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BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Aug. 31, 2020
Segment Reporting [Abstract] |
Summary of certain financial information from continuing operations by reportable segment | The following table summarizes certain financial information from continuing operations by reportable segment:
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Continuing Operations
2020 |  |  |  |  |  |  |  |
Net sales |  | $ | 4,769,933 |  |  | $ | 699,140 |  |  | $ | 7,413 |  |  | $ | 5,476,486 |
Adjusted EBITDA |  | 661,176 |  |  | 62,007 |  |  | (146,575) |  |  | 576,608 |
Interest expense(1) |  | 48,413 |  |  | 982 |  |  | 12,442 |  |  | 61,837 |
Capital expenditures |  | 127,982 |  |  | 48,895 |  |  | 10,741 |  |  | 187,618 |
Depreciation and amortization |  | 132,492 |  |  | 25,674 |  |  | 7,583 |  |  | 165,749 |
Asset impairments |  | 7,606 |  |  | 5 |  |  | — |  |  | 7,611 |
Total assets(2) |  | 2,862,805 |  |  | 532,850 |  |  | 686,073 |  |  | 4,081,728 |
2019 |  |  |  |  |  |  |  |
Net sales |  | $ | 5,001,116 |  |  | $ | 817,048 |  |  | $ | 10,838 |  |  | $ | 5,829,002 |
Adjusted EBITDA |  | 456,296 |  |  | 100,102 |  |  | (132,313) |  |  | 424,085 |
Interest expense(1) |  | 46,939 |  |  | 2,493 |  |  | 21,941 |  |  | 71,373 |
Capital expenditures |  | 89,119 |  |  | 40,337 |  |  | 9,380 |  |  | 138,836 |
Depreciation and amortization |  | 125,718 |  |  | 25,993 |  |  | 6,941 |  |  | 158,652 |
Asset impairments |  | 369 |  |  | 15 |  |  | — |  |  | 384 |
Total assets(2) |  | 2,991,996 |  |  | 464,177 |  |  | 302,598 |  |  | 3,758,771 |
2018 |  |  |  |  |  |  |  |
Net sales |  | $ | 3,738,493 |  |  | $ | 887,038 |  |  | $ | 18,192 |  |  | $ | 4,643,723 |
Adjusted EBITDA |  | 323,993 |  |  | 131,720 |  |  | (103,492) |  |  | 352,221 |
Interest expense(1) |  | 23,217 |  |  | 2,699 |  |  | 15,041 |  |  | 40,957 |
Capital expenditures |  | 144,007 |  |  | 23,552 |  |  | 3,808 |  |  | 171,367 |
Depreciation and amortization |  | 92,295 |  |  | 27,255 |  |  | 11,958 |  |  | 131,508 |
Asset impairments |  | 14,345 |  |  | 27 |  |  | — |  |  | 14,372 |
Total assets(2) |  | 2,115,049 |  |  | 485,548 |  |  | 727,707 |  |  | 3,328,304 |
__________________________________ (1) Includes intercompany interest expense in the segments, which is eliminated within Corporate and Other. (2) Total assets listed in Corporate and Other includes assets from discontinued operations.
Reconciliations of earnings from continuing operations to adjusted operating profit | The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations:
|  | Year Ended August 31, |  |  |  |
(in thousands) |  | 2020 |  | 2019 |  | 2018
Earnings from continuing operations |  | $ | 278,302 |  |  | $ | 198,779 |  |  | $ | 135,237 |
Interest expense |  | 61,837 |  |  | 71,373 |  |  | 40,957 |
Income taxes |  | 92,476 |  |  | 69,681 |  |  | 30,147 |
Depreciation and amortization |  | 165,749 |  |  | 158,652 |  |  | 131,508 |
Amortization of acquired unfavorable contract backlog |  | (29,367) |  |  | (74,784) |  |  | — |
Asset impairments |  | 7,611 |  |  | 384 |  |  | 14,372 |
Adjusted EBITDA from continuing operations |  | $ | 576,608 |  |  | $ | 424,085 |  |  | $ | 352,221 |
External net sales from continuing operations by geographic area |
|  | Year Ended August 31, |  |  |  |
(in thousands) |  | 2020 |  | 2019 |  | 2018*
Geographic area: |  |  |  |  |  |
United States |  | $ | 4,562,351 |  |  | $ | 4,771,164 |  |  | $ | 3,460,018 |
Poland |  | 549,983 |  |  | 510,610 |  |  | 702,540 |
China |  | 76,909 |  |  | 74,638 |  |  | 163,622 |
Germany |  | 65,846 |  |  | 103,762 |  |  | 70,754 |
Other |  | 221,397 |  |  | 368,828 |  |  | 246,789 |
Net sales |  | $ | 5,476,486 |  |  | $ | 5,829,002 |  |  | $ | 4,643,723 |
__________________________________ * Prior period amounts have been reported under ASC 605.
Net sales by major product | The following tables present net sales by reportable segment disaggregated by major product and geographic area:
|  | Year Ended August 31, 2020 |  |  |  |  |  |
(in thousands) |  | North America |  | Europe |  | Corporate |  | Total
Major product: |  |  |  |  |  |  |  |
Raw material products |  | $ | 718,513 |  |  | $ | 9,692 |  |  | $ | — |  |  | $ | 728,205 |
Steel products |  | 1,738,556 |  |  | 547,047 |  |  | — |  |  | 2,285,603 |
Downstream products |  | 1,943,126 |  |  | 119,232 |  |  | — |  |  | 2,062,358 |
Other |  | 369,738 |  |  | 21,660 |  |  | 8,922 |  |  | 400,320 |
Net sales-unaffiliated customers |  | 4,769,933 |  |  | 697,631 |  |  | 8,922 |  |  | 5,476,486 |
Intersegment net sales, eliminated on consolidation |  | — |  |  | 1,509 |  |  | (1,509) |  |  | — |
Net sales |  | $ | 4,769,933 |  |  | $ | 699,140 |  |  | $ | 7,413 |  |  | $ | 5,476,486 |
|  | Year Ended August 31, 2019 |  |  |  |  |  |
(in thousands) |  | North America |  | Europe |  | Corporate |  | Total
Major product: |  |  |  |  |  |  |  |
Raw material products |  | $ | 953,858 |  |  | $ | 12,359 |  |  | $ | — |  |  | $ | 966,217 |
Steel products |  | 1,763,017 |  |  | 646,974 |  |  | — |  |  | 2,409,991 |
Downstream products |  | 1,936,994 |  |  | 133,823 |  |  | — |  |  | 2,070,817 |
Other |  | 347,247 |  |  | 22,567 |  |  | 12,163 |  |  | 381,977 |
Net sales-unaffiliated customers |  | 5,001,116 |  |  | 815,723 |  |  | 12,163 |  |  | 5,829,002 |
Intersegment net sales, eliminated on consolidation |  | — |  |  | 1,325 |  |  | (1,325) |  |  | — |
Net sales |  | $ | 5,001,116 |  |  | $ | 817,048 |  |  | $ | 10,838 |  |  | $ | 5,829,002 |
|  | Year Ended August 31, 2018* |  |  |  |  |  |
(in thousands) |  | North America |  | Europe |  | Corporate |  | Total
Major product: |  |  |  |  |  |  |  |
Raw material products |  | $ | 1,165,998 |  |  | $ | 15,213 |  |  | $ | — |  |  | $ | 1,181,211 |
Steel products |  | 1,099,286 |  |  | 710,657 |  |  | — |  |  | 1,809,943 |
Downstream products |  | 1,160,373 |  |  | 142,745 |  |  | — |  |  | 1,303,118 |
Other |  | 312,810 |  |  | 17,304 |  |  | 19,337 |  |  | 349,451 |
Net sales-unaffiliated customers |  | 3,738,467 |  |  | 885,919 |  |  | 19,337 |  |  | 4,643,723 |
Intersegment net sales, eliminated on consolidation |  | 26 |  |  | 1,119 |  |  | (1,145) |  |  | — |
Net sales |  | $ | 3,738,493 |  |  | $ | 887,038 |  |  | $ | 18,192 |  |  | $ | 4,643,723 |
Long-lived assets by geographic area | The following table presents long-lived assets, net of accumulated depreciation and amortization, by geographic area:
|  | August 31, |  |  |  |
(in thousands) |  | 2020 |  | 2019 |  | 2018
United States |  | $ | 1,483,127 |  |  | $ | 1,426,131 |  |  | $ | 1,001,102 |
Poland |  | 225,166 |  |  | 173,045 |  |  | 171,460 |
Other |  | 51 |  |  | 42 |  |  | 45 |
Total long-lived assets |  | $ | 1,708,344 |  |  | $ | 1,599,218 |  |  | $ | 1,172,607 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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