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ACCOUNTING POLICIES (Tables) | 9 Months Ended
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May 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 condensed consolidated balance sheet as of August 31, 2015 and its condensed consolidated statements of earnings for the three and nine months ended May 31, 2015 and condensed consolidated statement of cash flows for the nine months ended May 31, 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 May 31, 2015:
Cost of goods sold |  | $ | 1,270,044 |  |  | $ | 43,810 |  |  | $ | 1,313,854 |
Income taxes |  | 37,964 |  |  | (15,838 | ) |  | 22,126 |
Earnings from continuing operations | 67,128 |  |  | (27,972 | ) |  | 39,156 |
Net earnings attributable to CMC | 56,681 |  |  | (27,972 | ) |  | 28,709 |
Basic earnings per share attributable to CMC: |  |  |  |  |
Earnings from continuing operations | $ | 0.58 |  |  | $ | (0.24 | ) |  | $ | 0.34 |
Net earnings |  | 0.49 |  |  | (0.24 | ) |  | 0.25 |
Diluted earnings per share attributable to CMC: |  |  |  |  |
Earnings from continuing operations | $ | 0.58 |  |  | $ | (0.24 | ) |  | $ | 0.34 |
Net earnings |  | 0.49 |  |  | (0.24 | ) |  | 0.25 |
Condensed Consolidated Statement of Earnings for the nine months ended May 31, 2015:
Cost of goods sold |  | $ | 3,933,516 |  |  | $ | 124,447 |  |  | $ | 4,057,963 |
Income taxes |  | 84,252 |  |  | (44,152 | ) |  | 40,100 |
Earnings from continuing operations | 167,181 |  |  | (80,295 | ) |  | 86,886 |
Net earnings attributable to CMC | 147,385 |  |  | (80,295 | ) |  | 67,090 |
Basic earnings per share attributable to CMC: |  |  |  |  |
Earnings from continuing operations | $ | 1.43 |  |  | $ | (0.69 | ) |  | $ | 0.74 |
Net earnings |  | 1.26 |  |  | (0.69 | ) |  | 0.57 |
Diluted earnings per share attributable to CMC: |  |  |  |  |
Earnings from continuing operations | $ | 1.42 |  |  | $ | (0.68 | ) |  | $ | 0.74 |
Net earnings |  | 1.25 |  |  | (0.68 | ) |  | 0.57 |
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 nine months ended May 31, 2015:
Net earnings | $ | 147,385 |  |  | $ | (80,295 | ) |  | $ | 67,090 |
Deferred income taxes | 26,396 |  |  | (45,990 | ) |  | (19,594 | )
Inventories working capital change | (111,675 | ) |  | 114,609 |  |  | 2,934 |
Accounts payable, accrued expenses and other payables working capital change | (129,322 | ) |  | 1,257 |  |  | (128,065 | )
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 nine months ended May 31, 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 May 31, 2016:
Earnings from continuing operations |  | $ | 34,121 |  |  | $ | 35,111 |  |  | $ | 990 |
Net earnings attributable to CMC |  | 18,338 |  |  | 19,328 |  |  | 990 |
Basic earnings per share attributable to CMC: |  |  |  |  |  |
Earnings from continuing operations |  | $ | 0.30 |  |  | $ | 0.31 |  |  | $ | 0.01 |
Net earnings |  | 0.16 |  |  | 0.17 |  |  | 0.01 |
Diluted earnings per share attributable to CMC: |  |  |  |  |  |
Earnings from continuing operations |  | $ | 0.29 |  |  | $ | 0.30 |  |  | $ | 0.01 |
Net earnings |  | 0.16 |  |  | 0.17 |  |  | 0.01 |
Condensed Consolidated Statement of Earnings for the nine months ended May 31, 2016:
Earnings from continuing operations |  | $ | 99,843 |  |  | $ | 71,593 |  |  | $ | (28,250 | )
Net earnings attributable to CMC |  | 83,143 |  |  | 54,893 |  |  | (28,250 | )
Basic earnings per share attributable to CMC: |  |  |  |  |  |
Earnings from continuing operations |  | $ | 0.86 |  |  | $ | 0.62 |  |  | $ | (0.24 | )
Net earnings |  | 0.72 |  |  | 0.48 |  |  | (0.24 | )
Diluted earnings per share attributable to CMC: |  |  |  |  |  |
Earnings from continuing operations |  | $ | 0.85 |  |  | $ | 0.61 |  |  | $ | (0.24 | )
Net earnings |  | 0.71 |  |  | 0.47 |  |  | (0.24 | )

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