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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Aug. 31, 2016
Accounting Policies [Abstract] |
Schedule of Changes in Accounting Method | As a result of the retrospective application of the change in accounting principle from LIFO to weighted average cost or specific identification, certain financial statement line items in the Company's consolidated balance sheet as of August 31, 2015 and its consolidated statements of earnings and consolidated statement of cash flows for the 2015 and 2014 fiscal years were adjusted as presented below.
(in thousands, except share data) |  | As Originally Reported |  | Effect of Change |  | As Adjusted
Consolidated Statement of Earnings for the year ended August 31, 2015:
Cost of goods sold |  | $ | 5,213,203 |  |  | $ | 98,553 |  |  | $ | 5,311,756 |
Income taxes |  | 83,206 |  |  | (36,362 | ) |  | 46,844 |
Earnings from continuing operations | 161,322 |  |  | (62,191 | ) |  | 99,131 |
Net earnings attributable to CMC | 141,634 |  |  | (62,191 | ) |  | 79,443 |
Basic earnings per share attributable to CMC: |  |  |  |  |
Earnings from continuing operations | $ | 1.39 |  |  | $ | (0.54 | ) |  | $ | 0.85 |
Net earnings |  | 1.22 |  |  | (0.54 | ) |  | 0.68 |
Diluted earnings per share attributable to CMC: |  |  |  |  |
Earnings from continuing operations | $ | 1.37 |  |  | $ | (0.53 | ) |  | $ | 0.84 |
Net earnings |  | 1.20 |  |  | (0.53 | ) |  | 0.67 |
Consolidated Statement of Earnings for the year ended August 31, 2014:
Cost of goods sold |  | $ | 6,109,338 |  |  | $ | (13,142 | ) |  | $ | 6,096,196 |
Income taxes |  | 42,724 |  |  | 4,627 |  |  | 47,351 |
Earnings from continuing operations | 109,091 |  |  | 8,515 |  |  | 117,606 |
Net earnings attributable to CMC | 115,551 |  |  | (2,308 | ) |  | 113,243 |
Basic earnings per share attributable to CMC: |  |  |  |  |
Earnings from continuing operations | $ | 0.93 |  |  | $ | 0.07 |  |  | $ | 1.00 |
Net earnings |  | 0.98 |  |  | (0.02 | ) |  | 0.96 |
Diluted earnings per share attributable to CMC: |  |  |  |  |
Earnings from continuing operations | $ | 0.92 |  |  | $ | 0.07 |  |  | $ | 0.99 |
Net earnings |  | 0.97 |  |  | (0.02 | ) |  | 0.95 |
Consolidated Balance Sheet as of August 31, 2015:
Inventories, net |  | $ | 781,371 |  |  | $ | 99,113 |  |  | $ | 880,484 |
Current deferred tax assets | 29,137 |  |  | (25,827 | ) |  | 3,310 |
Accrued expenses and other payables | 279,415 |  |  | 11,262 |  |  | 290,677 |
Retained earnings | 1,311,544 |  |  | 62,024 |  |  | 1,373,568 |
Consolidated Statement of Cash Flows for the year ended August 31, 2015:
Net earnings | $ | 141,634 |  |  | $ | (62,191 | ) |  | $ | 79,443 |
Deferred income taxes | 23,291 |  |  | (36,362 | ) |  | (13,071 | )
Write-down of inventories | 15,935 |  |  | 21,717 |  |  | 37,652 |
Inventories working capital change | 50,747 |  |  | 76,836 |  |  | 127,583 |
Consolidated Statement of Cash Flows for the year ended August 31, 2014:
Net earnings | $ | 115,552 |  |  | $ | (2,308 | ) |  | $ | 113,244 |
Deferred income taxes | 32,348 |  |  | (2,205 | ) |  | 30,143 |
Net gain on sale of a subsidiary, cost method investment and other | (31,356 | ) |  | 17,523 |  |  | (13,833 | )
Write-down of inventories | 4,000 |  |  | 1,015 |  |  | 5,015 |
Inventories working capital change | (177,331 | ) |  | (14,025 | ) |  | (191,356 | )
The effect of the change in accounting principle is net of the effect of lower of cost or market adjustments. The following table shows the effect of the change in accounting principle from LIFO to weighted average cost or specific identification on earnings from continuing operations, net earnings attributable to CMC and the related basic and diluted earnings per share attributable to CMC for the fiscal year ended August 31, 2016.
(in thousands, except share data) |  | As Computed Under LIFO |  | As Reported Under New Inventory Costing Methodologies |  | Effect of Change
Consolidated Statement of Earnings for the year ended August 31, 2016:
Earnings from continuing operations |  | $ | 90,400 |  |  | $ | 72,543 |  |  | $ | (17,857 | )
Net earnings attributable to CMC |  | 72,619 |  |  | 54,762 |  |  | (17,857 | )
Basic earnings per share attributable to CMC: |  |  |  |  |  |
Earnings from continuing operations |  | $ | 0.78 |  |  | $ | 0.63 |  |  | $ | (0.15 | )
Net earnings |  | 0.63 |  |  | 0.48 |  |  | (0.15 | )
Diluted earnings per share attributable to CMC: |  |  |  |  |  |
Earnings from continuing operations |  | $ | 0.77 |  |  | $ | 0.62 |  |  | $ | (0.15 | )
Net earnings |  | 0.62 |  |  | 0.47 |  |  | (0.15 | )
Estimated useful lives for depreciation and amortization | Depreciation and amortization is recorded on a straight-line basis over the following estimated useful lives:
Buildings | 7 | to | 40 | years
Land improvements | 3 | to | 25 | years
Leasehold improvements | 3 | to | 15 | years
Equipment | 3 | to | 25 | years

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