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QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Aug. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 22. QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial data for fiscal 2015 and 2014 was as follows:
|  | Three Months Ended Fiscal 2015
(in thousands except per share data) |  | Nov. 30 |  | Feb. 28 |  | May 31 |  | Aug. 31
Net sales* |  | $ | 1,679,990 |  |  | $ | 1,391,117 |  |  | $ | 1,506,002 |  |  | $ | 1,411,496 |
Gross profit* |  | 186,221 |  |  | 221,414 |  |  | 235,958 |  |  | 131,809 |
Net earnings (loss) attributable to CMC |  | 36,253 |  |  | 54,451 |  |  | 56,681 |  |  | (5,751 | )
Basic EPS attributable to CMC |  | 0.31 |  |  | 0.47 |  |  | 0.49 |  |  | (0.05 | )
Diluted EPS attributable to CMC |  | 0.30 |  |  | 0.46 |  |  | 0.49 |  |  | (0.05 | )
|  | Three Months Ended Fiscal 2014
(in thousands except per share data) |  | Nov. 30 |  | Feb. 28 |  | May 31 |  | Aug. 31
Net sales* |  | $ | 1,617,075 |  |  | $ | 1,597,461 |  |  | $ | 1,738,593 |  |  | $ | 1,837,309 |
Gross profit* |  | 176,873 |  |  | 142,356 |  |  | 178,419 |  |  | 183,452 |
Net earnings attributable to CMC |  | 45,919 |  |  | 11,143 |  |  | 23,563 |  |  | 34,926 |
Basic EPS attributable to CMC |  | 0.39 |  |  | 0.09 |  |  | 0.20 |  |  | 0.29 |
Diluted EPS attributable to CMC |  | 0.39 |  |  | 0.09 |  |  | 0.20 |  |  | 0.29 |
_________________________ * Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions. Effective September 1, 2014, the Company changed its method of determining its interim LIFO inventory reserve from the complete quarterly LIFO valuation method to the expected annual LIFO valuation method. Under the expected annual LIFO valuation method, interim LIFO expense or income is based on management's current estimates of inventory costs and quantities at fiscal year end, and that annual estimate is recorded ratably over the remainder of the fiscal year. The Company updated its estimate at each fiscal quarter end, resulting in pre-tax LIFO income of $6.2 million, $72.5 million and $37.1 million for the three months ended November 30, 2014, February 28, 2015 and May 31, 2015, respectively. The actual full fiscal year LIFO result differed from management's estimates of inventory costs and quantities during the interim periods. Accordingly, the Company recorded pre-tax LIFO expense of $36.5 million for the three months ended August 31, 2015, resulting in pre-tax LIFO income of $79.3 million for fiscal 2015.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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