BUSINESS SEGMENTS (Tables)

12 Months Ended

Aug. 31, 2020

The following table summarizes certain financial information from continuing operations by reportable segment:


(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
2020


Net sales	$	4,769,933	$	699,140	$	7,413	$	5,476,486
Adjusted EBITDA	661,176		62,007		(146,575)		576,608
Interest expense⁽¹⁾	48,413		982		12,442		61,837
Capital expenditures	127,982		48,895		10,741		187,618
Depreciation and amortization	132,492		25,674		7,583		165,749
Asset impairments	7,606		5		—		7,611
Total assets⁽²⁾	2,862,805		532,850		686,073		4,081,728
2019


Net sales	$	5,001,116	$	817,048	$	10,838	$	5,829,002
Adjusted EBITDA	456,296		100,102		(132,313)		424,085
Interest expense⁽¹⁾	46,939		2,493		21,941		71,373
Capital expenditures	89,119		40,337		9,380		138,836
Depreciation and amortization	125,718		25,993		6,941		158,652
Asset impairments	369		15		—		384
Total assets⁽²⁾	2,991,996		464,177		302,598		3,758,771
2018


Net sales	$	3,738,493	$	887,038	$	18,192	$	4,643,723
Adjusted EBITDA	323,993		131,720		(103,492)		352,221
Interest expense⁽¹⁾	23,217		2,699		15,041		40,957
Capital expenditures	144,007		23,552		3,808		171,367
Depreciation and amortization	92,295		27,255		11,958		131,508
Asset impairments	14,345		27		—		14,372
Total assets⁽²⁾	2,115,049		485,548		727,707		3,328,304

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(1) Includes intercompany interest expense in the segments, which is eliminated within Corporate and Other.

(2) 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:


	Year Ended August 31,
(in thousands)	2020		2019		2018
Earnings from continuing operations	$	278,302	$	198,779	$	135,237
Interest expense	61,837		71,373		40,957
Income taxes	92,476		69,681		30,147
Depreciation and amortization	165,749		158,652		131,508
Amortization of acquired unfavorable contract backlog	(29,367)		(74,784)		—
Asset impairments	7,611		384		14,372
Adjusted EBITDA from continuing operations	$	576,608	$	424,085	$	352,221

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* Prior period amounts have been reported under ASC 605.

The following tables present net sales by reportable segment disaggregated by major product and geographic area:


	Year Ended August 31, 2020
(in thousands)	North America		Europe		Corporate		Total
Major product:
Raw material products	$	718,513	$	9,692	$	—	$	728,205
Steel products	1,738,556		547,047		—		2,285,603
Downstream products	1,943,126		119,232		—		2,062,358
Other	369,738		21,660		8,922		400,320
Net sales-unaffiliated customers	4,769,933		697,631		8,922		5,476,486
Intersegment net sales, eliminated on consolidation	—		1,509		(1,509)		—
Net sales	$	4,769,933	$	699,140	$	7,413	$	5,476,486


	Year Ended August 31, 2019
(in thousands)	North America		Europe		Corporate		Total
Major product:
Raw material products	$	953,858	$	12,359	$	—	$	966,217
Steel products	1,763,017		646,974		—		2,409,991
Downstream products	1,936,994		133,823		—		2,070,817
Other	347,247		22,567		12,163		381,977
Net sales-unaffiliated customers	5,001,116		815,723		12,163		5,829,002
Intersegment net sales, eliminated on consolidation	—		1,325		(1,325)		—
Net sales	$	5,001,116	$	817,048	$	10,838	$	5,829,002


	Year Ended August 31, 2018*
(in thousands)	North America		Europe		Corporate		Total
Major product:
Raw material products	$	1,165,998	$	15,213	$	—	$	1,181,211
Steel products	1,099,286		710,657		—		1,809,943
Downstream products	1,160,373		142,745		—		1,303,118
Other	312,810		17,304		19,337		349,451
Net sales-unaffiliated customers	3,738,467		885,919		19,337		4,643,723
Intersegment net sales, eliminated on consolidation	26		1,119		(1,145)		—
Net sales	$	3,738,493	$	887,038	$	18,192	$	4,643,723

The following table presents long-lived assets, net of accumulated depreciation and amortization, by geographic area: