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BUSINESS SEGMENTS
 3 Months Ended
Nov. 30, 2017
Segment Reporting [Abstract]  
Business segments
NOTE 14. BUSINESS SEGMENTS

The Company's operating segments engage in business activities from which they may earn revenues and incur expenses and for which discrete financial information is available. Operating results for the operating segments are regularly reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segments and to assess performance. The Company's chief operating decision maker is identified as the Chief Executive Officer. Operating segments are aggregated for reporting purposes when the operating segments are identified as similar in accordance with the basic principles and aggregation criteria in the accounting standards. The Company's reporting segments are based primarily on product lines and secondarily on geographic area. The reporting segments have different lines of management responsibility as each business requires different marketing strategies and management expertise.

The Company structures its business into the following five reporting segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill and International Marketing and Distribution. See Note 1, Nature of Operations, of the audited consolidated financial statements included in the 2017 Form 10-K for more information about the reporting segments, including the types of products and services from which each reporting segment derives its net sales. Corporate contains earnings on Benefit Restoration Plan ("BRP") assets and short-term investments as well as expenses of the Company's corporate headquarters and interest expense related to its long-term debt.

The financial information presented for the International Marketing and Distribution segment excludes the operations of CMC Cometals. This operation has been classified as discontinued operations in the unaudited condensed consolidated statements of earnings. See Note 2, Changes in Business, to the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for more information.

The Company uses adjusted operating profit (loss) from continuing operations to compare and evaluate the financial performance of its segments. Adjusted operating profit (loss) is the sum of the Company's earnings from continuing operations before interest expense, income taxes and discounts on sales of accounts receivable. Intersegment sales are generally priced at prevailing market prices. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies, of the audited consolidated financial statements included in the 2017 Form 10-K.

The following is a summary of certain financial information from continuing operations by reportable segment:
 
 
Three Months ended November 30, 2017
 
 
Americas
 
International
 
 
 
 
 
 
(in thousands)
 
Recycling
 
Mills
 
Fabrication
 
Mill
 
Marketing and Distribution
 
Corporate
 
Eliminations
 
Continuing Operations
Net sales-unaffiliated customers
 
$
274,330

 
$
246,733

 
$
330,552

 
$
220,200

 
$
162,506

 
$
4,198

 
$
—

 
$
1,238,519

Intersegment sales
 
45,004

 
166,785

 
2,227

 
267

 
792

 
—

 
(215,075
)
 
—

Net sales
 
319,334

 
413,518

 
332,779

 
220,467

 
163,298

 
4,198

 
(215,075
)
 
1,238,519

Adjusted operating profit (loss) from continuing operations
 
9,928

 
40,764

 
(4,782
)
 
23,393

 
10,531

 
(21,168
)
 
(1,569
)
 
57,097

Total assets as of November 30, 2017*
 
284,905

 
1,008,618

 
671,457

 
461,021

 
302,051

 
661,769

 
(508,840
)
 
2,880,981

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months ended November 30, 2016
 
 
Americas
 
International
 
 
 
 
 
 
 
 
Recycling
 
Mills
 
Fabrication
 
Mill
 
Marketing and Distribution
 
Corporate
 
Eliminations
 
Continuing Operations
Net sales-unaffiliated customers
 
$
154,362

 
$
203,331

 
$
335,277

 
$
134,190

 
$
165,181

 
$
1,750

 
$
—

 
$
994,091

Intersegment sales
 
22,346

 
143,834

 
3,123

 
211

 
1,656

 
—

 
(171,170
)
 
—

Net sales
 
176,708

 
347,165

 
338,400

 
134,401

 
166,837

 
1,750

 
(171,170
)
 
994,091

Adjusted operating profit (loss) from continuing operations
 
(5,098
)
 
36,949

 
6,711

 
9,973

 
(3,758
)
 
(24,013
)
 
(209
)
 
20,555

Total assets as of August 31, 2017*
 
234,350

 
933,022

 
683,609

 
462,190

 
351,716

 
677,691

 
(394,006
)
 
2,948,572

 _________________ 
* Excludes total assets from discontinued operations of $17.6 million at November 30, 2017 and $26.6 million at August 31, 2017.

Reconciliations of earnings from continuing operations to adjusted operating profit from continuing operations are provided below:
 
 
Three Months Ended November 30,
 
(in thousands)
 
2017
 
2016
 
Earnings from continuing operations
 
$
38,536

 
$
4,936

 
Income taxes
 
11,778

 
2,100

 
Interest expense
 
6,525

 
13,292

 
Discounts on sales of accounts receivable
 
258

 
227

 
Adjusted operating profit from continuing operations
 
$
57,097

 
$
20,555