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BUSINESS SEGMENTS
 6 Months Ended
Feb. 28, 2023
Segment Reporting [Abstract]  
Business segments
NOTE 15. OPERATING 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 2022 Form 10-K and Note 2, Changes in Business, 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 BRP assets and short-term investments, expenses of the Company's corporate headquarters, interest expense related to long-term debt, other revenue resulting from the Company's NMTC transactions and intercompany eliminations.

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 AmericaEuropeCorporate and OtherTotal
Net sales$1,640,933 $355,633 $21,437 $2,018,003 
Adjusted EBITDA299,311 12,949 (15,573)296,687 
Six Months Ended February 28, 2023
(in thousands)North AmericaEuropeCorporate and OtherTotal
Net sales$3,457,832 $762,146 $25,338 $4,245,316 
Adjusted EBITDA677,267 77,454 (55,298)699,423 
Total assets at February 28, 20234,660,107 1,253,468 571,276 6,484,851 
Three Months Ended February 28, 2022
(in thousands)North AmericaEuropeCorporate and OtherTotal
Net sales$1,614,224 $395,758 $(1,094)$2,008,888 
Adjusted EBITDA535,463 81,149 (52,493)564,119 
Six Months Ended February 28, 2022
(in thousands)North AmericaEuropeCorporate and OtherTotal
Net sales$3,267,846 $724,814 $(1,971)$3,990,689 
Adjusted EBITDA803,987 160,981 (86,827)878,141 
Total assets at August 31, 20224,467,314 1,056,101 713,612 6,237,027 

The following table presents a reconciliation of net earnings to adjusted EBITDA:
 Three Months Ended February 28,Six Months Ended February 28,
(in thousands)2023202220232022
Net earnings$179,849 $383,314 $441,623 $616,203 
Interest expense9,945 12,011 22,990 23,046 
Income taxes55,641 126,432 132,366 155,304 
Depreciation and amortization51,216 41,134 102,399 82,360 
Asset impairments36 1,228 45 1,228 
Adjusted EBITDA$296,687 $564,119 $699,423 $878,141 
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 February 28, 2023
(in thousands)North AmericaEuropeCorporate and OtherTotal
Major product:
Raw materials$315,711 $4,894 $— $320,605 
Steel products630,724 272,607 — 903,331 
Downstream products539,173 50,128 — 589,301 
Construction-related solutions122,464 17,380 — 139,844 
Other(1)
31,921 9,930 23,071 64,922 
Net sales from external customers1,639,993 354,939 23,071 2,018,003 
Intersegment net sales, eliminated on consolidation940 694 (1,634)— 
Net sales$1,640,933 $355,633 $21,437 $2,018,003 
Six Months Ended February 28, 2023
(in thousands)North AmericaEuropeCorporate and OtherTotal
Major product:
Raw materials$608,031 $9,761 $— $617,792 
Steel products1,336,186 584,543 — 1,920,729 
Downstream products1,181,107 109,710 — 1,290,817 
Construction-related solutions264,836 36,826 — 301,662 
Other(1)
65,081 20,048 29,187 114,316 
Net sales from external customers3,455,241 760,888 29,187 4,245,316 
Intersegment net sales, eliminated on consolidation2,591 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 AmericaEuropeCorporate and OtherTotal
Major product:
Raw materials$366,941 $5,864 $— $372,805 
Steel products666,047 320,414 — 986,461 
Downstream products459,753 59,541 — 519,294 
Construction-related solutions83,638 — — 83,638 
Other37,845 9,530 (685)46,690 
Net sales from external customers1,614,224 395,349 (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 AmericaEuropeCorporate and OtherTotal
Major product:
Raw materials$720,033 $12,824 $— $732,857 
Steel products1,341,089 563,559 — 1,904,648 
Downstream products974,149 129,613 — 1,103,762 
Construction-related solutions166,137 — — 166,137 
Other66,438 17,915 (1,068)83,285 
Net sales from external customers3,267,846 723,911 (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