BUSINESS SEGMENTS

3 Months Ended

Nov. 30, 2020

Segment Reporting [Abstract]

Business segments

NOTE 14. BUSINESS SEGMENTS

The Company structures its business into the following two reportable segments: North America and Europe. See Note 1, Nature of Operations, in the 2020 Form 10-K for more information about the reportable segments, including the types of products and services from which each reportable 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 following is a summary of certain financial information from continuing operations by reportable segment:

	Three Months Ended November 30, 2020
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	1,195,013	$	194,596	$	2,194	$	1,391,803
Adjusted EBITDA	155,634		14,470		(26,471)		143,633
Total assets at November 30, 2020*	2,871,933		526,023		618,712		4,016,668

	Three Months Ended November 30, 2019
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	1,216,720	$	165,389	$	2,599	$	1,384,708
Adjusted EBITDA	174,732		11,359		(26,286)		159,805
Total assets at August 31, 2020*	2,862,805		532,850		686,073		4,081,728

_________________ 

*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 Ended November 30,
(in thousands)	2020		2019
Earnings from continuing operations	$	63,911	$	82,755
Interest expense	14,259		16,578
Income taxes	21,593		27,332
Depreciation and amortization	41,799		40,941
Asset impairments	3,594		530
Amortization of acquired unfavorable contract backlog	(1,523)		(8,331)
Adjusted EBITDA from continuing operations	$	143,633	$	159,805

Disaggregation of Revenue

The following tables display revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

	Three Months Ended November 30, 2020
(in thousands)	North America		Europe		Corporate		Total
Major product:
Raw material products	$	210,237	$	2,830	$	—	$	213,067
Steel products	457,657		151,455		—		609,112
Downstream products	437,029		34,473		—		471,502
Other	90,090		5,427		2,605		98,122
Net sales-unaffiliated customers	1,195,013		194,185		2,605		1,391,803
Intersegment net sales, eliminated on consolidation	—		411		(411)		—
Net sales	$	1,195,013	$	194,596	$	2,194	$	1,391,803

	Three Months Ended November 30, 2019
(in thousands)	North America		Europe		Corporate		Total
Major product:
Raw material products	$	181,623	$	2,205	$	—	$	183,828
Steel products	441,163		129,744		—		570,907
Downstream products	499,727		28,200		—		527,927
Other	94,207		4,891		2,948		102,046
Net sales-unaffiliated customers	1,216,720		165,040		2,948		1,384,708
Intersegment net sales, eliminated on consolidation	—		349		(349)		—
Net sales	$	1,216,720	$	165,389	$	2,599	$	1,384,708