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BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Aug. 31, 2016
Segment Reporting [Abstract] |
Summary of certain financial information from continuing operations by reportable segment | 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
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales-unaffiliated customers |  | $ | 594,275 |  |  | $ | 839,432 |  |  | $ | 1,479,125 |  |  | $ | 516,643 |  |  | $ | 1,173,969 |  |  | $ | 7,082 |  |  | $ | — |  |  | $ | 4,610,526 |
Intersegment sales |  | 111,479 |  |  | 659,416 |  |  | 10,330 |  |  | 543 |  |  | 15,627 |  |  | — |  |  | (797,395 | ) |  | — |
Net sales |  | 705,754 |  |  | 1,498,848 |  |  | 1,489,455 |  |  | 517,186 |  |  | 1,189,596 |  |  | 7,082 |  |  | (797,395 | ) |  | 4,610,526 |
Adjusted operating profit (loss) |  | (61,284 | ) |  | 209,751 |  |  | 68,602 |  |  | 28,892 |  |  | (7,087 | ) |  | (95,085 | ) |  | 5,319 |  |  | 149,108 |
Interest expense* |  | 2,210 |  |  | 1,942 |  |  | 8,356 |  |  | 2,608 |  |  | 3,524 |  |  | 43,591 |  |  | — |  |  | 62,231 |
Capital expenditures** |  | 4,891 |  |  | 110,375 |  |  | 14,958 |  |  | 27,155 |  |  | 289 |  |  | 5,587 |  |  | — |  |  | 163,255 |
Depreciation and amortization |  | 17,919 |  |  | 47,924 |  |  | 13,620 |  |  | 25,902 |  |  | 1,302 |  |  | 20,273 |  |  | — |  |  | 126,940 |
Asset impairment charges |  | 38,900 |  |  | — |  |  | — |  |  | 208 |  |  | 726 |  |  | 194 |  |  | — |  |  | 40,028 |
Total assets*** |  | 188,873 |  |  | 798,481 |  |  | 659,165 |  |  | 372,492 |  |  | 564,068 |  |  | 1,034,053 |  |  | (493,050 | ) |  | 3,124,082 |
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) |  | (29,157 | ) |  | 255,507 |  |  | 22,424 |  |  | 17,555 |  |  | 35,376 |  |  | (77,832 | ) |  | 1,409 |  |  | 225,282 |
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 |  | 17,460 |  |  | 46,780 |  |  | 17,509 |  |  | 28,087 |  |  | 1,928 |  |  | 20,739 |  |  | — |  |  | 132,503 |
Asset impairment charges |  | 7,494 |  |  | — |  |  | 1,585 |  |  | 124 |  |  | 623 |  |  | 13 |  |  | — |  |  | 9,839 |
Total assets*** |  | 261,676 |  |  | 738,669 |  |  | 713,860 |  |  | 403,706 |  |  | 798,914 |  |  | 1,044,178 |  |  | (552,577 | ) |  | 3,408,426 |
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) |  | (5,687 | ) |  | 256,536 |  |  | 6,440 |  |  | 30,632 |  |  | 30,557 |  |  | (72,347 | ) |  | (302 | ) |  | 245,829 |
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 |  | 14,832 |  |  | 45,392 |  |  | 19,192 |  |  | 32,209 |  |  | 2,328 |  |  | 20,269 |  |  | — |  |  | 134,222 |
Asset impairment charges |  | 1,592 |  |  | — |  |  | — |  |  | 567 |  |  | 172 |  |  | 974 |  |  | — |  |  | 3,305 |
Total assets*** |  | 316,967 |  |  | 762,549 |  |  | 734,500 |  |  | 466,449 |  |  | 822,679 |  |  | 1,048,517 |  |  | (469,093 | ) |  | 3,682,568 |
________________________ * 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 years ended August 31, 2016, 2015 and 2014. *** Excludes total assets from discontinued operations of $6.8 million at August 31, 2016, $31.5 million at August 31, 2015 and $151.1 million at August 31, 2014.
Reconciliations of earnings from continuing operations to adjusted operating profit | Reconciliations of earnings from continuing operations to adjusted operating profit from continuing operations are provided below:
|  | Year Ended August 31,
(in thousands) |  | 2016 |  | 2015 |  | 2014
Earnings from continuing operations |  | $ | 72,543 |  |  | $ | 99,131 |  |  | $ | 117,606 |
Income taxes |  | 12,647 |  |  | 46,844 |  |  | 47,351 |
Interest expense |  | 62,231 |  |  | 77,760 |  |  | 77,037 |
Discounts on sales of accounts receivable |  | 1,687 |  |  | 1,547 |  |  | 3,835 |
Adjusted operating profit from continuing operations |  | $ | 149,108 |  |  | $ | 225,282 |  |  | $ | 245,829 |
External net sales from continuing operations by major product |
|  | Year Ended August 31,
(in thousands) |  | 2016 |  | 2015 |  | 2014
Major product information: |  |  |  |  |  |
Steel products |  | $ | 3,156,028 |  |  | $ | 4,084,092 |  |  | $ | 4,500,093 |
Industrial materials |  | 453,714 |  |  | 566,323 |  |  | 659,251 |
Nonferrous scrap |  | 364,690 |  |  | 536,856 |  |  | 639,961 |
Ferrous scrap |  | 287,713 |  |  | 428,192 |  |  | 659,578 |
Construction materials |  | 242,961 |  |  | 220,232 |  |  | 199,154 |
Nonferrous products |  | 13,456 |  |  | 10,443 |  |  | 8,761 |
Other |  | 91,964 |  |  | 142,467 |  |  | 123,640 |
Net sales |  | $ | 4,610,526 |  |  | $ | 5,988,605 |  |  | $ | 6,790,438 |
External net sales from continuing operations by geographic area |
|  | Year Ended August 31,
(in thousands) |  | 2016 |  | 2015 |  | 2014
Geographic area: |  |  |  |  |  |
United States |  | $ | 3,220,459 |  |  | $ | 4,199,789 |  |  | $ | 4,510,080 |
Europe |  | 771,118 |  |  | 1,006,204 |  |  | 1,215,150 |
Asia |  | 429,910 |  |  | 578,755 |  |  | 786,512 |
Australia/New Zealand |  | 125,069 |  |  | 121,403 |  |  | 175,756 |
Other |  | 63,970 |  |  | 82,454 |  |  | 102,940 |
Net sales |  | $ | 4,610,526 |  |  | $ | 5,988,605 |  |  | $ | 6,790,438 |
Long-lived assets by geographic area | The following table represents long-lived assets, net of accumulated depreciation and amortization, by geographic area:
|  | August 31,
(in thousands) |  | 2016 |  | 2015 |  | 2014
United States |  | $ | 803,245 |  |  | $ | 860,784 |  |  | $ | 864,491 |
Europe |  | 177,778 |  |  | 189,796 |  |  | 243,280 |
Asia |  | 5,863 |  |  | 7,692 |  |  | 8,814 |
Australia/New Zealand |  | 534 |  |  | 1,292 |  |  | 11,309 |
Total long-lived assets |  | $ | 987,420 |  |  | $ | 1,059,564 |  |  | $ | 1,127,894 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599 + Details
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