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BUSINESS SEGMENTS | 3 Months Ended
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Nov. 30, 2021
Segment Reporting [Abstract] |
Business segments | NOTE 14. BUSINESS SEGMENTS The Company structures its business into two reportable segments: North America and Europe. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, to the consolidated financial statements in the 2021 Form 10-K for more information about the reportable segments, including the types of products and services from which each reportable 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 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 |
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 |  |  |  |  |
Disaggregation of Revenue 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 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://www.xbrl.org/2003/role/disclosureRef -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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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