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v3.22.2.2

OPERATING SEGMENTS (Tables) | 12 Months Ended
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Aug. 31, 2022
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 and Corporate and Other:
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
2022 |  |  |  |  |  |  |  |
Net sales |  | $ | 7,298,632 |  |  | $ | 1,621,642 |  |  | $ | (6,793) |  |  | $ | 8,913,481 |
Adjusted EBITDA |  | 1,553,858 |  |  | 346,051 |  |  | (154,103) |  |  | 1,745,806 |
Interest expense(1) |  | 26,798 |  |  | 3,819 |  |  | 20,092 |  |  | 50,709 |
Capital expenditures |  | 415,157 |  |  | 27,783 |  |  | 7,048 |  |  | 449,988 |
Depreciation and amortization |  | 135,322 |  |  | 31,250 |  |  | 8,452 |  |  | 175,024 |
Asset impairments |  | 4,915 |  |  | 11 |  |  | — |  |  | 4,926 |
Total assets |  | 4,467,314 |  |  | 1,056,101 |  |  | 713,612 |  |  | 6,237,027 |
2021 |  |  |  |  |  |  |  |
Net sales |  | $ | 5,670,976 |  |  | $ | 1,049,059 |  |  | $ | 9,725 |  |  | $ | 6,729,760 |
Adjusted EBITDA |  | 746,594 |  |  | 148,258 |  |  | (140,568) |  |  | 754,284 |
Interest expense(1) |  | 25,131 |  |  | 476 |  |  | 26,297 |  |  | 51,904 |
Capital expenditures |  | 134,932 |  |  | 44,002 |  |  | 5,231 |  |  | 184,165 |
Depreciation and amortization |  | 132,192 |  |  | 27,516 |  |  | 7,905 |  |  | 167,613 |
Asset impairments |  | 6,360 |  |  | 424 |  |  | — |  |  | 6,784 |
Total assets |  | 3,221,465 |  |  | 729,766 |  |  | 687,440 |  |  | 4,638,671 |
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 |
__________________________________ (1) Includes intercompany interest expense in the segments, which is eliminated within Corporate and Other. (2) Total assets listed in Corporate and Other at 2020 include 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:
|  | Year Ended August 31,
(in thousands) |  | 2022 |  | 2021 |  | 2020
Net earnings from continuing operations |  | $ | 1,217,262 |  |  | $ | 412,865 |  |  | $ | 278,302 |
Interest expense |  | 50,709 |  |  | 51,904 |  |  | 61,837 |
Income taxes |  | 297,885 |  |  | 121,153 |  |  | 92,476 |
Depreciation and amortization |  | 175,024 |  |  | 167,613 |  |  | 165,749 |
Asset impairments |  | 4,926 |  |  | 6,784 |  |  | 7,611 |
Amortization of acquired unfavorable contract backlog |  | — |  |  | (6,035) |  |  | (29,367) |
Adjusted EBITDA |  | $ | 1,745,806 |  |  | $ | 754,284 |  |  | $ | 576,608 |
External net sales from continuing operations by geographic area |
|  | Year Ended August 31,
(in thousands) |  | 2022 |  | 2021 |  | 2020
Geographic area: |  |  |  |  |  |
United States |  | $ | 6,793,023 |  |  | $ | 5,295,447 |  |  | $ | 4,562,351 |
Poland |  | 1,078,986 |  |  | 793,075 |  |  | 549,983 |
China |  | 246,679 |  |  | 156,101 |  |  | 76,909 |
Other |  | 794,793 |  |  | 485,137 |  |  | 287,243 |
Net sales |  | $ | 8,913,481 |  |  | $ | 6,729,760 |  |  | $ | 5,476,486 |
Net sales by major product |
|  | Year Ended August 31, 2022
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |
Raw materials |  | $ | 1,504,107 |  |  | $ | 25,259 |  |  | $ | — |  |  | $ | 1,529,366 |
Steel products |  | 2,955,121 |  |  | 1,235,691 |  |  | — |  |  | 4,190,812 |
Downstream products |  | 2,245,734 |  |  | 292,136 |  |  | — |  |  | 2,537,870 |
Construction-related solutions |  | 453,517 |  |  | 27,279 |  |  | — |  |  | 480,796 |
Other |  | 138,164 |  |  | 39,206 |  |  | (2,733) |  |  | 174,637 |
Net sales from external customers |  | 7,296,643 |  |  | 1,619,571 |  |  | (2,733) |  |  | 8,913,481 |
Intersegment net sales, eliminated on consolidation |  | 1,989 |  |  | 2,071 |  |  | (4,060) |  |  | — |
Net sales |  | $ | 7,298,632 |  |  | $ | 1,621,642 |  |  | $ | (6,793) |  |  | $ | 8,913,481 |
|  | Year Ended August 31, 2021
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |
Raw materials |  | $ | 1,162,997 |  |  | $ | 19,841 |  |  | $ | — |  |  | $ | 1,182,838 |
Steel products |  | 2,289,975 |  |  | 808,662 |  |  | — |  |  | 3,098,637 |
Downstream products |  | 1,814,192 |  |  | 192,175 |  |  | — |  |  | 2,006,367 |
Construction-related solutions |  | 289,644 |  |  | — |  |  | — |  |  | 289,644 |
Other |  | 114,168 |  |  | 26,567 |  |  | 11,539 |  |  | 152,274 |
Net sales from external customers |  | 5,670,976 |  |  | 1,047,245 |  |  | 11,539 |  |  | 6,729,760 |
Intersegment net sales, eliminated on consolidation |  | — |  |  | 1,814 |  |  | (1,814) |  |  | — |
Net sales |  | $ | 5,670,976 |  |  | $ | 1,049,059 |  |  | $ | 9,725 |  |  | $ | 6,729,760 |
|  | Year ended August 31, 2020
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |
Raw materials |  | $ | 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 |
Construction-related solutions |  | 275,815 |  |  | — |  |  | — |  |  | 275,815 |
Other |  | 93,923 |  |  | 21,660 |  |  | 8,922 |  |  | 124,505 |
Net sales from external 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 |
The following table presents net sales by geographic area:
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) |  | 2022 |  | 2021 |  | 2020
Geographic area: |  |  |  |  |  |
United States |  | $ | 1,858,269 |  |  | $ | 1,473,745 |  |  | $ | 1,483,127 |
Poland |  | 180,350 |  |  | 225,582 |  |  | 225,166 |
Other |  | 35,199 |  |  | 23 |  |  | 51 |
Total long-lived assets, net |  | $ | 2,073,818 |  |  | $ | 1,699,350 |  |  | $ | 1,708,344 |

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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=123359005&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=123359005&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=123359005&loc=d3e8906-108599 + Details
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