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v3.23.1

BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Feb. 28, 2023
Segment Reporting [Abstract] |
Summary of certain financial information from continuing operations by reportable segment | The following is a summary of certain financial information by reportable segment and Corporate and Other:
|  | Three Months Ended February 28, 2023
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Net sales |  | $ | 1,640,933 |  |  | $ | 355,633 |  |  | $ | 21,437 |  |  | $ | 2,018,003 |
Adjusted EBITDA |  | 299,311 |  |  | 12,949 |  |  | (15,573) |  |  | 296,687 |
|  | Six Months Ended February 28, 2023
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Net sales |  | $ | 3,457,832 |  |  | $ | 762,146 |  |  | $ | 25,338 |  |  | $ | 4,245,316 |
Adjusted EBITDA |  | 677,267 |  |  | 77,454 |  |  | (55,298) |  |  | 699,423 |
Total assets at February 28, 2023 |  | 4,660,107 |  |  | 1,253,468 |  |  | 571,276 |  |  | 6,484,851 |
|  | Three Months Ended February 28, 2022
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Net sales |  | $ | 1,614,224 |  |  | $ | 395,758 |  |  | $ | (1,094) |  |  | $ | 2,008,888 |
Adjusted EBITDA |  | 535,463 |  |  | 81,149 |  |  | (52,493) |  |  | 564,119 |
|  | Six Months Ended February 28, 2022
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Net sales |  | $ | 3,267,846 |  |  | $ | 724,814 |  |  | $ | (1,971) |  |  | $ | 3,990,689 |
Adjusted EBITDA |  | 803,987 |  |  | 160,981 |  |  | (86,827) |  |  | 878,141 |
Total assets at August 31, 2022 |  | 4,467,314 |  |  | 1,056,101 |  |  | 713,612 |  |  | 6,237,027 |
Reconciliations of earnings from continuing operations to adjusted operating profit | The following table presents a reconciliation of net earnings to adjusted EBITDA:
|  | Three Months Ended February 28, |  | Six Months Ended February 28,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net earnings |  | $ | 179,849 |  |  | $ | 383,314 |  |  | $ | 441,623 |  |  | $ | 616,203 |
Interest expense |  | 9,945 |  |  | 12,011 |  |  | 22,990 |  |  | 23,046 |
Income taxes |  | 55,641 |  |  | 126,432 |  |  | 132,366 |  |  | 155,304 |
Depreciation and amortization |  | 51,216 |  |  | 41,134 |  |  | 102,399 |  |  | 82,360 |
Asset impairments |  | 36 |  |  | 1,228 |  |  | 45 |  |  | 1,228 |
Adjusted EBITDA |  | $ | 296,687 |  |  | $ | 564,119 |  |  | $ | 699,423 |  |  | $ | 878,141 |
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 February 28, 2023
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |
Raw materials |  | $ | 315,711 |  |  | $ | 4,894 |  |  | $ | — |  |  | $ | 320,605 |
Steel products |  | 630,724 |  |  | 272,607 |  |  | — |  |  | 903,331 |
Downstream products |  | 539,173 |  |  | 50,128 |  |  | — |  |  | 589,301 |
Construction-related solutions |  | 122,464 |  |  | 17,380 |  |  | — |  |  | 139,844 |
Other(1) |  | 31,921 |  |  | 9,930 |  |  | 23,071 |  |  | 64,922 |
Net sales from external customers |  | 1,639,993 |  |  | 354,939 |  |  | 23,071 |  |  | 2,018,003 |
Intersegment net sales, eliminated on consolidation |  | 940 |  |  | 694 |  |  | (1,634) |  |  | — |
Net sales |  | $ | 1,640,933 |  |  | $ | 355,633 |  |  | $ | 21,437 |  |  | $ | 2,018,003 |
|  | Six Months Ended February 28, 2023
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |
Raw materials |  | $ | 608,031 |  |  | $ | 9,761 |  |  | $ | — |  |  | $ | 617,792 |
Steel products |  | 1,336,186 |  |  | 584,543 |  |  | — |  |  | 1,920,729 |
Downstream products |  | 1,181,107 |  |  | 109,710 |  |  | — |  |  | 1,290,817 |
Construction-related solutions |  | 264,836 |  |  | 36,826 |  |  | — |  |  | 301,662 |
Other(1) |  | 65,081 |  |  | 20,048 |  |  | 29,187 |  |  | 114,316 |
Net sales from external customers |  | 3,455,241 |  |  | 760,888 |  |  | 29,187 |  |  | 4,245,316 |
Intersegment net sales, eliminated on consolidation |  | 2,591 |  |  | 1,258 |  |  | (3,849) |  |  | — |
Net sales |  | $ | 3,457,832 |  |  | $ | 762,146 |  |  | $ | 25,338 |  |  | $ | 4,245,316 |
_______________________________ (1) Other revenue during the three and six months ended February 28, 2023 includes $17.7 million derived from the Company's NMTC transactions. See Note 8, New Markets Tax Credit Transactions, for further information.
|  | Three Months Ended February 28, 2022
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |
Raw materials |  | $ | 366,941 |  |  | $ | 5,864 |  |  | $ | — |  |  | $ | 372,805 |
Steel products |  | 666,047 |  |  | 320,414 |  |  | — |  |  | 986,461 |
Downstream products |  | 459,753 |  |  | 59,541 |  |  | — |  |  | 519,294 |
Construction-related solutions |  | 83,638 |  |  | — |  |  | — |  |  | 83,638 |
Other |  | 37,845 |  |  | 9,530 |  |  | (685) |  |  | 46,690 |
Net sales from external customers |  | 1,614,224 |  |  | 395,349 |  |  | (685) |  |  | 2,008,888 |
Intersegment net sales, eliminated on consolidation |  | — |  |  | 409 |  |  | (409) |  |  | — |
Net sales |  | $ | 1,614,224 |  |  | $ | 395,758 |  |  | $ | (1,094) |  |  | $ | 2,008,888 |
|  | Six Months Ended February 28, 2022
(in thousands) |  | North America |  | Europe |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |
Raw materials |  | $ | 720,033 |  |  | $ | 12,824 |  |  | $ | — |  |  | $ | 732,857 |
Steel products |  | 1,341,089 |  |  | 563,559 |  |  | — |  |  | 1,904,648 |
Downstream products |  | 974,149 |  |  | 129,613 |  |  | — |  |  | 1,103,762 |
Construction-related solutions |  | 166,137 |  |  | — |  |  | — |  |  | 166,137 |
Other |  | 66,438 |  |  | 17,915 |  |  | (1,068) |  |  | 83,285 |
Net sales from external customers |  | 3,267,846 |  |  | 723,911 |  |  | (1,068) |  |  | 3,990,689 |
Intersegment net sales, eliminated on consolidation |  | — |  |  | 903 |  |  | (903) |  |  | — |
Net sales |  | $ | 3,267,846 |  |  | $ | 724,814 |  |  | $ | (1,971) |  |  | $ | 3,990,689 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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