OPERATING SEGMENTS (Tables)

12 Months Ended

Aug. 31, 2021

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


(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
2021


Net sales	$	5,670,976	$	1,049,059	$	9,725	$	6,729,760
Adjusted EBITDA	746,594		148,258		(140,568)		754,284
Interest expense(1)	25,131		476		26,297		51,904
Capital expenditures	134,932		44,002		5,231		184,165
Depreciation and amortization	132,192		27,516		7,905		167,613
Asset impairments	6,360		424		—		6,784
Total assets	3,221,465		729,766		687,440		4,638,671
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

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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 at 2020 and 2019 includes assets from discontinued operations.

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


	Year Ended August 31,
(in thousands)	2021		2020		2019
Earnings from continuing operations	$	412,865	$	278,302	$	198,779
Interest expense	51,904		61,837		71,373
Income taxes	121,153		92,476		69,681
Depreciation and amortization	167,613		165,749		158,652
Amortization of acquired unfavorable contract backlog	(6,035)		(29,367)		(74,784)
Asset impairments	6,784		7,611		384
Adjusted EBITDA	$	754,284	$	576,608	$	424,085

The following tables present net sales by reportable segment and Corporate and Other disaggregated by major product:


	Year Ended August 31, 2021
(in thousands)	North America		Europe		Corporate and Other		Total
Major product:
Raw materials	$	1,162,997	$	19,841	$	—	$	1,182,838
Steel products	2,289,975		808,662		—		3,098,637
Downstream products	1,814,192		192,175		—		2,006,367
Other	403,812		26,567		11,539		441,918
Net sales-unaffiliated customers	5,670,976		1,047,245		11,539		6,729,760
Intersegment net sales, eliminated on consolidation	—		1,814		(1,814)		—
Net sales	$	5,670,976	$	1,049,059	$	9,725	$	6,729,760


	Year Ended August 31, 2020
(in thousands)	North America		Europe		Corporate and Other		Total
Major product:
Raw materials	$	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 and Other		Total
Major product:
Raw materials	$	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

The following table presents net sales by geographic area:

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