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Accounting Policies (Tables)
 6 Months Ended
Feb. 29, 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 condensed consolidated balance sheet as of August 31, 2015 and its condensed consolidated statements of earnings for the three and six months ended February 28, 2015 and condensed consolidated statement of cash flows for the six months ended February 28, 2015 were adjusted as presented below.

(in thousands, except share data)
 
As Originally Reported
 
Effect of Change
 
As Adjusted
Condensed Consolidated Statement of Earnings for the three months ended February 28, 2015:
Cost of goods sold
 
$
1,169,703

 
$
74,339

 
$
1,244,042

Income taxes
 
30,841

 
(26,085
)
 
4,756

Earnings from continuing operations
61,719

 
(48,254
)
 
13,465

Net earnings attributable to CMC
54,451

 
(48,254
)
 
6,197

 
 
 
 
 
 
 
Basic earnings per share attributable to CMC:
 
 
 
 
 
Earnings from continuing operations
$
0.53

 
$
(0.41
)
 
$
0.12

Net earnings
 
0.47

 
(0.41
)
 
0.06

 
 
 
 
 
 
 
Diluted earnings per share attributable to CMC:
 
 
 
 
 
Earnings from continuing operations
$
0.52

 
$
(0.41
)
 
$
0.11

Net earnings
 
0.46

 
(0.41
)
 
0.05

 
 
 
 
 
 
 
Condensed Consolidated Statement of Earnings for the six months ended February 28, 2015:
Cost of goods sold
 
$
2,663,472

 
$
80,637

 
$
2,744,109

Income taxes
 
46,288

 
(28,314
)
 
17,974

Earnings from continuing operations
100,053

 
(52,323
)
 
47,730

Net earnings attributable to CMC
90,704

 
(52,323
)
 
38,381

 
 
 
 
 
 
 
Basic earnings per share attributable to CMC:
 
 
 
 
 
Earnings from continuing operations
$
0.85

 
$
(0.44
)
 
$
0.41

Net earnings
 
0.77

 
(0.44
)
 
0.33

 
 
 
 
 
 
 
Diluted earnings per share attributable to CMC:
 
 
 
 
 
Earnings from continuing operations
$
0.85

 
$
(0.45
)
 
0.40

Net earnings
 
0.77

 
(0.45
)
 
0.32

 
 
 
 
 
 
 
Condensed 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

 
 
 
 
 
 
 
Condensed Consolidated Statement of Cash Flows for the six months ended February 28, 2015:
Net earnings
$
90,704

 
$
(52,323
)
 
$
38,381

Deferred income taxes
20,401

 
(29,347
)
 
(8,946
)
Inventories working capital change
(252,430
)
 
77,440

 
(174,990
)
Accounts payable, accrued expenses and other payables working capital change
(160,628
)
 
650

 
(159,978
)
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 three and six months ended February 29, 2016:

(in thousands, except share data)
 
As Computed Under LIFO
 
As Reported Under New Inventory Costing Methodologies
 
Effect of Change
Condensed Consolidated Statement of Earnings for the three months ended February 29, 2016:
Earnings from continuing operations
 
$
27,625

 
$
10,849

 
$
(16,776
)
Net earnings attributable to CMC
 
27,278

 
10,502

 
(16,776
)
 
 
 
 
 
 
 
Basic earnings per share attributable to CMC:
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.24

 
$
0.09

 
$
(0.15
)
Net earnings
 
0.24

 
0.09

 
(0.15
)
 
 
 
 
 
 
 
Diluted earnings per share attributable to CMC:
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.23

 
$
0.09

 
$
(0.14
)
Net earnings
 
0.23

 
0.09

 
(0.14
)
 
 
 
 
 
 
 
Condensed Consolidated Statement of Earnings for the six months ended February 29, 2016:
Earnings from continuing operations
 
$
65,721

 
$
36,482

 
$
(29,239
)
Net earnings attributable to CMC
 
64,804

 
35,565

 
(29,239
)
 
 
 
 
 
 
 
Basic earnings per share attributable to CMC:
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.57

 
$
0.32

 
$
(0.25
)
Net earnings
 
0.56

 
0.31

 
(0.25
)
 
 
 
 
 
 
 
Diluted earnings per share attributable to CMC:
 
 
 
 
 
 
Earnings from continuing operations
 
$
0.56

 
$
0.31

 
$
(0.25
)
Net earnings
 
0.55

 
0.30

 
(0.25
)