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BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS | 6 Months Ended
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Feb. 29, 2016
Discontinued Operations and Disposal Groups [Abstract] |
Businesses held for sale, discontinued operations and dispositions | NOTE 6. BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS Businesses Held for Sale As of February 29, 2016, one component of the Australian steel distribution business remained for sale and continued to be classified as held for sale. The components of assets and liabilities of businesses held for sale on the Company's condensed consolidated balance sheets were as follows:
(in thousands) |  | February 29, 2016 |  | August 31, 2015
Assets: |  |  |  |
Accounts receivable |  | $ | 3,387 |  |  | $ | 3,244 |
Inventories, net |  | 9,360 |  |  | 12,514 |
Other current assets |  | — |  |  | 41 |
Property, plant and equipment, net of accumulated depreciation and amortization |  | 1,242 |  |  | 1,209 |
Assets of businesses held for sale |  | $ | 13,989 |  |  | $ | 17,008 |
Liabilities: |  |  |  |
Accounts payable-trade |  | $ | 1,885 |  |  | $ | 3,011 |
Accrued expenses and other payables |  | 2,206 |  |  | 2,265 |
Liabilities of businesses held for sale |  | $ | 4,091 |  |  | $ | 5,276 |
Discontinued Operations Despite focused efforts and substantial progress to stabilize and improve the results of the Australian steel distribution business, the Company determined that achieving acceptable financial returns would take additional time and investment. During the first quarter of fiscal 2015, the Company decided to exit and sell its steel distribution business in Australia and determined that this decision met the definition of a discontinued operation. As a result, this business has been presented as a discontinued operation for all periods presented. The expenses associated with exiting this business were not material for the three and six months ended February 29, 2016 and February 28, 2015. The Australian steel distribution business was previously an operating segment included in the International Marketing and Distribution reporting segment. Financial information for discontinued operations was as follows:
|  | Three Months Ended |  | Six Months Ended
(in thousands) |  | February 29, 2016 |  | February 28, 2015 |  | February 29, 2016 |  | February 28, 2015
Net sales |  | $ | 9,953 |  |  | $ | 41,326 |  |  | $ | 21,507 |  |  | $ | 100,337 |
Loss from discontinued operations before income taxes (benefit) |  | (446 | ) |  | (7,268 | ) |  | (1,018 | ) |  | (9,370 | )
Dispositions There were no material dispositions during the first six months of fiscal 2016 or 2015. During the first quarter of fiscal 2014, the Company sold all of the outstanding capital stock of our wholly owned copper tube manufacturing operation, Howell Metal Company for $58.5 million, $3.2 million of which was held in escrow as of August 31, 2015. The full balance of escrow was released in the second quarter of fiscal 2016.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 + Details
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