INVENTORIES, NET	12 Months Ended
INVENTORIES, NET	Aug. 31, 2014
Inventory Disclosure [Abstract]
INVENTORIES, NET	NOTE 6. INVENTORIES, NET Inventories are stated at the lower of cost or market. Inventory cost for most U.S. inventories is determined by the LIFO method. At August 31, 2014 and 2013, 44% and 43%, respectively, of the Company's total net inventories were valued at LIFO. LIFO inventory reserves were $198.8 million and $185.5 million at August 31, 2014 and 2013, respectively. During the fourth quarter of fiscal 2014, the Company elected to change the inventory costing method used by its International Mill segment from the FIFO method to the weighted average cost method. The Company believes the weighted average cost method is preferable because it more closely aligns with the physical flow of inventory. The weighted average cost method is the method used by the Company to monitor the financial results of the International Mill segment for operational and financial planning. Additionally, the information system deployed within the segment calculates inventory at weighted average cost, thus adding an administrative burden to report inventories under the FIFO method. Because the change in accounting principle was immaterial in all prior periods, it was not applied retrospectively. The change did not have a material impact on the Company's consolidated financial statements as of and for the fiscal year ended August 31, 2014. The cost for the remaining international and U.S. inventories is determined by the FIFO method. The majority of the Company's inventories are in the form of finished goods with minimal work in process. At August 31, 2014 and 2013, $84.3 million and $66.7 million, before LIFO reserves, respectively, of the Company's inventories were in the form of raw materials. During fiscal years 2014, 2013 and 2012, inventory in certain LIFO pools was reduced. This reduction resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of current purchases. The effects on net earnings for fiscal years 2014 and 2012 were not material. The effect for fiscal year 2013 increased net earnings by $3.5 million.

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details