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BUSINESS SEGMENTS

9 Months Ended

May 31, 2020

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 May 31, 2020
(in thousands)						Americas Recycling						Americas Mills						Americas Fabrication						International Mill						Corporate and Other						Continuing Operations
Net sales-unaffiliated customers						$	148,021					$	451,278					$	567,782					$	173,465					$	1,137					$	1,341,683
Intersegment sales						55,134						289,534						1,466						352						(346,486)						—
Net sales						203,155						740,812						569,248						173,817						(345,349)						1,341,683
Adjusted EBITDA						(1,664)						133,174						31,896						14,270						(30,894)						146,782
						Nine Months Ended May 31, 2020
(in thousands)						Americas Recycling						Americas Mills						Americas Fabrication						International Mill						Corporate and Other						Continuing Operations
Net sales-unaffiliated customers						$	499,707					$	1,396,837					$	1,648,540					$	518,161					$	4,109					$	4,067,354
Intersegment sales						173,793						844,908						4,303						1,124						(1,024,128)						—
Net sales						673,500						2,241,745						1,652,843						519,285						(1,020,019)						4,067,354
Adjusted EBITDA						7,507						413,890						65,437						39,080						(81,606)						444,308
Total assets at May 31, 2020*						216,270						1,609,574						1,052,324						506,192						570,527						3,954,887

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*Total assets listed in Corporate and Other includes assets from discontinued operations.

						Three Months Ended May 31, 2019
(in thousands)						Americas Recycling						Americas Mills						Americas Fabrication						International Mill						Corporate and Other						Continuing Operations
Net sales-unaffiliated customers						$	228,786					$	536,035					$	629,510					$	209,022					$	2,519					$	1,605,872
Intersegment sales						60,229						330,868						3,537						343						(394,977)						—
Net sales						289,015						866,903						633,047						209,365						(392,458)						1,605,872
Adjusted EBITDA						12,331						158,114						(23,289)						24,120						(27,305)						143,971
						Nine Months Ended May 31, 2019
(in thousands)						Americas Recycling						Americas Mills						Americas Fabrication						International Mill						Corporate and Other						Continuing Operations
Net sales-unaffiliated customers						$	694,855					$	1,382,501					$	1,590,746					$	610,640					$	7,255					$	4,285,997
Intersegment sales						183,244						860,964						10,248						947						(1,055,403)						—
Net sales						878,099						2,243,465						1,600,994						611,587						(1,048,148)						4,285,997
Adjusted EBITDA						37,889						384,383						(109,863)						77,436						(111,005)						278,840
Total assets at August 31, 2019*						257,517						1,667,366						1,106,420						464,177						263,291						3,758,771

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*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 May 31,																		Nine Months Ended May 31,
(in thousands)						2020						2019						2020						2019
Earnings from continuing operations						$	64,169					$	78,551					$	210,520					$	112,899
Interest expense						15,409						18,513						47,875						53,671
Income taxes						23,804						29,105						73,981						52,855
Depreciation and amortization						41,765						41,181						124,095						117,602
Asset impairments						5,983						15						6,513						15
Amortization of acquired unfavorable contract backlog						(4,348)						(23,394)						(18,676)						(58,202)
Adjusted EBITDA from continuing operations						$	146,782					$	143,971					$	444,308					$	278,840

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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

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