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INVENTORIES, NET | 6 Months Ended
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Feb. 29, 2016
Inventory Disclosure [Abstract] |
Inventories, net | NOTE 4. INVENTORIES, NET As of February 29, 2016, inventories were stated at the lower of cost or net realizable value. As of August 31, 2015, inventories were stated at the lower of cost or market. See Note 1, Accounting Policies, for further discussion of the adoption of the new accounting pronouncement. Effective September 1, 2015, the Company elected to change its accounting method for valuing all of its inventories that used the LIFO method to either the weighted average or specific identification methods. The Company applied this change in accounting principle retrospectively to all prior periods presented. See Note 1, Accounting Policies, for further disclosures regarding this change in accounting principle. Additionally, effective September 1, 2015, the Company elected to change its accounting method for valuing all of its inventories in its International Marketing and Distribution segment, except for its steel trading division headquartered in the U.S., from the FIFO method to the specification identification method. Because this change in accounting principle was immaterial in all prior periods, it was not applied retrospectively. The change did not have a material impact on our condensed consolidated financial statements as of and for the three and six months ended February 29, 2016. See Note 1, Accounting Policies, for further disclosures regarding this change in accounting principle. The Company determines the inventory cost for its International Mill segment using the weighted average cost method. At February 29, 2016, 56% of the Company's total net inventories were valued using the weighted average cost method and 44% of the Company's total net inventories were valued using the specification identification method. The majority of the Company's inventories are in the form of finished goods. At February 29, 2016 and August 31, 2015, $60.3 million and $61.5 million, respectively, of the Company's inventories were in the form of raw materials. Work in process inventories were $40.1 million at February 29, 2016 and were minimal at August 31, 2015. During the three and six months ended February 29, 2016, inventory write-downs were $5.3 million and $7.9 million, respectively, and were $4.1 million during both the three and six months ended February 28, 2015.

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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