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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Aug. 31, 2024
Segment Reporting [Abstract] |
Summary of certain financial information from continuing operations by reportable segment | The following table summarizes certain financial information by reportable segment and Corporate and Other. Interest expense includes intercompany interest expense in the segments, which is eliminated within Corporate and Other.
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Net sales to external customers: |  |  |  |  |  |
North America Steel Group |  | $ | 6,309,730 |  |  | $ | 6,704,305 |  |  | $ | 6,798,405 |
Europe Steel Group |  | 848,566 |  |  | 1,328,791 |  |  | 1,592,292 |
Emerging Businesses Group |  | 717,397 |  |  | 721,746 |  |  | 525,516 |
Reportable segments total |  | $ | 7,875,693 |  |  | $ | 8,754,842 |  |  | $ | 8,916,213 |
Corporate and Other |  | 50,279 |  |  | 44,691 |  |  | (2,732) |
Total |  | $ | 7,925,972 |  |  | $ | 8,799,533 |  |  | $ | 8,913,481 |
Adjusted EBITDA: |  |  |  |  |  |
North America Steel Group |  | $ | 946,350 |  |  | $ | 1,328,431 |  |  | $ | 1,482,667 |
Europe Steel Group |  | 22,517 |  |  | 48,473 |  |  | 344,659 |
Emerging Businesses Group |  | 129,530 |  |  | 138,985 |  |  | 72,583 |
Reportable segments total |  | $ | 1,098,397 |  |  | $ | 1,515,889 |  |  | $ | 1,899,909 |
Interest expense: |  |  |  |  |  |
North America Steel Group |  | $ | 184,019 |  |  | $ | 117,502 |  |  | $ | 27,310 |
Europe Steel Group |  | (5,074) |  |  | (1,165) |  |  | 2,749 |
Emerging Businesses Group |  | 2,480 |  |  | 2,291 |  |  | 558 |
Reportable segments total |  | $ | 181,425 |  |  | $ | 118,628 |  |  | $ | 30,617 |
Corporate and Other |  | (133,532) |  |  | (78,501) |  |  | 20,092 |
Total |  | $ | 47,893 |  |  | $ | 40,127 |  |  | $ | 50,709 |
Depreciation and amortization: |  |  |  |  |  |
North America Steel Group |  | $ | 192,697 |  |  | $ | 136,391 |  |  | $ | 120,026 |
Europe Steel Group |  | 34,077 |  |  | 32,607 |  |  | 28,755 |
Emerging Businesses Group |  | 43,945 |  |  | 40,725 |  |  | 17,791 |
Reportable segments total |  | $ | 270,719 |  |  | $ | 209,723 |  |  | $ | 166,572 |
Corporate and Other |  | 9,648 |  |  | 9,107 |  |  | 8,452 |
Total |  | $ | 280,367 |  |  | $ | 218,830 |  |  | $ | 175,024 |
Asset impairments: |  |  |  |  |  |
North America Steel Group |  | $ | 6,558 |  |  | $ | 3,733 |  |  | $ | 4,915 |
Europe Steel Group |  | 150 |  |  | 47 |  |  | 11 |
Emerging Businesses Group |  | — |  |  | — |  |  | — |
Reportable segments total |  | $ | 6,708 |  |  | $ | 3,780 |  |  | $ | 4,926 |
Corporate and Other |  | — |  |  | — |  |  | — |
Total |  | $ | 6,708 |  |  | $ | 3,780 |  |  | $ | 4,926 |
Capital expenditures: |  |  |  |  |  |
North America Steel Group |  | $ | 250,599 |  |  | $ | 535,927 |  |  | $ | 411,101 |
Europe Steel Group |  | 44,726 |  |  | 37,600 |  |  | 25,722 |
Emerging Businesses Group |  | 20,479 |  |  | 19,986 |  |  | 6,116 |
Reportable segments total |  | $ | 315,804 |  |  | $ | 593,513 |  |  | $ | 442,939 |
Corporate and Other |  | 8,467 |  |  | 13,152 |  |  | 7,049 |
Total |  | $ | 324,271 |  |  | $ | 606,665 |  |  | $ | 449,988 |
Assets: |  |  |  |  |  |
North America Steel Group |  | $ | 4,219,603 |  |  | $ | 4,166,521 |  |  | $ | 3,739,567 |
Europe Steel Group |  | 677,697 |  |  | 927,468 |  |  | 883,813 |
Emerging Businesses Group |  | 861,025 |  |  | 874,330 |  |  | 812,107 |
Reportable segments total |  | $ | 5,758,325 |  |  | $ | 5,968,319 |  |  | $ | 5,435,487 |
Corporate and Other |  | 1,059,514 |  |  | 670,775 |  |  | 801,540 |
Total |  | $ | 6,817,839 |  |  | $ | 6,639,094 |  |  | $ | 6,237,027 |
Reconciliations of earnings from continuing operations to adjusted operating profit | The following table presents a reconciliation of earnings to adjusted EBITDA for the reportable segments:
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Net earnings |  | $ | 485,491 |  |  | $ | 859,760 |  |  | $ | 1,217,262 |
Interest expense |  | 47,893 |  |  | 40,127 |  |  | 50,709 |
Income taxes |  | 150,180 |  |  | 262,207 |  |  | 297,885 |
Depreciation and amortization |  | 280,367 |  |  | 218,830 |  |  | 175,024 |
Asset impairments |  | 6,708 |  |  | 3,780 |  |  | 4,926 |
Corporate and Other expenses |  | 127,758 |  |  | 131,185 |  |  | 154,103 |
Adjusted EBITDA reportable segments |  | $ | 1,098,397 |  |  | $ | 1,515,889 |  |  | $ | 1,899,909 |
Net sales by major product | The following tables display net sales to external customers by reportable segment and Corporate and Other, disaggregated by major product:
|  | Year Ended August 31, 2024
(in thousands) |  | North America Steel Group |  | Europe Steel Group |  | Emerging Businesses Group |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |  |  |
Raw materials |  | $ | 1,311,995 |  |  | $ | 17,943 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,329,938 |
Steel products |  | 2,564,472 |  |  | 672,886 |  |  | — |  |  | — |  |  | 3,237,358 |
Downstream products |  | 2,217,621 |  |  | 121,431 |  |  | 157,644 |  | — |  |  | 2,496,696 |
Construction products |  | — |  |  | — |  |  | 290,304 |  | — |  |  | 290,304 |
Ground stabilization solutions |  | — |  |  | — |  |  | 250,941 |  | — |  |  | 250,941 |
Other |  | 215,642 |  |  | 36,306 |  |  | 18,508 |  | 50,279 |  |  | 320,735 |
Net sales to external customers |  | 6,309,730 |  |  | 848,566 |  |  | 717,397 |  |  | 50,279 |  |  | 7,925,972 |
Intersegment net sales, eliminated in consolidation |  | 73,376 |  |  | 3,044 |  |  | 33,357 |  |  | (109,777) |  |  | — |
Net sales |  | $ | 6,383,106 |  |  | $ | 851,610 |  |  | $ | 750,754 |  |  | $ | (59,498) |  |  | $ | 7,925,972 |
|  | Year Ended August 31, 2023
(in thousands) |  | North America Steel Group |  | Europe Steel Group |  | Emerging Businesses Group |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |  |  |
Raw materials |  | $ | 1,324,373 |  |  | $ | 21,010 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,345,383 |
Steel products |  | 2,776,572 |  |  | 1,069,130 |  |  | — |  |  | — |  |  | 3,845,702 |
Downstream products |  | 2,417,045 |  |  | 194,414 |  |  | 118,321 |  |  | — |  |  | 2,729,780 |
Construction products |  | — |  |  | — |  |  | 332,940 |  |  | — |  |  | 332,940 |
Ground stabilization solutions |  | — |  |  | — |  |  | 256,148 |  |  | — |  |  | 256,148 |
Other |  | 186,315 |  |  | 44,237 |  |  | 14,337 |  |  | 44,691 |  |  | 289,580 |
Net sales to external customers |  | 6,704,305 |  |  | 1,328,791 |  |  | 721,746 |  |  | 44,691 |  |  | 8,799,533 |
Intersegment net sales, eliminated in consolidation |  | 93,522 |  |  | 2,353 |  |  | 22,802 |  |  | (118,677) |  |  | — |
Net sales |  | $ | 6,797,827 |  |  | $ | 1,331,144 |  |  | $ | 744,548 |  |  | $ | (73,986) |  |  | $ | 8,799,533 |
|  | Year Ended August 31, 2022
(in thousands) |  | North America Steel Group |  | Europe Steel Group |  | Emerging Businesses Group |  | Corporate and Other |  | Total
Major product: |  |  |  |  |  |  |  |  |  |
Raw materials |  | $ | 1,517,962 |  |  | $ | 25,778 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,543,740 |
Steel products |  | 2,942,741 |  |  | 1,236,854 |  |  | — |  |  | — |  |  | 4,179,595 |
Downstream products |  | 2,161,004 |  |  | 285,836 |  |  | 93,403 |  |  | — |  |  | 2,540,243 |
Construction products |  | — |  |  | — |  |  | 322,486 |  |  | — |  |  | 322,486 |
Ground stabilization solutions |  | — |  |  | — |  |  | 100,072 |  |  | — |  |  | 100,072 |
Other |  | 176,698 |  |  | 43,824 |  |  | 9,555 |  |  | (2,732) |  |  | 227,345 |
Net sales to external customers |  | 6,798,405 |  |  | 1,592,292 |  |  | 525,516 |  |  | (2,732) |  |  | 8,913,481 |
Intersegment net sales, eliminated in consolidation |  | 110,495 |  |  | 2,031 |  |  | 6,873 |  |  | (119,399) |  |  | — |
Net sales |  | $ | 6,908,900 |  |  | $ | 1,594,323 |  |  | $ | 532,389 |  |  | $ | (122,131) |  |  | $ | 8,913,481 |
The following table presents net sales by geographic area:
External net sales from continuing operations by geographic area |
|  | Year Ended August 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Geographic area: |  |  |  |  |  |
United States |  | $ | 6,465,388 |  |  | $ | 6,894,990 |  |  | $ | 6,793,023 |
Poland |  | 583,320 |  |  | 941,806 |  |  | 1,078,986 |
China |  | 215,039 |  |  | 217,779 |  |  | 246,679 |
Other |  | 662,225 |  |  | 744,958 |  |  | 794,793 |
Net sales |  | $ | 7,925,972 |  |  | $ | 8,799,533 |  |  | $ | 8,913,481 |
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) |  | 2024 |  | 2023 |  | 2022
Geographic area: |  |  |  |  |  |
United States |  | $ | 2,499,949 |  |  | $ | 2,343,606 |  |  | $ | 1,858,269 |
Poland |  | 236,326 |  |  | 209,966 |  |  | 180,350 |
Other |  | 43,026 |  |  | 39,704 |  |  | 35,199 |
Total long-lived assets, net |  | $ | 2,779,301 |  |  | $ | 2,593,276 |  |  | $ | 2,073,818 |

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