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Pay vs Performance Disclosure
U_pure in Millions
 12 Months Ended
Aug. 31, 2024
USD ($)
Aug. 31, 2023
USD ($)
Aug. 31, 2022
USD ($)
Aug. 31, 2021
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table

Pay Versus Performance Disclosure

In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and non-PEO NEOs for the fiscal years listed below and certain measures of Company performance for such periods. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average
Summary

 

Average

 

Value of Initial Fixed
$100 Investment
Based on:(4)

 

 

 

 

 

 

Year

Summary
Compensation
Table Total for
PEO 1(1)
($)

 

Summary
Compensation
Table Total for
PEO 2(1)(2)(3)
($)

 

Compensation
Actually
Paid to
PEO 1(1)(2)(3)
($)

 

Compensation
Actually
Paid to
PEO 2(1)(2)(3)
($)

 

Compensation
Table Total for
Non-PEO
NEOs(1) 
($)

 

Compensation
Actually Paid
to Non-PEO
NEOs(1)(2)(3) 
($)

 

TSR
($)

 

Peer
Group
TSR
($)

 

Net
Income
($ Millions)

 

Adjusted
EBITDA (Comp)(5)
($ Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

—

 

 

6,579,555

 

 

—

 

 

6,816,253

 

 

2,576,388

 

 

3,248,664

 

 

273.02

 

 

361.68

 

 

482.6

 

 

964

 

 

2023

 

9,603,625

 

 

—

 

 

20,834,770

 

 

—

 

 

2,648,855

 

 

4,195,063

 

 

282.94

 

 

376.11

 

 

859.8

 

 

1,367

 

 

2022

 

10,207,641

 

 

—

 

 

20,007,324

 

 

—

 

 

2,768,137

 

 

4,201,966

 

 

201.02

 

 

305.08

 

 

1,217.3

 

 

1,472

 

 

2021

 

9,054,252

 

 

—

 

 

19,888,683

 

 

—

 

 

2,357,005

 

 

3,608,516

 

 

159.38

 

 

265.38

 

 

412.9

 

 

762

 

 

 

(1)
Barbara R. Smith was our PEO for fiscal years 2021 through 2023 (“PEO 1”). Peter R. Matt is our PEO beginning with fiscal year 2024 (“PEO 2”). The individuals comprising the non-PEO NEOs for each year presented are listed below.

 

2021

2022

2023

2024

Paul J. Lawrence

Paul J. Lawrence

Peter R. Matt

Barbara R. Smith

Jody K. Absher

Ty L. Garrison

Paul J. Lawrence

Paul J. Lawrence

Jennifer J. Durbin

Jody K. Absher

Ty L. Garrison

Ty L. Garrison

Tracy L. Porter

Jennifer J. Durbin

Jody K. Absher

Jody K. Absher

Tracy L. Porter

Jennifer J. Durbin

Jennifer J. Durbin
(2)
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Summary
Compensation
Table Total for
PEO 2
($)

 

Exclusion of
Stock Awards
for PEO 2
($)

 

Inclusion of
Equity Values
for PEO 2
($)

 

Compensation
Actually Paid
to PEO 2
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

6,579,555

 

 

 

 

 

(4,517,044

)

 

 

 

 

4,753,742

 

 

 

 

 

6,816,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average
Summary
Compensation
Table Total
for Non-PEO
NEOs
($)

 

Average
Exclusion of
Stock Awards
for Non-PEO
NEOs
($)

 

Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)

 

Average
Compensation
Actually Paid
to Non-PEO
NEOs
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

2,576,388

 

 

 

 

 

(1,455,659

)

 

 

 

 

2,127,935

 

 

 

 

 

3,248,664

 

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Year-End Fair
Value of
Equity Awards
Granted
During Year
That
Remained
Unvested as
of Last Day of
Year for PEO 2
($)

 

Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
PEO 2
($)

 

Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for PEO 2
($)

 

Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for PEO 2
($)

 

Fair
Value at
Last Day
of Prior
Year of
Equity
Awards
Forfeited
During
Year for
PEO 2
($)

 

Value of
Dividends
or Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included
for PEO 2
($)

 

Total -
Inclusion
of Equity
Values for
PEO 2
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

5,038,311

 

 

 

 

 

(308,308

)

 

 

 

 

—

 

 

 

 

 

23,739

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

4,753,742

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average
Year-End Fair
Value of
Equity Awards
Granted
During Year
That
Remained
Unvested as
of Last Day of
Year for
Non-PEO
NEOs
($)

 

Average
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity Awards
for Non-PEO
NEOs
($)

 

Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)

 

Average
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for Non-PEO
NEOs
($)

 

Average
Fair
Value at
Last Day
of Prior
Year of
Equity
Awards
Forfeited
During
Year for
Non-PEO
NEOs
($)

 

Average
Value of
Dividends
or Other
Earnings
Paid on
Equity
Awards
Not
Otherwise
Included
for
Non-PEO
NEOs
($)

 

Total -
Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

1,624,860

 

 

 

 

 

(215,189

)

 

 

 

 

—

 

 

 

 

 

718,264

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

2,127,935

 

 

 

(4)
The Peer Group TSR set forth in this table utilizes the S&P 500 Steel Index which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K. The comparison assumes $100 was invested for the period starting August 31, 2020, through the end of the listed year in the Company and in the S&P 500 Steel Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
(5)
We determined Adjusted EBITDA (Comp) to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and non-PEO NEOs in 2024. We defined Adjusted EBITDA (Comp) as the sum of the Company’s net earnings before interest expense, income taxes, depreciation and amortization expense, asset impairments, and amortization of acquired unfavorable contract backlog. Adjusted EBITDA (Comp) is a non-GAAP financial measure. Please refer to Appendix A for reconciliations and other information related to Adjusted EBITDA (Comp). This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years.
     
Company Selected Measure Name Adjusted EBITDA (Comp)      
Named Executive Officers, Footnote
(1)
Barbara R. Smith was our PEO for fiscal years 2021 through 2023 (“PEO 1”). Peter R. Matt is our PEO beginning with fiscal year 2024 (“PEO 2”). The individuals comprising the non-PEO NEOs for each year presented are listed below.

 

2021

2022

2023

2024

Paul J. Lawrence

Paul J. Lawrence

Peter R. Matt

Barbara R. Smith

Jody K. Absher

Ty L. Garrison

Paul J. Lawrence

Paul J. Lawrence

Jennifer J. Durbin

Jody K. Absher

Ty L. Garrison

Ty L. Garrison

Tracy L. Porter

Jennifer J. Durbin

Jody K. Absher

Jody K. Absher

Tracy L. Porter

Jennifer J. Durbin

Jennifer J. Durbin
     
Peer Group Issuers, Footnote The Peer Group TSR set forth in this table utilizes the S&P 500 Steel Index which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K. The comparison assumes $100 was invested for the period starting August 31, 2020, through the end of the listed year in the Company and in the S&P 500 Steel Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.      
Adjustment To PEO Compensation, Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Summary
Compensation
Table Total for
PEO 2
($)

 

Exclusion of
Stock Awards
for PEO 2
($)

 

Inclusion of
Equity Values
for PEO 2
($)

 

Compensation
Actually Paid
to PEO 2
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

6,579,555

 

 

 

 

 

(4,517,044

)

 

 

 

 

4,753,742

 

 

 

 

 

6,816,253

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Year-End Fair
Value of
Equity Awards
Granted
During Year
That
Remained
Unvested as
of Last Day of
Year for PEO 2
($)

 

Change in
Fair Value
from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity
Awards for
PEO 2
($)

 

Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for PEO 2
($)

 

Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for PEO 2
($)

 

Fair
Value at
Last Day
of Prior
Year of
Equity
Awards
Forfeited
During
Year for
PEO 2
($)

 

Value of
Dividends
or Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included
for PEO 2
($)

 

Total -
Inclusion
of Equity
Values for
PEO 2
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

5,038,311

 

 

 

 

 

(308,308

)

 

 

 

 

—

 

 

 

 

 

23,739

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

4,753,742

 

 
     
Non-PEO NEO Average Total Compensation Amount $ 2,576,388 $ 2,648,855 $ 2,768,137 $ 2,357,005
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,248,664 4,195,063 4,201,966 3,608,516
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average
Summary
Compensation
Table Total
for Non-PEO
NEOs
($)

 

Average
Exclusion of
Stock Awards
for Non-PEO
NEOs
($)

 

Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)

 

Average
Compensation
Actually Paid
to Non-PEO
NEOs
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

2,576,388

 

 

 

 

 

(1,455,659

)

 

 

 

 

2,127,935

 

 

 

 

 

3,248,664

 

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average
Year-End Fair
Value of
Equity Awards
Granted
During Year
That
Remained
Unvested as
of Last Day of
Year for
Non-PEO
NEOs
($)

 

Average
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity Awards
for Non-PEO
NEOs
($)

 

Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Non-PEO
NEOs
($)

 

Average
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity Awards
that Vested
During Year
for Non-PEO
NEOs
($)

 

Average
Fair
Value at
Last Day
of Prior
Year of
Equity
Awards
Forfeited
During
Year for
Non-PEO
NEOs
($)

 

Average
Value of
Dividends
or Other
Earnings
Paid on
Equity
Awards
Not
Otherwise
Included
for
Non-PEO
NEOs
($)

 

Total -
Average
Inclusion of
Equity
Values for
Non-PEO
NEOs
($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

1,624,860

 

 

 

 

 

(215,189

)

 

 

 

 

—

 

 

 

 

 

718,264

 

 

 

 

 

—

 

 

 

 

 

—

 

 

 

 

 

2,127,935

 

 
     
Compensation Actually Paid vs. Total Shareholder Return

Relationship between PEO and Non-PEO NEO Compensation Actually Paid, Company tSR and PEER GROUP TSR

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our non-PEO NEOs, the Company’s cumulative TSR over the four most recently completed fiscal years, and the S&P 500 Steel Index TSR over the same period.

 

img82660212_103.jpg

      
Compensation Actually Paid vs. Net Income

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our non-PEO NEOs, and our Net Income during the four most recently completed fiscal years.

 

img82660212_104.jpg

      
Compensation Actually Paid vs. Company Selected Measure

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company-Selected Measure

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our non-PEO NEOs, and our Company-Selected Measure during the four most recently completed fiscal years.

img82660212_105.jpg

      
Total Shareholder Return Vs Peer Group

Relationship between PEO and Non-PEO NEO Compensation Actually Paid, Company tSR and PEER GROUP TSR

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our non-PEO NEOs, the Company’s cumulative TSR over the four most recently completed fiscal years, and the S&P 500 Steel Index TSR over the same period.

 

img82660212_103.jpg

      
Tabular List, Table

Tabular List of Most Important Financial Performance Measures

The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and other NEOs for 2024 to Company performance. The measures in this table are not ranked.

Adjusted EBITDA (Comp)

Adjusted Earnings (Comp)

ROICC

Relative TSR
     
Total Shareholder Return Amount $ 273.02 282.94 201.02 159.38
Peer Group Total Shareholder Return Amount 361.68 376.11 305.08 265.38
Net Income (Loss) $ 482,600,000 $ 859,800,000 $ 1,217,300,000 $ 412,900,000
Company Selected Measure Amount 964 1,367 1,472 762
PEO Name Peter R. Matt Barbara R. Smith Barbara R. Smith Barbara R. Smith
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted EBITDA (Comp)      
Non-GAAP Measure Description We determined Adjusted EBITDA (Comp) to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and non-PEO NEOs in 2024. We defined Adjusted EBITDA (Comp) as the sum of the Company’s net earnings before interest expense, income taxes, depreciation and amortization expense, asset impairments, and amortization of acquired unfavorable contract backlog. Adjusted EBITDA (Comp) is a non-GAAP financial measure. Please refer to Appendix A for reconciliations and other information related to Adjusted EBITDA (Comp). This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years.      
Measure:: 2        
Pay vs Performance Disclosure        
Name Adjusted Earnings (Comp)      
Measure:: 3        
Pay vs Performance Disclosure        
Name ROICC      
Measure:: 4        
Pay vs Performance Disclosure        
Name Relative TSR      
Barbara R. Smith [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 0 $ 9,603,625 $ 10,207,641 $ 9,054,252
PEO Actually Paid Compensation Amount 0 20,834,770 20,007,324 19,888,683
Peter R. Matt [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount 6,579,555 0 0 0
PEO Actually Paid Compensation Amount 6,816,253 $ 0 $ 0 $ 0
PEO | Peter R. Matt [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,517,044)      
PEO | Peter R. Matt [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,753,742      
PEO | Peter R. Matt [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,038,311      
PEO | Peter R. Matt [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (308,308)      
PEO | Peter R. Matt [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Peter R. Matt [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 23,739      
PEO | Peter R. Matt [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Peter R. Matt [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,455,659)      
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,127,935      
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,624,860      
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (215,189)      
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 718,264      
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0