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LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS | 12 Months Ended
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Aug. 31, 2015
Restructuring and Related Activities [Abstract] |
LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS | NOTE 8. LONG-LIVED ASSET IMPAIRMENT AND FACILITY CLOSURE COSTS In the fourth quarter of fiscal 2015, the Company decided to exit its steel distribution business in Cardiff, Wales, United Kingdom. The operation is included in the Company's International Marketing and Distribution reporting segment. The expenses associated with exiting this business were not material for fiscal 2015 and were included in selling, general and administrative expenses in the Company's consolidated statements of earnings. Despite focused efforts and substantial progress to stabilize and improve the results of the Australian distribution business, the Company determined that achieving acceptable financial returns would take additional time and investment. During the first quarter of fiscal 2015, the Company decided to exit and sell its steel distribution business in Australia and determined that the decision to exit this business met the definition of a discontinued operation. As a result, this business has been presented as a discontinued operation for all periods presented. The exit costs associated with the decision to exit and sell this business were not material for fiscal 2015. The Australian steel distribution business was previously an operating segment included in the International Marketing and Distribution reporting segment. In the fourth quarter of fiscal 2014, the Company made the decision to exit its steel trading business headquartered in Zug, Switzerland. In connection with this decision, severance and other exit costs incurred by the Company were not material and were included in selling, general and administrative expenses in the Company's consolidated statements of earnings. The operation is included in the Company's International Marketing and Distribution reporting segment. Facility closure costs were not material in fiscal 2013. During the fourth quarter of fiscal 2013, the Company prepared an impairment analysis on its Australian operating units and determined the carrying values of certain fixed assets exceeded their fair values as determined utilizing market and cost approaches. Determining the fair value is judgmental in nature and requires the use of significant estimates and assumptions, considered to be level 3 fair value inputs. The resulting non-recurring impairment charges of $6.3 million, primarily related to the write-down of long-lived assets, were recorded within the International Marketing and Distribution reporting segment at August 31, 2013 Long-lived asset impairment charges from continuing operations were not material in fiscal 2015 and 2014 and were $4.6 million in fiscal 2013.

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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