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BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS
 6 Months Ended
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.