and Hedging Activities.”
Summary of Retained Earnings Not Available for Distribution	August 31, August 31, 2021 2020 Retained earnings not available for distribution $ 8,022 $ 7,375

POST EMPLOYMENT PLANS (Tables)

POST EMPLOYMENT PLANS (Tables)	12 Months Ended
POST EMPLOYMENT PLANS (Tables)	Aug. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Schedule of Net Periodic Benefit Cost	Prior service cost $ 55 Actuarial gain/loss 118 $ 173
Defined Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Schedule of Defined Benefit Plans	Other Long-Term Liability Accumulated Other Comprehensive Loss Operating Expenses August 31, Year Ended August 31, 2021 2020 2021 2020 2021 2020 2019 Start of period $ ( 1,805 ) $ ( 1,579 ) $ 747 $ 772 $ — $ — $ — Service cost ( 184 ) ( 95 ) — — 229 177 187 Interest cost ( 104 ) ( 101 ) — — 104 101 80 Prior service cost (amortization) — — ( 55 ) ( 55 ) 55 55 55 Actuarial gains/(losses) ( 205 ) ( 30 ) 205 30 72 38 19 Totals $ ( 2,298 ) $ ( 1,805 ) $ 897 $ 747 (1) $ 460 $ 371 $ 341 (1) The Company has recorded a deferred tax asset of $ 282,000 and $ 236,000 as of August 31, 2021 and 2020, respectively, relating to the unrealized expense on defined benefit plans. The Company also recorded accumulated other comprehensive loss, net of tax, for $( 615,000 ) and $( 512,000 ) as of August 31, 2021 and 2020, respectively.
Post-Employment Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Schedule of Assumptions Used	Year Ended August 31, Valuation Assumptions: 2021 2020 Discount rate 3.5 % to 7.5 % 3.5 % to 10.7 % Future salary escalation 3.0 % to 4.0 % 3.0 % to 4.1 % Percentage of employees assumed to withdraw from Company without a benefit (“turnover”) 8.3 % to 15.0 % 11.1 % to 15.0 % Percentage of employees assumed to withdraw from Company with a benefit (“disability”) 0.5 % to 6.6 % 0.5 % to 4.9 %
Other Post-Employment Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Summary of Other Post-Employment Plans	Accrued Salaries and Benefits Other Long-Term Liability Restricted Cash Held (1) Operating Expenses Years Ended August 31, 2021 2020 2021 2020 2021 2020 2021 2020 2019 Other Post Employment Plans $ 544 $ 438 $ 4,352 $ 3,813 $ 3,909 $ 3,688 $ 1,447 $ 1,250 $ 1,259 (1) With some locations, local statutes require the applicable Company subsidiary to deposit cash in its own name with designated fund managers. The funds earn interest, which the Company recognizes as interest income.

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	12 Months Ended
STOCK BASED COMPENSATION (Tables)	Aug. 31, 2021
STOCK BASED COMPENSATION [Abstract]
Summary of Shares Authorized and Shares Available for Future Grants	Shares available to grant Shares authorized for issuance as of August 31, 2021 August 31, August 31, (including shares originally authorized for issuance under prior plans) 2021 2020 2013 Plan 1,562,832 705,924 297,366
Summary of Components of Stock-Based Compensation Expense	Years Ended August 31, 2021 2020 2019 Restricted stock awards $ 11,010 $ 8,747 $ 11,477 Restricted stock units 3,939 3,011 2,820 Performance-based restricted stock units 3,475 2,059 764 Stock-based compensation expense $ 18,424 $ 13,817 $ 15,061
Summary of Other Information Related to Stock-Based Compensation	Balance as of August 31, August 31, August 31, 2021 2020 2019 Remaining unrecognized compensation cost (in thousands) $ 16,349 $ 21,720 $ 21,116 Weighted average period of time over which this cost will be recognized (years) 2 2 3 Years Ended August 31, August 31, August 31, 2021 2020 2019 Excess tax deficiency on stock-based compensation (in thousands) $ ( 778 ) $ ( 936 ) $ ( 1,829 )
Summary of Restricted Stock Awards and Units Activity	Years Ended August 31, August 31, August 31, 2021 2020 2019 Grants outstanding at beginning of period 415,869 362,826 385,417 Granted 166,160 266,759 193,489 Forfeited ( 12,436 ) ( 43,198 ) ( 16,127 ) Vested ( 193,971 ) ( 170,518 ) ( 199,953 ) Grants outstanding at end of period 375,622 415,869 362,826
Summary of Weighted Average Per Share Grant Date Fair Value for Restricted Stock Awards and Units	Years Ended August 31, August 31, August 31, Weighted Average Grant Date Fair Value 2021 2020 2019 RSAs, RSUs, and PSUs granted $ 79.02 $ 64.57 $ 65.11 RSAs, RSUs, and PSUs vested $ 70.03 $ 72.82 $ 79.28 RSAs, RSUs, and PSUs forfeited $ 70.56 $ 76.81 $ 75.02
Summary of Total Fair Market Value of Restricted Stock Awards and Units Vested	Years Ended August 31, August 31, August 31, 2021 2020 2019 Total fair market value of RSAs, RSUs, and PSUs vested (in thousands) $ 17,478 $ 10,914 $ 12,302
Summary of Shares Repurchased	Years Ended August 31, August 31, August 31, 2021 2020 2019 Shares repurchased 62,282 56,503 75,462 Cost of repurchase of shares (in thousands) $ 5,542 $ 3,651 $ 4,604
Summary of Treasury Shares Reissued	Years Ended August 31, August 31, August 31, 2021 2020 2019 Reissued treasury shares 96,400 234,370 63,130

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Aug. 31, 2021
INCOME TAXES [Abstract]
Income from Continuing Operations Before Provision for Income Taxes and Loss of Unconsolidated Affiliates	Years Ended August 31, 2021 2020 2019 United States $ 33,818 $ 24,771 $ 25,167 Foreign 113,368 91,269 85,943 Income from continuing operations before provision for income taxes and loss of unconsolidated affiliates $ 147,186 $ 116,040 $ 111,110
Significant Components of Income Tax Provision	Years Ended August 31, 2021 2020 2019 Current: U.S. tax expense $ 16,904 $ 10,046 $ 10,878 Foreign tax expense 35,918 31,122 29,675 Total $ 52,822 $ 41,168 $ 40,553 Deferred: U.S. tax benefit $ ( 10,212 ) $ ( 5,945 ) $ ( 5,978 ) U.S. valuation allowance change 9,777 5,570 6,171 Foreign tax expense (benefit) ( 3,125 ) ( 3,157 ) 966 Foreign valuation allowance change ( 293 ) 128 ( 4,152 ) Total $ ( 3,853 ) $ ( 3,404 ) $ ( 2,993 ) Provision for income taxes $ 48,969 $ 37,764 $ 37,560
Schedule of Reconciliation of Effective Tax Rate	Years Ended August 31, 2021 2020 2019 Federal tax provision at statutory rates 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 0.1 0.1 0.3 Differences in foreign tax rates 6.9 9.7 10.6 Permanent items and other adjustments ( 2.2 ) ( 4.4 ) ( 2.1 ) Increase in valuation allowance 7.5 6.1 4.0 Provision for income taxes 33.3 % 32.5 % 33.8 %
Significant Components of Deferred Tax Assets	August 31, 2021 2020 Deferred tax assets: U.S. net operating loss carryforward $ 2,866 $ 4,416 Foreign tax credits 22,420 12,691 Deferred compensation 2,334 1,357 U.S. timing differences 3,759 3,742 Foreign net operating losses 5,051 4,811 Foreign timing differences: Accrued expenses and other timing differences 7,636 6,808 Depreciation and amortization 10,498 9,043 Deferred income 6,422 5,241 Gross deferred tax assets 60,986 48,109 U.S. deferred tax liabilities (depreciation and other timing differences) ( 4,083 ) ( 4,679 ) Foreign deferred tax liabilities netted against deferred tax assets ( 5,753 ) ( 4,311 ) U.S. valuation allowance ( 22,523 ) ( 12,746 ) Foreign valuation allowance ( 4,402 ) ( 4,701 ) Net deferred tax assets $ 24,225 $ 21,672
Reconciliation of Unrecognized Tax Benefits	Years Ended August 31, 2021 2020 2019 Balance at beginning of fiscal year $ 4,573 $ 6,490 $ 7,005 Gross increase - tax positions in prior period 135 464 530 Gross decrease - tax positions in prior period ( 306 ) — — Additions based on tax positions related to the current year 333 186 94 Expiration of the statute of limitations for the assessment of taxes ( 824 ) ( 2,567 ) ( 1,139 ) Balance at end of fiscal year $ 3,911 $ 4,573 $ 6,490
Summary of Income Tax Examinations	Tax Jurisdiction Fiscal Years Subject to Audit U.S. federal 2005, 2007, 2011* to 2016, 2017 to the present California (U.S.) (state return) 2005 and 2017 to the present Florida (U.S.) (state return) 2011 to 2017, 2018 to the present Aruba 2016 to the present Barbados 2015 to the present Costa Rica 2011 to 2012, 2015 to the present Colombia 2016 to the present Dominican Republic 2011 to 2012 and 2016 to the present El Salvador 2018 to the present Guatemala 2012 to 2013, 2017 the present Honduras 2016 to the present Jamaica 2015 to the present Mexico 2016 to the present Nicaragua 2017 to the present Panama 2017, 2018 to the present Trinidad 2015 to the present U.S. Virgin Islands 2001 to the present Spain 2018 to the present Chile 2018* to the present *Aeropost only

DEBT (Tables)

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Aug. 31, 2021
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 August 31, 2021 $ 131,000 $ — $ 97 $ 130,903 — % August 31, 2020 $ 81,210 $ 65,143 $ 388 $ 15,679 3.7 %
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 6,062 6,000 12,062 Regularly scheduled loan payments ( 5,393 ) ( 9,771 ) ( 15,164 ) Refinances of short-term debt ( 11,046 ) 11,046 — Reclassifications of long-term debt due in the next 12 months 3,875 ( 3,875 ) — Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (3) 64 ( 321 ) ( 257 ) Balances as of August 31, 2020 19,437 112,610 132,047 (2) Proceeds from long-term debt incurred during the period: Trinidad subsidiary 2,736 14,829 17,565 Regularly scheduled loan payments ( 5,168 ) ( 14,825 ) ( 19,993 ) Reclassifications of long-term debt due in the next 12 months 2,368 ( 2,368 ) — Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar (3) 22 ( 136 ) ( 114 ) Balances as of August 31, 2021 $ 19,395 $ 110,110 $ 129,505 (4) (1) The carrying amount on non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans. (2) The carrying amount on non-cash assets assigned as collateral for these loans was $ 158.6 million. No cash assets were assigned as collateral for these loans. (3) These foreign currency translation adjustments are recorded within other comprehensive loss. (4) The carrying amount on non-cash assets assigned as collateral for these loans was $ 153.5 million. The carrying amount on cash assets assigned as collateral for these loans was $ 7.0 million.
Schedule of Long-Term Debt	August 31, August 31, 2021 2020 Loans entered into by the Company's subsidiaries for which the subsidiary has entered into a cross-currency interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants $ 38,531 $ 42,585 Loans entered into by the Company's subsidiaries for which the subsidiary has entered into an interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants 42,744 45,519 Unswapped loans entered into by the Company's subsidiaries with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants 48,230 43,943 Total long-term debt 129,505 132,047 Less: current portion 19,395 19,437 Long-term debt, net of current portion $ 110,110 $ 112,610
Schedule of Annual Maturities of Long-Term Debt	Twelve Months Ended August 31, Amount 2022 $ 19,395 2023 27,427 2024 11,264 2025 25,730 2026 10,844 Thereafter 34,845 Total $ 129,505

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Aug. 31, 2021
LEASES [Abstract]
Summary of Components of Total Lease Costs	Years Ended August 31, 2021 2020 Operating lease cost $ 17,724 $ 17,305 Short-term lease cost 167 236 Variable lease cost 4,410 3,679 Sublease income ( 891 ) ( 1,061 ) Total lease costs $ 21,410 $ 20,159
Weighted Average Remaining Lease Term and Weighted Average Discount Rate	Years Ended August 31, 2021 2020 Weighted average remaining lease term in years 18.3 18.2 Weighted average discount rate percentage 6.7 % 6.4 %
Supplemental Cash Flow Information Related To Leases	Years Ended August 31, 2021 2020 Operating cash flows paid for operating leases $ 16,420 $ 15,392
Schedule of Future Minimum Lease Commitments	Leased Years Ended August 31, Locations 2022 $ 16,436 2023 15,442 2024 14,864 2025 14,606 2026 13,014 Thereafter 176,386 Total future lease payments 250,748 Less imputed interest ( 112,966 ) Total operating lease liabilities $ 137,782

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	12 Months Ended
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	Aug. 31, 2021
Derivative [Line Items]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	August 31, 2021 August 31, 2020 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 $ 2,464 $ ( 741 ) $ 1,723 $ 872 $ ( 265 ) $ 607 Interest rate swaps Other long-term liabilities ( 2,305 ) 535 ( 1,770 ) ( 3,857 ) 898 ( 2,959 ) Cross-currency interest rate swaps Other long-term liabilities ( 705 ) 212 ( 493 ) ( 828 ) 248 ( 580 ) Net fair value of derivatives designated as hedging instruments $ ( 546 ) $ 6 $ ( 540 ) $ ( 3,813 ) $ 881 $ ( 2,932 )
Schedule of Open Non-Deliverable Forward Foreign Exchange Contracts	Subsidiary Dates entered into Financial Derivative (Counterparty) Derivative Financial Instrument Notional Amount (in thousands) Settlement Date Effective Period of Forward Colombia 28-Apr-21 Scotiabank Colpatria, S.A. Forward foreign exchange contracts (USD) $ 5,000 28-Dec-21 April 28, 2021 - December 28, 2021 Colombia 28-May-21 Scotiabank Colpatria, S.A. Forward foreign exchange contracts (USD) $ 2,000 29-Dec-21 May 28, 2021 - December 29, 2021
Cash Flow Hedging [Member]
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
Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Schedule of Notional Amounts of Outstanding Derivative Positions	Notional Amount as of August 31, August 31, Floating Rate Payer (Swap Counterparty) 2021 2020 Union Bank $ 32,619 $ 33,894 Citibank N.A. 51,032 55,086 Scotiabank 10,125 11,625 Total $ 93,776 $ 100,605
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 year ended August 31, 2021 $ 2,619 $ 3,655 $ 6,274 Interest expense for the year ended August 31, 2020 $ 4,045 $ 2,416 $ 6,461 Interest expense for the year ended August 31, 2019 $ 4,732 $ 511 $ 5,243 (1) This amount is representative of the interest expense recognized on the underlying hedged transactions. (2) This amount is representative of the interest expense recognized on the interest rate swaps and cross currency swaps designated as cash flow hedging instruments.
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	Years Ended August 31, Income Statement Classification 2021 2020 2019 Other expense, net $ — $ ( 912 ) $ —

UNCONSOLIDATED AFFILIATES (Tabl

UNCONSOLIDATED AFFILIATES (Tables)	12 Months Ended
UNCONSOLIDATED AFFILIATES (Tables)	Aug. 31, 2021
UNCONSOLIDATED AFFILIATES [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 $ ( 8 ) $ 7,010 $ 99 $ 7,109 Price Plaza Alajuela PPA, S.A. 50 % 2,193 1,236 105 3,534 785 4,319 Total $ 6,809 $ 3,638 $ 97 $ 10,544 $ 884 $ 11,428 (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.
Summary of Financial Information of Unconsolidated Affiliates	August 31, August 31, 2021 2020 Current assets $ 1,728 $ 1,398 Noncurrent assets 10,253 10,686 Current liabilities 151 138 Noncurrent liabilities 8 8 Years Ended August 31, 2021 2020 2019 PriceSmart's share of net loss of unconsolidated affiliates $ ( 58 ) $ ( 95 ) $ ( 61 )

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
SEGMENTS (Tables)	Aug. 31, 2021
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 Year Ended August 31, 2021 Revenue from external customers $ 88,397 $ 2,105,856 $ 1,004,793 $ 420,825 $ — $ 3,619,871 Intersegment revenues 1,280,236 17,861 5,087 3,869 ( 1,307,053 ) — Depreciation, Property and equipment 6,970 31,319 15,432 8,858 — 62,579 Amortization, Intangibles 2,404 — — — — 2,404 Operating income (loss) 12,687 151,933 74,769 21,932 ( 103,301 ) 158,020 Interest income from external sources 13 878 985 103 — 1,979 Interest income from intersegment sources 2,130 2,393 483 — ( 5,006 ) — Interest expense from external sources 1,606 2,831 427 2,346 — 7,210 Interest expense from intersegment sources 34 1,286 2,647 298 ( 4,265 ) — Provision for income taxes 15,919 22,661 8,006 2,383 — 48,969 Net income (loss) attributable to PriceSmart, Inc. ( 4,777 ) 127,879 61,025 17,333 ( 103,497 ) 97,963 Long-lived assets (other than deferred tax assets) (3) 79,404 490,099 197,030 164,970 — 931,503 Intangibles, net 7,762 — — — — 7,762 Goodwill 10,695 24,332 10,068 — — 45,095 Investment in unconsolidated affiliates — 10,544 — — — 10,544 Total assets 246,896 795,940 434,428 228,526 — 1,705,790 Capital expenditures, net 9,061 45,524 23,342 28,181 — 106,108 Year Ended August 31, 2020 Revenue from external customers $ 73,703 $ 1,895,857 $ 993,657 $ 365,971 $ — $ 3,329,188 Intersegment revenues 1,148,004 16,524 4,909 2,723 ( 1,172,160 ) — Depreciation, Property and equipment 6,888 29,312 15,441 7,174 — 58,815 Amortization, Intangibles 2,410 — — — — 2,410 Operating income (loss) 3,873 125,351 57,217 18,071 ( 82,044 ) 122,468 Interest income from external sources 7 612 749 663 — 2,031 Interest income from intersegment sources 2,065 2,566 431 — ( 5,062 ) — Interest expense from external sources 1,890 3,425 310 2,000 — 7,625 Interest expense from intersegment sources 39 1,547 2,258 561 ( 4,405 ) — Provision for income taxes 10,106 20,001 6,416 1,241 — 37,764 Net income (loss) attributable to PriceSmart, Inc. ( 7,578 ) 103,697 50,553 13,554 ( 82,117 ) 78,109 Long-lived assets (other than deferred tax assets) (3) 81,008 475,744 177,166 146,862 — 880,780 Intangibles, net 10,166 — — — — 10,166 Goodwill 10,696 24,418 10,092 — — 45,206 Investment in unconsolidated affiliates — 10,602 — — — 10,602 Total assets 272,190 741,523 395,244 247,868 — 1,656,825 Capital expenditures, net 6,072 48,150 14,460 35,565 — 104,247 Year Ended August 31, 2019 Revenue from external customers $ 68,335 $ 1,831,761 $ 933,886 $ 389,936 $ — $ 3,223,918 Intersegment revenues 1,205,986 11,185 4,507 1,498 ( 1,223,176 ) — Depreciation, Property and equipment 5,334 24,684 14,052 8,484 — 52,554 Amortization, Intangibles 2,404 — — — — 2,404 Operating income (loss) 3,805 122,629 50,724 14,909 ( 76,900 ) 115,167 Interest income from external sources 74 499 568 348 — 1,489 Interest income from intersegment sources 1,408 1,877 724 — ( 4,009 ) — Interest expense from external sources 1,377 2,368 ( 401 ) 595 — 3,939 Interest expense from intersegment sources 60 1,505 2,132 8 ( 3,705 ) — Provision for income taxes 11,280 19,429 6,615 236 — 37,560 Net income (loss) attributable to PriceSmart, Inc. ( 8,518 ) 100,614 44,168 14,124 ( 77,197 ) 73,191 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 Investment in unconsolidated affiliates — 10,697 — — — 10,697 Total assets 161,583 614,579 340,216 180,033 — 1,296,411 Capital expenditures, net 8,439 85,962 28,434 22,832 — 145,667 (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 (fiscal year 2020), 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 August 31, 2021 and August 31, 2020 is not comparable with that as of August 31, 2019.

COMPANY OVERVIEW AND BASIS OF_2

COMPANY OVERVIEW AND BASIS OF PRESENTATION (Narrative) (Details)	Feb. 28, 2022store	Aug. 31, 2021countrystore
Company Overview And Basis Of Presentation [Line Items]
Number of stores		47
Number of countries \| country		13
Number of countries that offer curbside pickup and delivery service \| country		13
Ownership interest		100.00%
Scenario, Forecast [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores	50
Colombia [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores		8
Costa Rica [Member]
Company Overview And Basis Of Presentation [Line Items]
Number of stores		8
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
Guatemala City, Guatemala and Bucaramanga, Colombia [Member] \| Scenario, Forecast [Member]
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]
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 Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill and other intangibles, net	$ 52,857	$ 55,400
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Straight-line basis period	25 years
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Straight-line basis period	5 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tax Receivables) (Narrative) (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Tax Receivables [Line Items]
Value added tax receivable	$ 31,610	$ 27,600
Income taxes receivable	30,363	31,060
Unknown Country [Member]
Tax Receivables [Line Items]
Value added tax receivable	9,700	7,000
Deferred tax assets, net	3,300	2,800
Income taxes receivable	$ 11,000	$ 10,400	$ 11,000

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock Based Compensation) (Narrative) (Details)	12 Months Ended
	Aug. 31, 2021item
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Number of types of equity awards issued	3

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Treasury Stock) (Narrative) (Details) - shares	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Reissued treasury shares	96,400	234,370	63,130

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurements) (Narrative) (Details) - USD ($)	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Non-financial asset impairment	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Joint Ventures) (Details)	12 Months Ended
	Aug. 31, 2021
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_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Restricted Cash) (Details) - USD ($) $ in Thousands		Aug. 31, 2021	Aug. 31, 2020
Cash and Cash Equivalents [Line Items]
Short-term restricted cash		$ 3,647	$ 185
Long-term restricted cash		9,772	4,105
Total restricted cash	[1]	13,419	$ 4,290
Certificates of Deposit [Member]
Cash and Cash Equivalents [Line Items]
Total restricted cash		$ 8,600

[1]	Restricted cash consists mainly of cash deposits held within banking institutions in compliance with federal regulatory requirements in Costa Rica and Panama. In addition, the Company is required to maintain a certificate of deposit and/or security deposits of Trinidad dollars, as measured in U.S. dollars, of approximately $ 8.6 million with a few of its lenders as compensating balances for several U.S. dollar denominated loans payable over several years. The certificates of deposit will be reduced annually commensurate with the loan balances.

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Goodwill) (Details) $ in Thousands	12 Months Ended
	Aug. 31, 2021USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Beginning balance	$ 45,206
Foreign currency exchange rate changes	(111)
Ending balance	$ 45,095

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Goodwill and Intangibles) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Beginning balance	$ 10,166
Amortization	(2,404)	$ (2,410)	$ (2,404)
Ending balance		10,166
Net other intangibles at August 31, 2020	7,762	10,166
Total goodwill and other intangibles, net	$ 52,857	$ 55,400

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
2022	$ 2,404
2023	1,373
2024	205
2025	204
2026	204
Thereafter	3,372
Total	$ 7,762	$ 10,166	$ 12,576

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Value Added Tax Receivables) (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Value Added Tax, Prepaid expenses and other current assets	$ 3,173	$ 1,749
Value Added Tax, Other non-current assets	28,437	25,851
Total amount of VAT receivables reported	$ 31,610	$ 27,600

SUMMARY OF SIGNIFICANT ACCOU_15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Income Tax Receivables) (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Income Tax Receivable, Prepaid expenses and other current assets	$ 11,491	$ 10,944
Income Tax Receivable, Other non-current assets	18,872	20,116
Total amount of income tax receivables reported	$ 30,363	$ 31,060

SUMMARY OF SIGNIFICANT ACCOU_16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Carrying Value and Fair Value of Debt) (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Aug. 31, 2021		Aug. 31, 2020
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 129,505		$ 132,047
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 119,646	[1]	$ 124,085

[1]	The Company has disclosed the fair value of long-term debt, including debt for which it has entered into cross-currency interest rate swaps, using the derivative obligation as of August 31, 2021 to estimate the fair value of long-term debt, which includes the effects that the cross-currency interest rate swaps have had on the fair value of long-term debt.

SUMMARY OF SIGNIFICANT ACCOU_17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Net Effect of Foreign Currency Translation) (Details) - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Effect on other comprehensive loss due to foreign currency translation	[1]	$ (7,837)	$ (29,413)	$ (19,717)

[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_18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Summary of Foreign Currency Gains (Losses)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Currency loss	$ (5,395)	$ (1,370)	$ (1,476)

REVENUE RECOGNITION (Narrative)

REVENUE RECOGNITION (Narrative) (Details)	12 Months Ended
REVENUE RECOGNITION (Narrative) (Details)	Aug. 31, 2021USD ($)country
REVENUE RECOGNITION [Abstract]
Platinum membership redemption rate	100.00%
Annual membership fee	$ 75
Platinum membership rebate	2.00%
Maximum Platinum annual membership rebate	$ 500
Platinum membership recorded liability	95.00%
Breakage revenue percent	5.00%
Number of countries \| country	13

REVENUE RECOGNITION (Contract P

REVENUE RECOGNITION (Contract Performance Liabilities) (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020
Deferred Membership Income [Member]
Contract with Customer, Asset and Liability [Line Items]
Contract Liabilities	$ 25,951	$ 23,051
Other Contract Performance Liabilities [Member]
Contract with Customer, Asset and Liability [Line Items]
Contract Liabilities	$ 7,871	$ 5,190

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregated Revenues) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	$ 3,465,442	$ 3,191,762	$ 3,091,648
Foods And Sundries [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	1,736,509	1,656,682	1,563,162
Fresh Foods [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	1,003,694	912,325	847,496
Hardlines [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	409,644	345,051	358,276
Softlines [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	175,505	147,085	167,149
Other Business [Member]
Disaggregation of Revenue [Line Items]
Net Merchandise Sales	$ 140,090	$ 130,619	$ 155,565

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
Property, Plant and Equipment [Line Items]
Accounts payable	$ 388,791	$ 373,172
Other accrued expenses	39,736	37,731
Other long-term liabilities	10,930	12,182
Construction In Progress [Member]
Property, Plant and Equipment [Line Items]
Accounts payable	1,200	2,200
Other accrued expenses	2,300	7,300
Other long-term liabilities	$ 0	$ 1,000
Minimum [Member] \| Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum [Member] \| Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life	10 years
Maximum [Member] \| Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful life	15 years
Maximum [Member] \| Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life	40 years

PROPERTY AND EQUIPMENT (Summary

PROPERTY AND EQUIPMENT (Summary of Property and Equipment) (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment, historical cost	$ 1,134,731	$ 1,045,832
Less: accumulated depreciation	(404,527)	(353,553)
Property and equipment, net	730,204	692,279
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, historical cost	216,703	215,433
Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, historical cost	533,802	498,964
Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, historical cost	315,391	287,073
Construction In Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, historical cost	$ 68,835	$ 44,362

PROPERTY AND EQUIPMENT (Summa_2

PROPERTY AND EQUIPMENT (Summary of Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
PROPERTY AND EQUIPMENT [Abstract]
Depreciation, Property and equipment	$ 62,579	$ 58,815	$ 52,554
Amortization expense, Intangible assets	2,404	2,410	2,404
Total depreciation and amortization expense	$ 64,983	$ 61,225	$ 54,958

PROPERTY AND EQUIPMENT (Summa_3

PROPERTY AND EQUIPMENT (Summary of Total Interest Capitalized) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
PROPERTY AND EQUIPMENT [Abstract]
Total interest capitalized	$ 13,175	$ 11,994
Interest capitalized	$ 2,282	$ 2,190	$ 2,116

PROPERTY AND EQUIPMENT (Summa_4

PROPERTY AND EQUIPMENT (Summary of Assets Disposed) (Details) - Disposal Group, Not Discontinued Operations [Member] - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Historical Cost	$ 10,946	$ 5,115	$ 10,740
Accumulated Depreciation	9,534	4,640	9,587
Receivables and Proceeds from Disposal	385	32	74
Loss Recognized	$ (1,027)	$ (443)	$ (1,079)

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	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
EARNINGS PER SHARE [Abstract]
Net income attributable to PriceSmart, Inc.	$ 97,963	$ 78,109	$ 73,191
Less: Allocation of income to unvested stockholders	(1,282)	(842)	(721)
Net income attributable to PriceSmart, Inc. per share available for distribution	$ 96,681	$ 77,267	$ 72,470
Basic weighted average shares outstanding	30,403	30,259	30,195
Diluted average shares outstanding	30,403	30,259	30,195
Basic net income per share	$ 3.18	$ 2.55	$ 2.40
Diluted net income per share	$ 3.18	$ 2.55	$ 2.40

STOCKHOLDERS' EQUITY (Schedule

STOCKHOLDERS' EQUITY (Schedule of Dividends) (Details) - $ / shares

Aug. 31, 2021

Feb. 26, 2021

Feb. 04, 2021

Aug. 31, 2020

Feb. 28, 2020

Feb. 06, 2020

Aug. 30, 2019

Feb. 28, 2019

Jan. 30, 2019

Aug. 31, 2021

Aug. 31, 2020

Aug. 31, 2019

Dividends Payable [Line Items]

Amount

$ 0.70

2021 Dividend Declared [Member]

Dividends Payable [Line Items]

Declared

Feb. 4,
2021

Amount

$ 0.70

Payment Amount

$ 0.35

2021 Dividend Declared [Member] | First Payment [Member]

Dividends Payable [Line Items]

Record Date

Feb. 15,
2021

Date Paid

Feb. 26,
2021

2021 Dividend Declared [Member] | Second Payment [Member]

Dividends Payable [Line Items]

Record Date

Aug. 15,
2021

Date Paid

Aug. 31,
2021

2020 Dividend Declared [Member]

Dividends Payable [Line Items]

Declared

Feb. 6,
2020

Amount

$ 0.70

Payment Amount

$ 0.35

2020 Dividend Declared [Member] | First Payment [Member]

Dividends Payable [Line Items]

Record Date

Feb. 15,
2020

Date Paid

Feb. 28,
2020

2020 Dividend Declared [Member] | Second Payment [Member]

Dividends Payable [Line Items]

Record Date

Aug. 15,
2020

Date Paid

Aug. 31,
2020

2019 Dividend Declared [Member]

Dividends Payable [Line Items]

Declared

Jan. 30,
2019

Amount

$ 0.70

Payment Amount

$ 0.35

2019 Dividend Declared [Member] | First Payment [Member]

Dividends Payable [Line Items]

Record Date

Feb. 15,
2019

Date Paid

Feb. 28,
2019

2019 Dividend Declared [Member] | Second Payment [Member]

Dividends Payable [Line Items]

Record Date

Aug. 15,
2019

Date Paid

Aug. 30,
2019

STOCKHOLDERS' EQUITY (Schedul_2

STOCKHOLDERS' EQUITY (Schedule of Components of Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, Attributable to PriceSmart		$ 831,719
Other comprehensive income (loss), Attributable to PriceSmart		(5,571)	$ (32,367)	$ (23,102)
Balance, Attributable to PriceSmart		915,345	831,719
Balance		832,732	798,279	758,638
Balance		916,214	832,732	798,279
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, Attributable to PriceSmart		(176,820)	(144,339)	(121,216)
Other comprehensive income (loss), Attributable to PriceSmart		(5,688)	(32,481)	(23,123)
Balance, Attributable to PriceSmart		(182,508)	(176,820)	(144,339)
Balance		(176,820)	(144,339)	(121,216)
Balance		(182,508)	(176,820)	(144,339)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), Attributable to PriceSmart		(7,837)	(29,413)	(19,717)
Defined Benefit Pension Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), Attributable to PriceSmart	[1]	(230)	(79)	(112)
Derivative Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), Attributable to PriceSmart	[2]	2,252	(5,803)	(3,369)
Reclassification From Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), Attributable to PriceSmart		127	2,814	75
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		134	20	(1)
Balance		251	134	20
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)		117	114	21
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		(176,686)	(144,319)	(121,217)
Balance		(182,257)	(176,686)	(144,319)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)		(7,720)	(29,299)	(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)	[1]	(230)	(79)	(112)
Accumulated Derivative Instruments Including Portion Attributable To Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	[2]	2,252	(5,803)	(3,369)
Reclassification From Other Comprehensive Income (Loss) Including Portion Attributable To Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)		$ 127	$ 2,814	$ 75

[1]	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.
[2]	Refer to “Note 13 - Derivative Instruments and Hedging Activities.

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Retained Earnings Not Available for Distribution) (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020
STOCKHOLDERS' EQUITY [Abstract]
Retained earnings not available for distribution	$ 8,022	$ 7,375

POST EMPLOYMENT PLANS (Narrativ

POST EMPLOYMENT PLANS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Maximum contribution rate of annual eligible earnings to be matched under 401(k) plans	4.00%
U.S. Federal [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Cost Recognized	$ 2.6	$ 2.2	$ 2.1
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Cost Recognized	$ 3	$ 3.1	$ 3
Maximum [Member] \| Non-Officer [Member]
Defined Benefit Plan Disclosure [Line Items]
Employee contribution rate	2.00%

POST EMPLOYMENT PLANS (Schedule

POST EMPLOYMENT PLANS (Schedule of Defined Benefit Plans) (Details) - USD ($)	12 Months Ended
	Aug. 31, 2021		Aug. 31, 2020		Aug. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Start of period	$ (1,805,000)		$ (1,579,000)
Service cost	(184,000)		(95,000)
Interest cost	(104,000)		(101,000)
Actuarial gains/(losses)	(205,000)		(30,000)
Totals	(2,298,000)		(1,805,000)		$ (1,579,000)
Start of period, Accumulated Other Comprehensive Loss	747,000	[1]	772,000
Prior service cost (amortization), Accumulated Other Comprehensive Loss	(55,000)		(55,000)
Actuarial gains/(losses), Accumulated Other Comprehensive Loss	205,000		30,000
Totals, Accumulated Other Comprehensive Loss	897,000		747,000	[1]	772,000
Deferred tax asset on defined benefit plan	282,000		236,000
Accumulated other comprehensive loss, net of tax	(615,000)		(512,000)
Operating Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	229,000		177,000		187,000
Interest cost	(104,000)		(101,000)		(80,000)
Prior service cost (amortization)	(55,000)		(55,000)		(55,000)
Actuarial gains/(losses), Operating Expenses	72,000		38,000		19,000
Totals	$ 460,000		$ 371,000		$ 341,000

[1]	The Company has recorded a deferred tax asset of $ 282,000 and $ 236,000 as of August 31, 2021 and 2020, respectively, relating to the unrealized expense on defined benefit plans. The Company also recorded accumulated other comprehensive loss, net of tax, for $( 615,000 ) and $( 512,000 ) as of August 31, 2021 and 2020, respectively.

POST EMPLOYMENT PLANS (Schedu_2

POST EMPLOYMENT PLANS (Schedule of Assumptions Used) (Details) - Post-Employment Benefit Plans [Member]	Aug. 31, 2021	Aug. 31, 2020
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.50%	3.50%
Future salary escalation	3.00%	3.00%
Percentage of employees assumed to withdraw from Company without a benefit (“turnover”)	8.30%	11.10%
Percentage of employees assumed to withdraw from Company with a benefit (“disability”)	0.50%	0.50%
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	7.50%	10.70%
Future salary escalation	4.00%	4.10%
Percentage of employees assumed to withdraw from Company without a benefit (“turnover”)	15.00%	15.00%
Percentage of employees assumed to withdraw from Company with a benefit (“disability”)	6.60%	4.90%

POST EMPLOYMENT PLANS (Schedu_3

POST EMPLOYMENT PLANS (Schedule of Net Periodic Benefit Cost) (Details) $ in Thousands	Aug. 31, 2021USD ($)
POST EMPLOYMENT PLANS [Abstract]
Prior service cost	$ 55
Actuarial gain/loss	118
Total	$ 173

POST EMPLOYMENT PLANS (Summary

POST EMPLOYMENT PLANS (Summary of Other Post Employment Plans) (Details) - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Accrued Salaries And Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Post Employment Plans		$ 544	$ 438
Other Long-term Liabilities [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Post Employment Plans		4,352	3,813
Restricted Cash Held [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Post Employment Plans	[1]	3,909	3,688
Operating Expense [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Post Employment Plans		$ 1,447	$ 1,250	$ 1,259

[1]	With some locations, local statutes require the applicable Company subsidiary to deposit cash in its own name with designated fund managers. The funds earn interest, which the Company recognizes as interest income.

STOCK BASED COMPENSATION (Narra

STOCK BASED COMPENSATION (Narrative) (Details)	Jan. 22, 2013itemshares	Aug. 31, 2021itemshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of types of equity awards issued \| item		3
Number of maximum aggregate shares to be issued		2,031,818
2013 Equity Incentive Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,100,000	1,562,832
Number of additional shares authorized		500,000
Number of previous equity incentive plans \| item	3

STOCK BASED COMPENSATION (Summa

STOCK BASED COMPENSATION (Summary of Shares Authorized and Shares Available for Future Grants) (Details) - 2013 Equity Incentive Award Plan [Member] - shares	Aug. 31, 2021	Aug. 31, 2020	Jan. 22, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance	1,562,832		1,100,000
Shares available to grant	705,924	297,366

STOCK BASED COMPENSATION (Sum_2

STOCK BASED COMPENSATION (Summary of Components of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
STOCK BASED COMPENSATION [Abstract]
Restricted stock awards	$ 11,010	$ 8,747	$ 11,477
Restricted stock units	3,939	3,011	2,820
Performance-based restricted stock units	3,475	2,059	764
Stock-based compensation expense	$ 18,424	$ 13,817	$ 15,061

STOCK BASED COMPENSATION (Sum_3

STOCK BASED COMPENSATION (Summary of Other Information Related to Stock-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
STOCK BASED COMPENSATION [Abstract]
Remaining unrecognized compensation cost (in thousands)	$ 16,349	$ 21,720	$ 21,116
Weighted average period of time over which this cost will be recognized (years)	2 years	2 years	3 years
Excess tax deficiency on stock-based compensation (in thousands)	$ (778)	$ (936)	$ (1,829)

STOCK BASED COMPENSATION (Sum_4

STOCK BASED COMPENSATION (Summary of Restricted Stock Awards and Units Activity) (Details) - shares shares in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
STOCK BASED COMPENSATION [Abstract]
Grants outstanding at beginning of period	415,869	362,826	385,417
Granted	166,160	266,759	193,489
Forfeited	(12,436)	(43,198)	(16,127)
Vested	(193,971)	(170,518)	(199,953)
Grants outstanding at end of period	375,622	415,869	362,826

STOCK BASED COMPENSATION (Sum_5

STOCK BASED COMPENSATION (Summary of Weighted Average Per Share Grant Date Fair Value for Restricted Stock Awards and Units) (Details) - $ / shares	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
STOCK BASED COMPENSATION [Abstract]
RSAs, RSUs, and PSUs granted	$ 79.02	$ 64.57	$ 65.11
RSAs, RSUs, and PSUs vested	70.03	72.82	79.28
RSAs, RSUs, and PSUs forfeited	$ 70.56	$ 76.81	$ 75.02

STOCK BASED COMPENSATION (Sum_6

STOCK BASED COMPENSATION (Summary of Total Fair Market Value of Restricted Stock Awards and Units Vested) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
STOCK BASED COMPENSATION [Abstract]
Total fair market value of RSAs, RSUs, and PSUs vested	$ 17,478	$ 10,914	$ 12,302

STOCK BASED COMPENSATION (Sum_7

STOCK BASED COMPENSATION (Summary of Shares Repurchased) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
STOCK BASED COMPENSATION [Abstract]
Shares repurchased	62,282	56,503	75,462
Cost of repurchase of shares (in thousands)	$ 5,542	$ 3,651	$ 4,604

STOCK BASED COMPENSATION (Sum_8

STOCK BASED COMPENSATION (Summary of Treasury Shares Reissued) (Details) - shares	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
STOCK BASED COMPENSATION [Abstract]
Reissued treasury shares	96,400	234,370	63,130

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions	Aug. 31, 2021	Aug. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Accrual for taxes other than income taxes, Current	$ 1.8	$ 2.5
Contractual obligation	16.2	$ 5.1
Purchase options, Land	$ 13.3

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details)	12 Months Ended
INCOME TAXES (Narrative) (Details)	Aug. 31, 2021USD ($)country	Aug. 31, 2020USD ($)	Aug. 31, 2019USD ($)	Aug. 31, 2018USD ($)
Income Tax Contingency [Line Items]
Provision for income taxes, percentage	33.30%	32.50%	33.80%
Favorable impact due to greater portion of income falling into lower tax jurisdiction	2.50%
Unfavorable impact from nonrecurrence of changes in income tax liabilities from uncretain tax position	1.80%
Unfavorable net impact resulting from the U.S. Tax Reform Transition Tax	0.40%
Unfavorable impact due to valuation allowances on deferred tax assets from foreign tax credits, percent	0.40%
Deferred Tax Assets, Net, Foreign	$ 19,500,000	$ 16,900,000
Operating loss carryforwards (NOLs), annual limitation amount	6,100,000
Undistributed foreign earnings	254,500,000	177,500,000
Unrecognized tax benefits	3,911,000	4,573,000	$ 6,490,000	$ 7,005,000
Deferred income taxes that could reduce unrecognized tax benefits	1,500,000
Timing Adjustments	400,000
Unrecognized tax benefit, net amount if recognized would favorably affect the effective tax rate	3,500,000
Expected change in unrecognized tax benefits reduction of taxes payable	900,000
Income taxes receivable	30,363,000	31,060,000
Income tax interest and/or penalties accrued	$ 1,600,000	2,000,000
Number of countries that require the Company to pay taxes based on a percentage of sales rather than income \| country	2
Florida State Jurisdiction [Member] \| Aeropost, Inc [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 15,700,000
NOL expected to expire	11,100,000
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	10,300,000
State [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	15,700,000
Unknown Country [Member]
Income Tax Contingency [Line Items]
Deferred tax assets, net	3,300,000	2,800,000
Income taxes receivable	$ 11,000,000	$ 10,400,000	$ 11,000,000

INCOME TAXES (Income from Conti

INCOME TAXES (Income from Continuing Operations Before Provision for Income Taxes and Loss of Unconsolidated Affiliates) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
INCOME TAXES [Abstract]
United States	$ 33,818	$ 24,771	$ 25,167
Foreign	113,368	91,269	85,943
Income before provision for income taxes and loss of unconsolidated affiliates	$ 147,186	$ 116,040	$ 111,110

INCOME TAXES (Significant Compo

INCOME TAXES (Significant Components of Income Tax Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Current:
U.S. tax expense	$ 16,904	$ 10,046	$ 10,878
Foreign tax expense	35,918	31,122	29,675
Total	52,822	41,168	40,553
Deferred:
U.S. tax expense (benefit)	(10,212)	(5,945)	(5,978)
U.S. valuation allowance change	9,777	5,570	6,171
Foreign tax expense (benefit)	(3,125)	(3,157)	966
Foreign valuation allowance change	(293)	128	(4,152)
Total	(3,853)	(3,404)	(2,993)
Provision for income taxes	$ 48,969	$ 37,764	$ 37,560

INCOME TAXES (Schedule of Recon

INCOME TAXES (Schedule of Reconciliation of Effective Tax Rate) (Details)	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Federal tax provision at statutory rates	21.00%	21.00%	21.00%
State taxes, net of federal benefit	0.10%	0.10%	0.30%
Differences in foreign tax rates	6.90%	9.70%	10.60%
Permanent items and other adjustments	(2.20%)	(4.40%)	(2.10%)
(Decrease)/increase in valuation allowance	7.50%	6.10%	4.00%
Provision for income taxes	33.30%	32.50%	33.80%

INCOME TAXES (Significant Com_2

INCOME TAXES (Significant Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020
Deferred tax assets:
U.S. net operating loss carryforward	$ 2,866	$ 4,416
Foreign tax credits	22,420	12,691
Deferred compensation	2,334	1,357
U.S. timing differences	3,759	3,742
Foreign net operating losses	5,051	4,811
Gross deferred tax assets	60,986	48,109
U.S. deferred tax liabilities (depreciation and other timing differences)	(4,083)	(4,679)
Foreign deferred tax liabilities netted against deferred tax assets	(5,753)	(4,311)
U.S. valuation allowance	(22,523)	(12,746)
Foreign valuation allowance	(4,402)	(4,701)
Net deferred tax assets	24,225	21,672
Accrued Expenses And Other Timing Differences, Foreign Timing Differences [Member]
Deferred tax assets:
Foreign timing differences	7,636	6,808
Depreciation And Amortization, Foreign Timing Differences [Member]
Deferred tax assets:
Foreign timing differences	10,498	9,043
Deferred Income, Foreign Timing Differences [Member]
Deferred tax assets:
Foreign timing differences	$ 6,422	$ 5,241

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
INCOME TAXES [Abstract]
Balance at beginning of fiscal year	$ 4,573	$ 6,490	$ 7,005
Gross increase - tax positions in prior period	135	464	530
Gross decrease - tax positions in prior period	(306)
Additions based on tax positions related to the current year	333	186	94
Expirations of the statute of limitations for the assessment of taxes	(824)	(2,567)	(1,139)
Balance at end of fiscal year	$ 3,911	$ 4,573	$ 6,490

INCOME TAXES (Summary of Income

INCOME TAXES (Summary of Income Tax Examinations) (Details)	12 Months Ended
INCOME TAXES (Summary of Income Tax Examinations) (Details)	Aug. 31, 2021
U.S. Federal [Member] \| Domestic Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2005, 2007, 2011* to 2016*, 2017 to the present
California [Member] \| State [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2005 and 2017 to the present
Florida [Member] \| State [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2011* to 2017*, 2018 to the present
Aruba [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2016 to the present
Barbados [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2015 to the present
Costa Rica [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2011 to 2012, 2015 to the present
Colombia [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2016 to the present
Dominican Republic [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2011 to 2012 and 2016 to the present
El Salvador [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2018 to the present
Guatemala [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2012 to 2013, 2017 the present
Honduras [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2016 to the present
Jamaica [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2015 to the present
Mexico [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2016 to the present
Nicaragua [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2017 to the present
Panama [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2017*, 2018 to the present
Trinidad [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2015 to the present
United States Virgin Islands [Member] \| Domestic Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2001 to the present
Spain [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2018 to the present
Chile [Member] \| Foreign Tax Authority [Member]
Income Tax Examination [Line Items]
Fiscal Years Subject to Audit	2018* to the present

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands		Aug. 31, 2021		Aug. 31, 2020		Aug. 31, 2019
Debt Instrument [Line Items]
Total long-term loans	[1]	$ 129,505	[2]	$ 132,047	[3]	$ 89,586
Group of Subsidiaries [Member] \| Debt With Covenants [Member]
Debt Instrument [Line Items]
Total long-term loans		$ 103,400		$ 107,400

[1]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans.
[2]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 153.5 million. The carrying amount on cash assets assigned as collateral for these loans was $ 7.0 million.
[3]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 158.6 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	Aug. 31, 2021	Aug. 31, 2020
Short-term Debt [Line Items]
Total Amount of Facilities	$ 131,000	$ 81,210
Facilities Available	130,903	$ 15,679
Weighted average interest rate		3.70%
Short-term Borrowings [Member]
Short-term Debt [Line Items]
Facilities Used		$ 65,143
Letters of Credit [Member]
Short-term Debt [Line Items]
Facilities Used	$ 97	$ 388

DEBT (Summary of Changes in Lon

DEBT (Summary of Changes in Long-Term Debt) (Details) - USD ($)		12 Months Ended
		Aug. 31, 2021		Aug. 31, 2020		Aug. 31, 2019
Debt Instrument [Line Items]
Current portion of long-term debt		$ 19,437,000		$ 25,875,000
Long-term debt (net of current portion)		112,610,000		63,711,000
Total	[1]	132,047,000	[2]	89,586,000
Proceeds from long-term debt incurred during the period		17,565,000		57,882,000
Regularly scheduled loan payments, Current portion of long-term debt		(5,168,000)		(5,393,000)
Regularly scheduled loan payments, Long-term debt (net of current portion)		(14,825,000)		(9,771,000)
Regularly scheduled loan payments total	[1]	(19,993,000)		(15,164,000)
Refinances of short-term debt, Current portion of long-term debt				(11,046,000)
Refinances of short-term debt, Long-term debt (net of current portion)				11,046,000
Refinances of short-term debt	[1]
Reclassification of long-term debt due in the next 12 months, Current portion of long-term debt		2,368,000		3,875,000
Reclassification of long-term debt due in the next 12 months, Long-term debt (net of current portion)		(2,368,000)		(3,875,000)
Reclassification of long-term debt due in the next 12 months total	[1]
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar, Current portion of long-term debt	[3]	22,000		64,000
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar, Long-term debt (net of current portion)	[3]	(136,000)		(321,000)
Translation adjustments on foreign currency debt of subsidiaries whose functional currency is not the U.S. dollar total	[1],[3]	(114,000)		(257,000)
Current portion of long-term debt		19,395,000		19,437,000
Long-term debt (net of current portion)		110,110,000		112,610,000
Total	[1]	129,505,000	[4]	132,047,000	[2]
Colombia Subsidiary [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt incurred during the period, Long-term debt (net of current portion)				25,000,000
Proceeds from long-term debt incurred during the period	[1]			25,000,000
Guatemala Subsidiary [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt incurred during the period, Long-term debt (net of current portion)				20,820,000
Proceeds from long-term debt incurred during the period	[1]			20,820,000
Trinidad Subsidiary [Member]
Debt Instrument [Line Items]
Proceeds from long-term debt incurred during the period, Current portion of long-term debt		2,736,000		6,062,000
Proceeds from long-term debt incurred during the period, Long-term debt (net of current portion)		14,829,000		6,000,000
Proceeds from long-term debt incurred during the period	[1]	17,565,000		12,062,000
Cash Asset [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral amount		7,000,000		0		$ 0
NonCash Asset [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral amount		$ 153,500,000		$ 158,600,000		$ 111,300,000

[1]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans.
[2]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 158.6 million. No cash assets were assigned as collateral for these loans.
[3]	These foreign currency translation adjustments are recorded within other comprehensive loss.
[4]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 153.5 million. The carrying amount on cash assets assigned as collateral for these loans was $ 7.0 million.

DEBT (Schedule of Long-Term Deb

DEBT (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands		Aug. 31, 2021		Aug. 31, 2020		Aug. 31, 2019
Debt Instrument [Line Items]
Total long-term loans	[1]	$ 129,505	[2]	$ 132,047	[3]	$ 89,586
Less: current portion		19,395		19,437		25,875
Long-term debt, net of current portion		110,110		112,610		$ 63,711
Cross Currency Interest Rate Swap With Non-Cash Assets And/Or Cash Or Cash Equivalents [Member]
Debt Instrument [Line Items]
Total long-term loans		38,531		42,585
Interest Rate Swap With Non-Cash Assets And/Or Cash Or Cash Equivalents [Member]
Debt Instrument [Line Items]
Total long-term loans		42,744		45,519
Non-Cash Assets And/Or Cash Or Cash Equivalents [Member]
Debt Instrument [Line Items]
Total long-term loans		$ 48,230		$ 43,943

[1]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans.
[2]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 153.5 million. The carrying amount on cash assets assigned as collateral for these loans was $ 7.0 million.
[3]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 158.6 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		Aug. 31, 2021		Aug. 31, 2020	[3]	Aug. 31, 2019
DEBT [Abstract]
2022		$ 19,395
2023		27,427
2024		11,264
2025		25,730
2026		10,844
Thereafter		34,845
Total	[1]	$ 129,505	[2]	$ 132,047		$ 89,586

[1]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 111.3 million. No cash assets were assigned as collateral for these loans.
[2]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 153.5 million. The carrying amount on cash assets assigned as collateral for these loans was $ 7.0 million.
[3]	The carrying amount on non-cash assets assigned as collateral for these loans was $ 158.6 million. No cash assets were assigned as collateral for these loans.

LEASES (Narrative) (Details)

LEASES (Narrative) (Details)	Aug. 31, 2021
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lease term	2 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease term	30 years

LEASES (Summary of Components o

LEASES (Summary of Components of Total Lease Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
LEASES [Abstract]
Operating lease cost	$ 17,724	$ 17,305
Short-term lease cost	167	236
Variable lease cost	4,410	3,679
Sublease income	(891)	(1,061)
Total lease costs	$ 21,410	$ 20,159

LEASES (Weighted Average Remain

LEASES (Weighted Average Remaining Lease Term and Weighted Average Discount Rate) (Details)	Aug. 31, 2021	Aug. 31, 2020
LEASES [Abstract]
Weighted average remaining lease term in years	18 years 3 months 18 days	18 years 2 months 12 days
Weighted average discount rate percentage	6.70%	6.40%

LEASES (Supplemental Cash Flow

LEASES (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
LEASES [Abstract]
Operating cash flows paid for operating leases	$ 16,420	$ 15,392

LEASES (Schedule of Future Mini

LEASES (Schedule of Future Minimum Lease Commitments) (Details) $ in Thousands	Aug. 31, 2021USD ($)
LEASES [Abstract]
2022	$ 16,436
2023	15,442
2024	14,864
2025	14,606
2026	13,014
Thereafter	176,386
Total future lease payments	250,748
Less imputed interest	(112,966)
Total operating lease liabilities	$ 137,782

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Interest Rate Derivatives) (Details) - Cash Flow Hedging [Member]	Aug. 31, 2021USD ($)
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%

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		12 Months Ended
		Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Interest Expense [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, gain (loss) on derivative, Net		$ 6,274	$ 6,461	$ 5,243
Interest Rate Contract [Member] \| Interest Expense [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, gain (loss) on derivative, Net	[1]	2,619	4,045	4,732
Interest Rate Swap [Member] \| Interest Expense [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, gain (loss) on derivative, Net	[2]	$ 3,655	2,416	$ 511
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 interest rate swaps and cross currency 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	Aug. 31, 2021	Aug. 31, 2020
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 93,776	$ 100,605
Union Bank [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	32,619	33,894
Citibank N.A. [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	51,032	55,086
Scotiabank [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount	$ 10,125	$ 11,625

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	Aug. 31, 2021	Aug. 31, 2020
Derivative [Line Items]
Derivative Asset, Noncurrent	$ 2,464	$ 872
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability, Noncurrent	(546)	(3,813)
Net Tax Effect	6	881
Net OCI	(540)	(2,932)
Cross Currency Interest Rate Contract [Member] \| Other Non-current Assets [Member] \| Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Noncurrent	2,464	872
Net Tax Effect	(741)	(265)
Net OCI	1,723	607
Cross Currency Interest Rate Contract [Member] \| Other Long-term Liabilities [Member] \| Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability, Noncurrent	(705)	(828)
Net Tax Effect	212	248
Net OCI	(493)	(580)
Interest Rate Swap [Member] \| Other Long-term Liabilities [Member] \| Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability, Noncurrent	(2,305)	(3,857)
Net Tax Effect	535	898
Net OCI	$ (1,770)	$ (2,959)

DERIVATIVE INSTRUMENTS AND HE_7

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Open Non-Deliverable Forward Foreign Exchange Contract) (Details) - USD ($) $ in Thousands	May 28, 2021	Apr. 28, 2021
Fair Value Hedging [Member] \| Non-Deliverable Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 2,000	$ 5,000

RELATED-PARTY TRANSACTIONS (Nar

RELATED-PARTY TRANSACTIONS (Narrative) (Details)	12 Months Ended
RELATED-PARTY TRANSACTIONS (Narrative) (Details)	Aug. 31, 2021USD ($)item	Aug. 31, 2020USD ($)	Aug. 31, 2019USD ($)	Dec. 12, 2013ft²	Dec. 12, 2013m²
Edgar Zurcher Law Firm [Member]
Related Party Transaction [Line Items]
Ownership percentage in unaffiliated entity	40.00%
Payless ShoeSource Holdings, Ltd. [Member]
Related Party Transaction [Line Items]
Revenues from transaction with related party	$ 1,400,000	$ 1,500,000	$ 1,600,000
Molinos de Costa Rica Pasta [Member]
Related Party Transaction [Line Items]
Expenses from transaction with related party	1,100,000	1,100,000	741,000
Price Charities [Member]
Related Party Transaction [Line Items]
Revenues from transaction with related party	1,600,000	525,000	527,000
Mitchell G. Lynn [Member]
Related Party Transaction [Line Items]
Amounts purchased from related party	179,000
Panama [Member] \| Joint Venture Golf Park Plaza S.A [Member]
Related Party Transaction [Line Items]
Area of property				17,976	1,670
Operating leases, rent expense, net	$ 105,700	$ 105,700	$ 105,700
Panama [Member] \| GolfPark Plaza, S.A [Member]
Related Party Transaction [Line Items]
Operating leases, Term	15 years
Number of options to renew lease \| item	3
Renewal term	5 years

UNCONSOLIDATED AFFILIATES (Narr

UNCONSOLIDATED AFFILIATES (Narrative) (Details) - Panama [Member] - GolfPark Plaza, S.A. [Member]	12 Months Ended
	Aug. 31, 2021USD ($)item	Aug. 31, 2020USD ($)	Aug. 31, 2019USD ($)	Aug. 31, 2021ft²	Aug. 31, 2021m²
Variable Interest Entity [Line Items]
Area of property				17,976	1,670
Operating leases, Term	15 years
Number of renewal options \| item	3
Renewal term	5 years
Rent expense \| $	$ 105,700	$ 105,700	$ 105,700

UNCONSOLIDATED AFFILIATES (Sche

UNCONSOLIDATED AFFILIATES (Schedule of Variable Interest Entities Maximum Loss Exposure) (Details) - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2021	Aug. 31, 2020
Variable Interest Entity [Line Items]
Initial Investment		$ 6,809
Additional Investments		3,638
Net Income Inception to Date		97
Company's Variable Interest in Entity		10,544	$ 10,602
Commitment to Future Additional Investments	[1]	884
Company's Maximum Exposure to Loss in Entity	[2]	$ 11,428
GolfPark Plaza, S.A. [Member]
Variable Interest Entity [Line Items]
Percentage Ownership	[3]	50.00%
Initial Investment		$ 4,616
Additional Investments		2,402
Net Income Inception to Date		(8)
Company's Variable Interest in Entity		7,010
Commitment to Future Additional Investments	[1]	99
Company's Maximum Exposure to Loss in Entity	[2]	$ 7,109
Price Plaza Alajuela PPA, S.A. [Member]
Variable Interest Entity [Line Items]
Percentage Ownership	[3]	50.00%
Initial Investment		$ 2,193
Additional Investments		1,236
Net Income Inception to Date		105
Company's Variable Interest in Entity		3,534
Commitment to Future Additional Investments	[1]	785
Company's Maximum Exposure to Loss in Entity	[2]	$ 4,319

[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.

UNCONSOLIDATED AFFILIATES (Summ

UNCONSOLIDATED AFFILIATES (Summary of Financial Information of Unconsolidated Affiliates) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
Assets and Liabilities, Net
Current assets	$ 1,728	$ 1,398
Noncurrent assets	10,253	10,686
Current liabilities	151	138
Noncurrent liabilities	8	8
Net Income (Loss)
PriceSmart's share of net loss of unconsolidated affiliates	$ (58)	$ (95)	$ (61)

SEGMENTS (Narrative) (Details)

SEGMENTS (Narrative) (Details)	Aug. 31, 2021countrystore
Segment Reporting Information [Line Items]
Number of stores \| store	47
Number of countries	13
Foreign Countries [Member]
Segment Reporting Information [Line Items]
Number of countries	12
Domestic Territories [Member]
Segment Reporting Information [Line Items]
Number of countries	1

SEGMENTS (Summary of Segment Re

SEGMENTS (Summary of Segment Revenues, Operating Costs and Balance Sheet Items) (Details) - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2021		Aug. 31, 2020		Aug. 31, 2019
Segment Reporting Information [Line Items]
Revenue		$ 3,619,871		$ 3,329,188		$ 3,223,918
Depreciation, Property and equipment		62,579		58,815		52,554
Amortization, Intangibles		2,404		2,410		2,404
Operating income (loss)		158,020		122,468		115,167
Interest income from external sources		1,979		2,031		1,489
Interest expense from external sources		7,210		7,625		3,939
Provision for income taxes		48,969		37,764		37,560
Net income (loss) attributable to PriceSmart Inc.		97,963		78,109		73,191
Long-lived assets (other than deferred tax assets)		931,503	[1]	880,780	[1]	730,365
Intangibles, net		7,762		10,166		12,576
Goodwill		45,095		45,206		46,101
Investment in unconsolidated affiliates		10,544		10,602		10,697
Total assets		1,705,790		1,656,825		1,296,411
Capital expenditures, net		106,108		104,247		145,667
United States Operations Segment [Member]
Segment Reporting Information [Line Items]
Revenue		88,397		73,703		68,335
Depreciation, Property and equipment		6,970		6,888		5,334
Amortization, Intangibles		2,404		2,410		2,404
Operating income (loss)		12,687		3,873		3,805
Interest income from external sources		13		7		74
Interest income from intersegment sources		2,130		2,065		1,408
Interest expense from external sources		1,606		1,890		1,377
Interest expense from intersegment sources		34		39		60
Provision for income taxes		15,919		10,106		11,280
Net income (loss) attributable to PriceSmart Inc.		(4,777)		(7,578)		(8,518)
Long-lived assets (other than deferred tax assets)		79,404	[1]	81,008	[1]	65,278
Intangibles, net		7,762		10,166		12,576
Goodwill		10,695		10,696		11,315
Total assets		246,896		272,190		161,583
Capital expenditures, net		9,061	[1]	6,072		8,439
Central American Operations Segment [Member]
Segment Reporting Information [Line Items]
Revenue		2,105,856		1,895,857		1,831,761
Depreciation, Property and equipment		31,319		29,312		24,684
Operating income (loss)		151,933		125,351		122,629
Interest income from external sources		878		612		499
Interest income from intersegment sources		2,393		2,566		1,877
Interest expense from external sources		2,831		3,425		2,368
Interest expense from intersegment sources		1,286		1,547		1,505
Provision for income taxes		22,661		20,001		19,429
Net income (loss) attributable to PriceSmart Inc.		127,879		103,697		100,614
Long-lived assets (other than deferred tax assets)		490,099	[1]	475,744	[1]	383,665
Goodwill		24,332		24,418		24,593
Investment in unconsolidated affiliates		10,544		10,602		10,697
Total assets		795,940		741,523		614,579
Capital expenditures, net		45,524		48,150		85,962
Caribbean Operations Segment [Member]
Segment Reporting Information [Line Items]
Revenue	[2]	1,004,793		993,657		933,886
Depreciation, Property and equipment	[2]	15,432		15,441		14,052
Operating income (loss)	[2]	74,769		57,217		50,724
Interest income from external sources	[2]	985		749		568
Interest income from intersegment sources	[2]	483		431		724
Interest expense from external sources	[2]	427		310		(401)
Interest expense from intersegment sources	[2]	2,647		2,258		2,132
Provision for income taxes	[2]	8,006		6,416		6,615
Net income (loss) attributable to PriceSmart Inc.	[2]	61,025		50,553		44,168
Long-lived assets (other than deferred tax assets)	[2]	197,030	[1]	177,166	[1]	165,584
Goodwill	[2]	10,068		10,092		10,193
Total assets	[2]	434,428		395,244		340,216
Capital expenditures, net	[2]	23,342		14,460		28,434
Colombia Operations Segment [Member]
Segment Reporting Information [Line Items]
Revenue		420,825		365,971		389,936
Depreciation, Property and equipment		8,858		7,174		8,484
Operating income (loss)		21,932		18,071		14,909
Interest income from external sources		103		663		348
Interest expense from external sources		2,346		2,000		595
Interest expense from intersegment sources		298		561		8
Provision for income taxes		2,383		1,241		236
Net income (loss) attributable to PriceSmart Inc.		17,333		13,554		14,124
Long-lived assets (other than deferred tax assets)		164,970	[1]	146,862	[1]	115,838
Total assets		228,526		247,868		180,033
Capital expenditures, net		28,181		35,565		22,832
Intersegment [Member]
Segment Reporting Information [Line Items]
Revenue	[3]	(1,307,053)		(1,172,160)		(1,223,176)
Intersegment [Member] \| United States Operations Segment [Member]
Segment Reporting Information [Line Items]
Revenue		(1,280,236)		(1,148,004)		(1,205,986)
Intersegment [Member] \| Central American Operations Segment [Member]
Segment Reporting Information [Line Items]
Revenue		(17,861)		(16,524)		(11,185)
Intersegment [Member] \| Caribbean Operations Segment [Member]
Segment Reporting Information [Line Items]
Revenue	[2]	(5,087)		(4,909)		(4,507)
Intersegment [Member] \| Colombia Operations Segment [Member]
Segment Reporting Information [Line Items]
Revenue		(3,869)		(2,723)		(1,498)
Reconciling Items [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	[3]	(103,301)		(82,044)		(76,900)
Interest income from intersegment sources	[3]	(5,006)		(5,062)		(4,009)
Interest expense from intersegment sources	[3]	(4,265)		(4,405)		(3,705)
Net income (loss) attributable to PriceSmart Inc.	[3]	$ (103,497)		$ (82,117)		$ (77,197)

[1]	Effective September 1, 2019 (fiscal year 2020), 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 August 31, 2021 and August 31, 2020 is not comparable with that as of 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.

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details)	Aug. 31, 2021country
Subsequent Event [Line Items]
Number of countries	13
Latin America [Member] \| Aeropost, Inc [Member]
Subsequent Event [Line Items]
Number of countries	38

VALUATION AND QUALIFYING ACCO_2

VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance For Doubtful Accounts [Member] - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 147	$ 144	$ 97
Charged to Costs and Expenses	93	155	270
Deductions	(146)	(152)	(223)
Balance at End of Period	$ 94	$ 147	$ 144