BUSINESS SEGMENTS (Tables)

6 Months Ended

Feb. 28, 2021

Summary of certain financial information from continuing operations by reportable segment

The following is a summary of certain financial information from continuing operations by reportable segment:


	Three Months Ended February 28, 2021
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	1,257,486	$	202,066	$	2,718	$	1,462,270
Adjusted EBITDA	171,612		16,107		(45,986)		141,733

	Six Months Ended February 28, 2021
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	2,452,499	$	396,662	$	4,912	$	2,854,073
Adjusted EBITDA	327,246		30,577		(72,457)		285,366
Total assets at February 28, 2021*	2,957,534		566,195		540,312		4,064,041


	Three Months Ended February 29, 2020
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	1,161,283	$	180,079	$	(399)	$	1,340,963
Adjusted EBITDA	152,831		13,451		(28,561)		137,721

	Six Months Ended February 29, 2020
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	2,378,003	$	345,468	$	2,200	$	2,725,671
Adjusted EBITDA	327,563		24,810		(54,847)		297,526
Total assets at August 31, 2020*	2,862,805		532,850		686,073		4,081,728

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*Total assets listed in Corporate and Other includes assets from discontinued operations.

Reconciliations of earnings from continuing operations to adjusted operating profit

The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations:


	Three Months Ended				Six Months Ended
(in thousands)	February 28, 2021		February 29, 2020		February 28, 2021		February 29, 2020
Earnings from continuing operations	$	66,233	$	63,596	$	130,144	$	146,351
Interest expense	14,021		15,888		28,280		32,466
Income taxes	20,941		22,845		42,534		50,177
Depreciation and amortization	41,573		41,389		83,372		82,330
Amortization of acquired unfavorable contract backlog	(1,509)		(5,997)		(3,032)		(14,328)
Asset impairments	474		—		4,068		530
Adjusted EBITDA from continuing operations	$	141,733	$	137,721	$	285,366	$	297,526

Net sales by major product

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 February 28, 2021
(in thousands)	North America		Europe		Corporate		Total
Major product:
Raw material products	$	255,012	$	4,775	$	—	$	259,787
Steel products	514,201		157,482		—		671,683
Downstream products	400,397		33,762		—		434,159
Other	87,876		5,540		3,225		96,641
Net sales-unaffiliated customers	1,257,486		201,559		3,225		1,462,270
Intersegment net sales, eliminated on consolidation	—		507		(507)		—
Net sales	$	1,257,486	$	202,066	$	2,718	$	1,462,270

	Six Months Ended February 28, 2021
(in thousands)	North America		Europe		Corporate		Total
Major product:
Raw material products	$	465,249	$	7,605	$	—	$	472,854
Steel products	971,858		308,937		—		1,280,795
Downstream products	837,426		68,235		—		905,661
Other	177,966		10,967		5,830		194,763
Net sales-unaffiliated customers	$	2,452,499	$	395,744	$	5,830	$	2,854,073
Intersegment net sales, eliminated on consolidation	—		918		(918)		—
Net sales	$	2,452,499	$	396,662	$	4,912	$	2,854,073


	Three Months Ended February 29, 2020
(in thousands)	North America		Europe		Corporate		Total
Major product:
Raw material products	$	193,312	$	2,408	$	—	$	195,720
Steel products	437,648		147,525		—		585,173
Downstream products	441,765		23,758		—		465,523
Other	88,558		5,965		24		94,547
Net sales-unaffiliated customers	1,161,283		179,656		24		1,340,963
Intersegment net sales, eliminated on consolidation	—		423		(423)		—
Net sales	$	1,161,283	$	180,079	$	(399)	$	1,340,963

	Six Months Ended February 29, 2020
(in thousands)	North America		Europe		Corporate		Total
Major product:
Raw material products	$	374,935	$	4,613	$	—	$	379,548
Steel products	878,811		277,269		—		1,156,080
Downstream products	941,492		51,958		—		993,450
Other	182,765		10,856		2,972		196,593
Net sales-unaffiliated customers	2,378,003		344,696		2,972		2,725,671
Intersegment net sales, eliminated on consolidation	—		772		(772)		—
Net sales	$	2,378,003	$	345,468	$	2,200	$	2,725,671