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BUSINESS SEGMENTS | 3 Months Ended
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Nov. 30, 2019
Segment Reporting [Abstract] |
Business segments | NOTE 14. BUSINESS SEGMENTS The Company structures its business into the following four reporting segments: Americas Recycling, Americas Mills, Americas Fabrication and International Mill. The Company's reporting segments are based primarily on product lines and secondarily on geographic area. See Note 1, Nature of Operations, of the consolidated financial statements included in the 2019 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 and Other contains earnings or losses on assets and liabilities related to the Company's Benefit Restoration Plan assets and short-term investments, expenses of the Company's corporate headquarters, interest expense related to its long-term debt and intercompany eliminations. The Company uses adjusted EBITDA from continuing operations to compare and evaluate the financial performance of its segments. Adjusted EBITDA is the sum of the Company's earnings from continuing operations before interest expense, income taxes, depreciation and amortization expense and impairment expense. 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 consolidated financial statements included in the 2019 Form 10-K. The following is a summary of certain financial information from continuing operations by reportable segment:
|  | Three Months Ended November 30, 2019
(in thousands) |  | Americas Recycling |  | Americas Mills |  | Americas Fabrication |  | International Mill |  | Corporate and Other |  | Continuing Operations
Net sales-unaffiliated customers |  | $ | 172,151 |  |  | $ | 474,192 |  |  | $ | 570,377 |  |  | $ | 165,040 |  |  | $ | 2,948 |  |  | $ | 1,384,708 |
Intersegment sales |  | 50,110 |  |  | 294,701 |  |  | 1,470 |  |  | 349 |  |  | (346,630 | ) |  | — |
Net sales |  | 222,261 |  |  | 768,893 |  |  | 571,847 |  |  | 165,389 |  |  | (343,682 | ) |  | 1,384,708 |
Adjusted EBITDA |  | 3,417 |  |  | 155,025 |  |  | 17,481 |  |  | 11,359 |  |  | (27,477 | ) |  | 159,805 |
Total assets at November 30, 2019* |  | 251,115 |  |  | 1,632,290 |  |  | 1,123,785 |  |  | 483,718 |  |  | 317,443 |  |  | 3,808,351 |
_________________ *Total assets listed in Corporate and Other includes assets from discontinued operations.
|  | Three Months Ended November 30, 2018
(in thousands) |  | Americas Recycling |  | Americas Mills |  | Americas Fabrication |  | International Mill |  | Corporate and Other |  | Continuing Operations
Net sales-unaffiliated customers |  | $ | 240,181 |  |  | $ | 373,671 |  |  | $ | 434,558 |  |  | $ | 226,673 |  |  | $ | 2,259 |  |  | $ | 1,277,342 |
Intersegment sales |  | 61,828 |  |  | 228,182 |  |  | 2,553 |  |  | 351 |  |  | (292,914 | ) |  | — |
Net sales |  | 302,009 |  |  | 601,853 |  |  | 437,111 |  |  | 227,024 |  |  | (290,655 | ) |  | 1,277,342 |
Adjusted EBITDA |  | 15,434 |  |  | 113,873 |  |  | (36,996 | ) |  | 32,779 |  |  | (59,554 | ) |  | 65,536 |
Total assets at August 31, 2019* |  | 257,517 |  |  | 1,667,366 |  |  | 1,106,420 |  |  | 464,177 |  |  | 263,291 |  |  | 3,758,771 |
_________________ *Total assets listed in Corporate and Other includes assets from discontinued operations. The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations:
|  | Three Months Ended November 30,
(in thousands) |  | 2019 |  | 2018
Earnings from continuing operations |  | $ | 82,755 |  |  | $ | 19,420 |
Interest expense |  | 16,578 |  |  | 16,663 |
Income taxes |  | 27,332 |  |  | 5,609 |
Depreciation and amortization |  | 40,941 |  |  | 35,176 |
Amortization of acquired unfavorable contract backlog |  | (8,331 | ) |  | (11,332 | )
Impairment of assets |  | 530 |  |  | — |
Adjusted EBITDA from continuing operations |  | $ | 159,805 |  |  | $ | 65,536 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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