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BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS
 9 Months Ended
May 31, 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 May 31, 2016 and August 31, 2015, 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)
 
May 31, 2016
 
August 31, 2015
Assets:
 
 
 
 
Accounts receivable
 
$
5,133

 
$
3,244

Inventories, net
 
9,807

 
12,514

Other current assets
 
—

 
41

Property, plant and equipment, net of accumulated depreciation and amortization
 
1,412

 
1,209

Impairment of businesses held for sale(1)
 
(15,765
)
 
—

Assets of businesses held for sale
 
$
587

 
$
17,008

Liabilities:
 
 
 
 
Accounts payable-trade
 
$
1,293

 
$
3,011

Accrued expenses and other payables
 
2,411

 
2,265

Liabilities of businesses held for sale
 
$
3,704

 
$
5,276


 _________________ 
(1) See Note 10, Fair Value, for further discussion of the impairment of businesses held for sale.

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. During the third quarter of fiscal 2016, the Company recorded an impairment charge of $15.8 million, including the impact of an approximate $13.5 million accumulated foreign currency translation loss, on its remaining component of the Australian steel distribution business that was classified as held for sale at May 31, 2016 and as discontinued operations during the three and nine months ended May 31, 2016. See Note 10, Fair Value, for further discussion of this impairment charge. Other expenses associated with exiting this business were not material for the three and nine months ended May 31, 2016 and May 31, 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 May 31,
 
Nine Months Ended May 31,
(in thousands)
 
2016
 
2015
 
2016
 
2015
Net sales
 
$
12,321

 
$
43,307

 
$
33,828

 
$
143,644

Loss from discontinued operations before income taxes
 
(15,785
)
 
(10,871
)
 
(16,803
)
 
(20,241
)


Dispositions
There were no material dispositions during the first nine 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 to the Company in the second quarter of fiscal 2016.