BUSINESS SEGMENTS (Tables)

9 Months Ended

May 31, 2021

Segment Reporting [Abstract]

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 May 31, 2021
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	1,558,068	$	284,107	$	2,866	$	1,845,041
Adjusted EBITDA	207,330		50,005		(36,214)		221,121
	Nine Months Ended May 31, 2021
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	4,010,567	$	680,769	$	7,778	$	4,699,114
Adjusted EBITDA	534,576		80,582		(108,671)		506,487
Total assets at May 31, 2021	3,089,579		675,880		625,616		4,391,075

	Three Months Ended May 31, 2020
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	1,167,081	$	173,817	$	785	$	1,341,683
Adjusted EBITDA	159,394		14,270		(26,882)		146,782
	Nine Months Ended May 31, 2020
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	3,545,084	$	519,285	$	2,985	$	4,067,354
Adjusted EBITDA	486,957		39,080		(81,729)		444,308
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 at August 31, 2020 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 May 31,				Nine Months Ended May 31,
(in thousands)	2021		2020		2021		2020
Earnings from continuing operations	$	130,408	$	64,169	$	260,552	$	210,520
Interest expense	11,965		15,409		40,245		47,875
Income taxes	38,175		23,804		80,709		73,981
Depreciation and amortization	41,804		41,765		125,176		124,095
Amortization of acquired unfavorable contract backlog	(1,508)		(4,348)		(4,540)		(18,676)
Asset impairments	277		5,983		4,345		6,513
Adjusted EBITDA	$	221,121	$	146,782	$	506,487	$	444,308

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 May 31, 2021
(in thousands)	North America		Europe		Corporate and Other		Total
Major product:
Raw materials	$	346,614	$	5,904	$	—	$	352,518
Steel products	626,084		215,088		—		841,172
Downstream products	475,714		56,444		—		532,158
Other	109,656		6,277		3,260		119,193
Net sales-unaffiliated customers	1,558,068		283,713		3,260		1,845,041
Intersegment net sales, eliminated on consolidation	—		394		(394)		—
Net sales	$	1,558,068	$	284,107	$	2,866	$	1,845,041
	Nine Months Ended May 31, 2021
(in thousands)	North America		Europe		Corporate and Other		Total
Major product:
Raw materials	$	811,863	$	13,509	$	—	$	825,372
Steel products	1,597,942		524,025		—		2,121,967
Downstream products	1,313,140		124,679		—		1,437,819
Other	287,622		17,244		9,090		313,956
Net sales-unaffiliated customers	4,010,567		679,457		9,090		4,699,114
Intersegment net sales, eliminated on consolidation	—		1,312		(1,312)		—
Net sales	$	4,010,567	$	680,769	$	7,778	$	4,699,114

	Three Months Ended May 31, 2020
(in thousands)	North America		Europe		Corporate and Other		Total
Major product:
Raw materials	$	159,174	$	2,499	$	—	$	161,673
Steel products	420,169		132,741		—		552,910
Downstream products	494,519		32,885		—		527,404
Other	93,219		5,340		1,137		99,696
Net sales-unaffiliated customers	1,167,081		173,465		1,137		1,341,683
Intersegment net sales, eliminated on consolidation	—		352		(352)		—
Net sales	$	1,167,081	$	173,817	$	785	$	1,341,683
	Nine Months Ended May 31, 2020
(in thousands)	North America		Europe		Corporate and Other		Total
Major product:
Raw materials	$	534,109	$	7,112	$	—	$	541,221
Steel products	1,298,980		410,010		—		1,708,990
Downstream products	1,436,011		84,843		—		1,520,854
Other	275,984		16,196		4,109		296,289
Net sales-unaffiliated customers	3,545,084		518,161		4,109		4,067,354
Intersegment net sales, eliminated on consolidation	—		1,124		(1,124)		—
Net sales	$	3,545,084	$	519,285	$	2,985	$	4,067,354