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BUSINESS SEGMENTS
 12 Months Ended
Aug. 31, 2015
Segment Reporting [Abstract]  
BUSINESS SEGMENTS
NOTE 21. BUSINESS SEGMENTS

The Company's operating segments engage in business activities from which they may earn revenues and incur expenses and for which discrete financial information is available. Operating results for the operating segments are regularly reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segments and to assess performance. The Company's chief operating decision maker is identified as the Chief Executive Officer. Operating segments are aggregated for reporting purposes when the operating segments are identified as similar in accordance with the basic principles and aggregation criteria in the accounting standards. The Company's reporting segments are based primarily on product lines and secondarily on geographic area. The reporting segments have different lines of management responsibility as each business requires different marketing strategies and management expertise.

The Company structures its business into the following five reporting segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill and International Marketing and Distribution. See Note 1, Nature of Operations, for more information about the reporting segments, including the types of products and services from which each reporting segment derives its net sales.

Corporate contains expenses of the Company's corporate headquarters and interest expense related to its long-term debt.

The financial information presented for the Americas Mills segment excludes Howell. Additionally, the financial information presented for the International Marketing and Distribution segment excludes the operations of the Australian steel distribution business. These operations have been classified as discontinued operations in the consolidated statements of earnings. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions for more information.

The Company uses adjusted operating profit, a non-GAAP financial measure, to compare and to evaluate the financial performance of its segments. Adjusted operating profit is the sum of the Company's earnings from continuing operations before income taxes, interest expense and discounts on sales of accounts receivable. Intersegment sales are generally priced at prevailing market prices. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies.

The following is a summary of certain financial information from continuing operations by reportable segment:
 
 
Americas
 
International
 
 
 
 
 
 
(in thousands)
 
Recycling
 
Mills
 
Fabrication
 
Mill
 
Marketing and Distribution
 
Corporate
 
Eliminations
 
Continuing Operations
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales-unaffiliated customers
 
$
887,068

 
$
1,048,063

 
$
1,612,084

 
$
626,219

 
$
1,814,319

 
$
852

 
$
—

 
$
5,988,605

Intersegment sales
 
135,553

 
793,749

 
12,154

 
32

 
83,298

 
—

 
(1,024,786
)
 
—

Net sales
 
1,022,621

 
1,841,812

 
1,624,238

 
626,251

 
1,897,617

 
852

 
(1,024,786
)
 
5,988,605

Adjusted operating profit (loss)
 
(18,637
)
 
304,272

 
39,183

 
17,555

 
57,885

 
(77,832
)
 
1,409

 
323,835

Interest expense*
 
2,628

 
4,207

 
8,864

 
2,620

 
9,096

 
50,345

 
—

 
77,760

Capital expenditures**
 
12,811

 
67,203

 
14,883

 
15,413

 
296

 
5,194

 
—

 
115,800

Depreciation and amortization***
 
24,954

 
46,780

 
19,094

 
28,211

 
2,551

 
20,752

 
—

 
142,342

Total assets****
 
251,793

 
672,322

 
687,884

 
403,706

 
802,007

 
1,075,642

 
(552,577
)
 
3,340,777

2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales-unaffiliated customers
 
$
1,176,907

 
$
1,198,249

 
$
1,523,573

 
$
822,224

 
$
2,055,202

 
$
14,283

 
$
—

 
$
6,790,438

Intersegment sales
 
190,163

 
793,085

 
13,912

 
969

 
65,335

 
—

 
(1,063,464
)
 
—

Net sales
 
1,367,070

 
1,991,334

 
1,537,485

 
823,193

 
2,120,537

 
14,283

 
(1,063,464
)
 
6,790,438

Adjusted operating profit (loss)
 
(3,222
)
 
247,703

 
6,196

 
30,632

 
24,027

 
(72,347
)
 
(302
)
 
232,687

Interest expense*
 
2,700

 
7,059

 
10,222

 
4,608

 
6,924

 
45,524

 
—

 
77,037

Capital expenditures**
 
16,771

 
31,781

 
13,798

 
30,770

 
1,122

 
6,907

 
—

 
101,149

Depreciation and amortization***
 
16,424

 
45,392

 
19,192

 
32,776

 
2,500

 
21,243

 
—

 
137,527

Total assets****
 
296,564

 
647,437

 
691,765

 
466,449

 
803,263

 
1,100,995

 
(469,093
)
 
3,537,380

2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales-unaffiliated customers
 
$
1,225,604

 
$
1,060,337

 
$
1,427,785

 
$
819,889

 
$
2,055,623

 
$
11,832

 
$
—

 
$
6,601,070

Intersegment sales
 
166,145

 
759,183

 
14,906

 
6,155

 
38,554

 
—

 
(984,943
)
 
—

Net sales
 
1,391,749

 
1,819,520

 
1,442,691

 
826,044

 
2,094,177

 
11,832

 
(984,943
)
 
6,601,070

Adjusted operating profit (loss)
 
3,170

 
204,333

 
28,033

 
890

 
63,327

 
(66,453
)
 
848

 
234,148

Interest expense*
 
9

 
(101
)
 
83

 
992

 
3,200

 
64,256

 
—

 
68,439

Capital expenditures**
 
21,261

 
37,216

 
5,605

 
15,155

 
864

 
7,552

 
—

 
87,653

Depreciation and amortization***
 
13,453

 
42,925

 
22,302

 
33,238

 
2,387

 
21,096

 
—

 
135,401

Total assets****
 
309,599

 
598,478

 
631,510

 
487,613

 
724,963

 
1,075,594

 
(496,058
)
 
3,331,699

________________________
* Includes intercompany interest expense (income) in the segments and is all eliminated within Corporate.
** Excludes capital expenditures from discontinued operations that were immaterial for the year ended August 31, 2015, 2014 and 2013.
*** Includes asset impairment charges.
**** Excludes total assets from discontinued operations of $31.5 million at August 31, 2015, $151.1 million at August 31, 2014 and $163.1 million at August 31, 2013.

Reconciliations of earnings from continuing operations to adjusted operating profit are provided below:
 
 
Year Ended August 31,
(in thousands)
 
2015
 
2014
 
2013
Earnings from continuing operations
 
$
161,322

 
$
109,091

 
$
104,723

Income taxes
 
83,206

 
42,724

 
57,979

Interest expense
 
77,760

 
77,037

 
68,439

Discounts on sales of accounts receivable
 
1,547

 
3,835

 
3,007

Adjusted operating profit from continuing operations
 
$
323,835

 
$
232,687

 
$
234,148


The following represents the Company's external net sales from continuing operations by major product and geographic area:
 
 
Year Ended August 31,
(in thousands)
 
2015
 
2014
 
2013
Major product information:
 
 
 
 
 
 
Steel products
 
$
4,084,092

 
$
4,500,093

 
$
4,033,286

Industrial materials
 
566,323

 
659,251

 
928,472

Nonferrous scrap
 
536,856

 
639,961

 
682,611

Ferrous scrap
 
428,192

 
659,578

 
646,263

Construction materials
 
220,232

 
199,154

 
189,046

Nonferrous products
 
10,443

 
8,761

 
5,674

Other
 
142,467

 
123,640

 
115,718

Net sales
 
$
5,988,605

 
$
6,790,438

 
$
6,601,070



 
 
Year Ended August 31,
(in thousands)
 
2015
 
2014
 
2013
Geographic area:
 
 
 
 
 
 
United States
 
$
4,199,789

 
$
4,510,080

 
$
4,107,231

Europe
 
1,006,204

 
1,215,150

 
1,108,196

Asia
 
578,755

 
786,512

 
1,094,458

Australia/New Zealand
 
121,403

 
175,756

 
199,603

Other
 
82,454

 
102,940

 
91,582

Net sales
 
$
5,988,605

 
$
6,790,438

 
$
6,601,070



The following table represents long-lived assets by geographic area:
 
 
August 31,
(in thousands)
 
2015
 
2014
 
2013
United States
 
$
866,421

 
$
871,326

 
$
868,643

Europe
 
189,796

 
243,280

 
239,899

Asia
 
7,692

 
8,814

 
7,618

Australia/New Zealand
 
1,292

 
11,309

 
12,446

Total long-lived assets
 
$
1,065,201

 
$
1,134,729

 
$
1,128,606