XML 49 R24.htm IDEA: XBRL DOCUMENT v3.24.3
CAPITAL STOCK
 12 Months Ended
Aug. 31, 2024
Stockholders' Equity Note [Abstract]  
CAPITAL STOCK
NOTE 15. CAPITAL STOCK

Treasury Stock

In October 2021, the Board approved a share repurchase program under which CMC was authorized to repurchase up to $350.0 million of shares of common stock. In January 2024, the Board authorized an increase of $500.0 million to the existing share repurchase program. The share repurchase program does not require the Company to purchase any dollar amount or number of shares of CMC common stock and may be modified, suspended, extended or terminated by the Company at any time without prior notice. During 2024, 2023 and 2022, the Company repurchased 3,499,225, 2,309,452 and 4,496,628 shares of CMC common stock, respectively, at an average purchase price of $52.28, $43.91 and $36.00 per share, respectively. CMC had remaining authorization to purchase $403.8 million of common stock at August 31, 2024.

Preferred Stock

The Company has 2,000,000 shares of preferred stock, par value of $1.00 per share, authorized. The Company may issue preferred stock in series, and the shares of each series may have such rights and preferences as are fixed by the Board when authorizing the issuance of that particular series. There are no shares of preferred stock outstanding.