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Segment Information
 6 Months Ended
Feb. 28, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
During the third quarter of fiscal 2021, we completed a realignment of our operations and structure to better support our business strategy. As a result, beginning in the third quarter of fiscal 2021, we now report our financial results of operations in two reportable segments, ABL and ISG, consistent with how our chief operating decision maker currently evaluates operating results, assesses performance, and allocates resources within the Company. We have recast historical information to conform to the current segment structure.
The accounting policies of our reportable segments are the same as those described in the Significant Accounting Policies footnote of the Notes to Consolidated Financial Statements within our Form 10-K. Corporate expenses that are primarily administrative in function and benefit the Company on an entity-wide basis are not allocated to our segments. These include expenses related to governance, policy setting, compliance, and certain other shared services functions. Additionally, we do not allocate net interest expense, net miscellaneous expense, special charges, or assets to our segments. Accordingly, this information is not used by the chief operating decision maker to make operating decisions and assess performance and is therefore excluded from our disclosures.
The following table presents financial information by operating segment for the periods presented (in millions):
ABLISGCorporate
Eliminations(1)
Total
Three Months Ended February 28, 2022
Net sales$863.1 $50.0 $— $(4.0)$909.1 
Operating profit (loss)116.5 1.2 (15.4)— 102.3 
Depreciation and amortization19.8 3.6 0.2 — 23.6 
Three Months Ended February 28, 2021
Net sales$736.8 $43.3 $— $(3.5)$776.6 
Operating profit (loss)102.0 0.8 (11.8)— 91.0 
Depreciation and amortization21.1 3.7 0.2 — 25.0 
Six Months Ended February 28, 2022
Net sales$1,746.7 $96.4 $— $(7.9)$1,835.2 
Operating profit (loss)244.6 3.2 (30.4)— 217.4 
Depreciation and amortization40.2 7.2 0.5 — 47.9 
Six Months Ended February 28, 2021
Net sales$1,490.4 $84.1 $— $(5.9)$1,568.6 
Operating profit (loss)200.4 0.7 (24.4)— 176.7 
Depreciation and amortization42.2 7.3 0.5 — 50.0 
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(1) This column represents intersegment sales. Profit on these sales eliminates within gross profit on a consolidated basis.
The following table reconciles operating profit by segment to income before income taxes (in millions):
Three Months EndedSix Months Ended
February 28, 2022February 28, 2021February 28, 2022February 28, 2021
Operating profit - ABL$116.5 $102.0 $244.6 $200.4 
Operating profit - ISG1.2 0.8 3.2 0.7 
Unallocated corporate amounts(15.4)(11.8)(30.4)(24.4)
Operating profit102.3 91.0 217.4 176.7 
Interest expense, net6.0 6.6 11.9 11.5 
Miscellaneous (income) expense, net(1.9)2.2 (1.6)3.8 
Income before income taxes$98.2 $82.2 $207.1 $161.4