BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS

9 Months Ended

May. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Businesses held for sale, discontinued operations and dispositions

NOTE 6. BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS

Businesses Held for Sale

The Company did not have any assets and liabilities of businesses held for sale at August 31, 2014. The components of assets and liabilities of businesses held for sale on the Company's consolidated balance sheet were as follows:

(in thousands)	May 31, 2015
Assets:
Accounts receivable	$	15,075
Inventories, net	46,199
Other current assets	442
Property, plant and equipment, net of accumulated depreciation and amortization	6,313
Other noncurrent assets	1,653
Assets of businesses held for sale	$	69,682
Liabilities:
Accounts payable-trade	$	15,918
Accounts payable-documentary letters of credit	6,622
Accrued expenses and other payables	6,323
Liabilities of businesses held for sale	$	28,863

Discontinued Operations

In September 2014, the Company made the decision to exit and sell its steel distribution business in Australia. Despite focused efforts and substantial progress to stabilize and improve the results of the Australian distribution business, the Company determined that achieving acceptable financial returns would take additional time and investment. 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 presented. The expenses associated with exiting this business were not material for the three and nine months ended May 31, 2015. The Australian steel distribution business was previously an operating segment included in the International Marketing and Distribution reporting segment.

During the fourth quarter of fiscal 2013, the Company decided to sell all of the capital stock of its wholly owned copper tube manufacturing operation, Howell Metal Company ("Howell"). The Company determined that the decision to sell this business met the definition of a discontinued operation. As a result, the Company included Howell in discontinued operations for all periods presented. Howell was previously an operating segment included in the Americas Mills reporting segment.

Financial information for discontinued operations was as follows:

	Three Months Ended May 31,						Nine Months Ended May 31,
(in thousands)	2015			2014			2015			2014
Net sales	$	43,307		$	66,068		$	143,644		$	200,932
Earnings (loss) from discontinued operations before income taxes	(10,871		)	(1,042		)	(20,241		)	17,969

Dispositions

During the first quarter of fiscal 2014, the Company sold all of the outstanding capital stock of Howell for $58.5 million, $3.2 million of which was held in escrow as of both May 31, 2015 and August 31, 2014. During the second quarter of fiscal 2014, the Company made a $3.0 million working capital adjustment, which was included in the Company's estimated pre-tax gain of $23.8 million.