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BUSINESS SEGMENTS
 6 Months Ended
Feb. 29, 2020
Segment Reporting [Abstract]  
Business segments
NOTE 14. BUSINESS SEGMENTS

The Company structures its business into the following four reporting segments: Americas Recycling, Americas Mills, Americas Fabrication and International Mill. The Company's reporting segments are based primarily on product lines and secondarily on geographic area. See Note 1, Nature of Operations, of the consolidated financial statements included in the 2019 Form 10-K for more information about the reporting segments, including the types of products and services from which each reporting segment derives its net sales. Corporate and Other contains earnings or losses on assets and liabilities related to the Company's Benefit Restoration Plan assets and short-term investments, expenses of the Company's corporate headquarters, interest expense related to its long-term debt and intercompany eliminations.

The Company uses adjusted EBITDA from continuing operations to compare and evaluate the financial performance of its segments. Adjusted EBITDA is the sum of the Company's earnings from continuing operations before interest expense, income taxes, depreciation and amortization expense and impairment expense. Intersegment sales are generally priced at prevailing market prices. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies, of the consolidated financial statements included in the 2019 Form 10-K.

The following is a summary of certain financial information from continuing operations by reportable segment:
Three Months Ended February 29, 2020
(in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and OtherContinuing Operations
Net sales-unaffiliated customers$179,535  $471,367  $510,381  $179,656  $24  $1,340,963  
Intersegment sales68,549  260,673  1,367  423  (331,012) —  
Net sales248,084  732,040  511,748  180,079  (330,988) 1,340,963  
Adjusted EBITDA5,754  125,691  16,060  13,451  (23,235) 137,721  
Six Months Ended February 29, 2020
(in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and OtherContinuing Operations
Net sales-unaffiliated customers$351,686  $945,559  $1,080,758  $344,696  $2,972  $2,725,671  
Intersegment sales118,659  555,374  2,837  772  (677,642) —  
Net sales470,345  1,500,933  1,083,595  345,468  (674,670) 2,725,671  
Adjusted EBITDA9,171  280,716  33,541  24,810  (50,712) 297,526  
Total assets at February 29, 2020*261,611  1,680,295  1,065,676  521,678  378,678  3,907,938  
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*Total assets listed in Corporate and Other includes assets from discontinued operations.

Three Months Ended February 28, 2019
(in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and OtherContinuing Operations
Net sales-unaffiliated customers$225,888  $472,795  $526,678  $174,945  $2,477  $1,402,783  
Intersegment sales61,187  301,914  4,158  253  (367,512) —  
Net sales287,075  774,709  530,836  175,198  (365,035) 1,402,783  
Adjusted EBITDA10,124  112,396  (49,578) 20,537  (24,146) 69,333  
Six Months Ended February 28, 2019
(in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and OtherContinuing Operations
Net sales-unaffiliated customers$466,069  $846,466  $961,236  $401,618  $4,736  $2,680,125  
Intersegment sales123,015  530,096  6,711  604  (660,426) —  
Net sales589,084  1,376,562  967,947  402,222  (655,690) 2,680,125  
Adjusted EBITDA25,558  226,269  (86,574) 53,316  (83,700) 134,869  
Total assets at August 31, 2019*
257,517  1,667,366  1,106,420  464,177  263,291  3,758,771  
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*Total assets listed in Corporate and Other includes assets from discontinued operations.

The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations:
 Three Months EndedSix Months Ended
(in thousands)February 29, 2020February 28, 2019February 29, 2020February 28, 2019
Earnings from continuing operations$63,596  $14,928  $146,351  $34,348  
Interest expense15,888  18,495  32,466  35,158  
Income taxes22,845  18,141  50,177  23,750  
Depreciation and amortization41,389  41,245  82,330  76,421  
Amortization of acquired unfavorable contract backlog(5,997) (23,476) (14,328) (34,808) 
Impairment of assets—  —  530  —  
Adjusted EBITDA from continuing operations$137,721  $69,333  $297,526  $134,869