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BUSINESS SEGMENTS (Tables) | 3 Months Ended
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Nov. 30, 2021
Segment Reporting [Abstract] |
Summary of certain financial information from continuing operations by reportable segment | The following is a summary of certain financial information from continuing operations by reportable segment and Corporate and Other:
|  | Three Months Ended November 30, 2021
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Continuing Operations
Net sales |  | $ | 1,653,622 |  |  | $ | 329,056 |  |  | $ | (877) |  |  | $ | 1,981,801 |
Adjusted EBITDA |  | 268,524 |  |  | 79,832 |  |  | (34,334) |  |  | 314,022 |
Total assets at November 30, 2021 |  | 3,389,890 |  |  | 736,872 |  |  | 598,496 |  |  | 4,725,258 |
|  | Three Months Ended November 30, 2020
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Continuing Operations
Net sales |  | $ | 1,195,013 |  |  | $ | 194,596 |  |  | $ | 2,194 |  |  | $ | 1,391,803 |
Adjusted EBITDA |  | 155,634 |  |  | 14,470 |  |  | (26,471) |  |  | 143,633 |
Total assets at August 31, 2021 |  | 3,221,465 |  |  | 729,766 |  |  | 687,440 |  |  | 4,638,671 |
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:
|  | Three Months Ended November 30, |  |
(in thousands) |  | 2021 |  | 2020 |  |  |  |
Earnings from continuing operations |  | $ | 232,889 |  |  | $ | 63,911 |  |  |  |  |
Interest expense |  | 11,035 |  |  | 14,259 |  |  |  |  |
Income taxes |  | 28,872 |  |  | 21,593 |  |  |  |  |
Depreciation and amortization |  | 41,226 |  |  | 41,799 |  |  |  |  |
Asset impairments |  | — |  |  | 3,594 |  |  |  |  |
Amortization of acquired unfavorable contract backlog |  | — |  |  | (1,523) |  |  |  |  |
Adjusted EBITDA from continuing operations |  | $ | 314,022 |  |  | $ | 143,633 |  |  |  |  |
Net sales by major product | The following tables display revenue by reportable segment and Corporate and Other from external customers, disaggregated by major product:
|  | Three Months Ended November 30, 2021
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |
Raw materials |  | $ | 353,092 |  |  | $ | 6,960 |  |  | $ | — |  |  | $ | 360,052 |
Steel products |  | 675,042 |  |  | 243,145 |  |  | — |  |  | 918,187 |
Downstream products |  | 514,396 |  |  | 70,072 |  |  | — |  |  | 584,468 |
Other |  | 111,092 |  |  | 8,385 |  |  | (383) |  |  | 119,094 |
Net sales-unaffiliated customers |  | 1,653,622 |  |  | 328,562 |  |  | (383) |  |  | 1,981,801 |
Intersegment net sales, eliminated on consolidation |  | — |  |  | 494 |  |  | (494) |  |  | — |
Net sales |  | $ | 1,653,622 |  |  | $ | 329,056 |  |  | $ | (877) |  |  | $ | 1,981,801 |
|  | Three Months Ended November 30, 2020
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |
Raw materials |  | $ | 210,237 |  |  | $ | 2,830 |  |  | $ | — |  |  | $ | 213,067 |
Steel products |  | 457,657 |  |  | 151,455 |  |  | — |  |  | 609,112 |
Downstream products |  | 437,029 |  |  | 34,473 |  |  | — |  |  | 471,502 |
Other |  | 90,090 |  |  | 5,427 |  |  | 2,605 |  |  | 98,122 |
Net sales-unaffiliated customers |  | 1,195,013 |  |  | 194,185 |  |  | 2,605 |  |  | 1,391,803 |
Intersegment net sales, eliminated on consolidation |  | — |  |  | 411 |  |  | (411) |  |  | — |
Net sales |  | $ | 1,195,013 |  |  | $ | 194,596 |  |  | $ | 2,194 |  |  | $ | 1,391,803 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 + Details
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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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