Discontinued Operations

12 Months Ended

Aug. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

NOTE 9. DISCONTINUED OPERATIONS

During the first quarter of 2012, the Company announced its decision to exit CMCS by closure of the facility and sale of the assets. The Company determined that the decision to exit this business met the definition of a discontinued operation. As a result, this business has been presented as a discontinued operation for all periods. During the first quarter of 2012, this division recorded severance costs of $18.0 million associated with exiting the business. During the second quarter of 2012, the Company shipped all production orders and in the third quarter of 2012 liquidated all remaining inventory. This operation was in the International Mill segment. See Note 3, Acquisition and Dispositions for sale details.

During the second quarter of 2010, the Company’s Board approved a plan to exit the joist and deck business through the sale of those facilities. The Company determined that the decision to exit this business met the definition of a discontinued operation. As a result, this business has been presented as a discontinued operation for all periods. The Company recorded $26.8 million to impair property, plant and equipment, $4.5 million to write-off intangible assets and goodwill, and $7.4 million of inventory valuation adjustments in 2010. The Company recorded $11.7 million severance expense in 2010 associated with exiting the business. At August 31, 2012, the remaining assets consist of real property for two locations. The joist and deck business was in the Americas Fabrication segment. See Note 3, Acquisition and Dispositions for sale details.

As of August 31, 2012, the assets and liabilities of discontinued operations have been presented as held for sale and included in other current assets and accrued expenses and other payables on the consolidated balance sheets. Financial information for discontinued operations is as follows:

(in thousands)	2012			2011			2010
At August 31,
Current assets	$	6,601		$	52,272		$	67,291
Noncurrent assets	—			51,659			127,837
Current liabilities	—			41,115			30,474
Noncurrent liabilities	—			13,653			19,544
Fiscal Year Ended
Revenue	30,567			56,854			152,145
Earnings (loss) before taxes	(9,912		)	(151,670		)	(102,979		)