SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Aug. 31, 2016

Accounting Policies [Abstract]

Schedule of Changes in Accounting Method

As a result of the retrospective application of the change in accounting principle from LIFO to weighted average cost or specific identification, certain financial statement line items in the Company's consolidated balance sheet as of August 31, 2015 and its consolidated statements of earnings and consolidated statement of cash flows for the 2015 and 2014 fiscal years were adjusted as presented below.

(in thousands, except share data)	As Originally Reported		Effect of Change			As Adjusted
Consolidated Statement of Earnings for the year ended August 31, 2015:
Cost of goods sold	$	5,213,203	$	98,553		$	5,311,756
Income taxes	83,206		(36,362		)	46,844
Earnings from continuing operations	161,322		(62,191		)	99,131
Net earnings attributable to CMC	141,634		(62,191		)	79,443
Basic earnings per share attributable to CMC:
Earnings from continuing operations	$	1.39	$	(0.54	)	$	0.85
Net earnings	1.22		(0.54		)	0.68
Diluted earnings per share attributable to CMC:
Earnings from continuing operations	$	1.37	$	(0.53	)	$	0.84
Net earnings	1.20		(0.53		)	0.67
Consolidated Statement of Earnings for the year ended August 31, 2014:
Cost of goods sold	$	6,109,338	$	(13,142	)	$	6,096,196

Income taxes	42,724			4,627			47,351
Earnings from continuing operations	109,091			8,515			117,606
Net earnings attributable to CMC	115,551			(2,308		)	113,243
Basic earnings per share attributable to CMC:
Earnings from continuing operations	$	0.93		$	0.07		$	1.00
Net earnings	0.98			(0.02		)	0.96
Diluted earnings per share attributable to CMC:
Earnings from continuing operations	$	0.92		$	0.07		$	0.99
Net earnings	0.97			(0.02		)	0.95
Consolidated Balance Sheet as of August 31, 2015:
Inventories, net	$	781,371		$	99,113		$	880,484
Current deferred tax assets	29,137			(25,827		)	3,310
Accrued expenses and other payables	279,415			11,262			290,677
Retained earnings	1,311,544			62,024			1,373,568
Consolidated Statement of Cash Flows for the year ended August 31, 2015:
Net earnings	$	141,634		$	(62,191	)	$	79,443
Deferred income taxes	23,291			(36,362		)	(13,071		)
Write-down of inventories	15,935			21,717			37,652
Inventories working capital change	50,747			76,836			127,583
Consolidated Statement of Cash Flows for the year ended August 31, 2014:
Net earnings	$	115,552		$	(2,308	)	$	113,244
Deferred income taxes	32,348			(2,205		)	30,143
Net gain on sale of a subsidiary, cost method investment and other	(31,356		)	17,523			(13,833		)
Write-down of inventories	4,000			1,015			5,015
Inventories working capital change	(177,331		)	(14,025		)	(191,356		)

The effect of the change in accounting principle is net of the effect of lower of cost or market adjustments.

The following table shows the effect of the change in accounting principle from LIFO to weighted average cost or specific identification on earnings from continuing operations, net earnings attributable to CMC and the related basic and diluted earnings per share attributable to CMC for the fiscal year ended August 31, 2016.

(in thousands, except share data)	As Computed Under LIFO		As Reported Under New Inventory Costing Methodologies		Effect of Change
Consolidated Statement of Earnings for the year ended August 31, 2016:
Earnings from continuing operations	$	90,400	$	72,543	$	(17,857	)
Net earnings attributable to CMC	72,619		54,762		(17,857		)
Basic earnings per share attributable to CMC:
Earnings from continuing operations	$	0.78	$	0.63	$	(0.15	)
Net earnings	0.63		0.48		(0.15		)
Diluted earnings per share attributable to CMC:
Earnings from continuing operations	$	0.77	$	0.62	$	(0.15	)
Net earnings	0.62		0.47		(0.15		)

Estimated useful lives for depreciation and amortization

Depreciation and amortization is recorded on a straight-line basis over the following estimated useful lives:

Buildings	7	to	40	years
Land improvements	3	to	25	years
Leasehold improvements	3	to	15	years
Equipment	3	to	25	years