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OPERATING SEGMENTS
 12 Months Ended
Aug. 31, 2022
Segment Reporting [Abstract]  
OPERATING SEGMENTS
NOTE 20. OPERATING SEGMENTS

The Company's operating segments engage in business activities from which they may earn revenues and incur expenses and for which discrete financial information is available. Operating results for the operating segments are regularly reviewed by the Company's Chief Operating Decision Maker ("CODM") to manage the business, make decisions about resources to be allocated to the segments and to assess performance. The Company's CODM is identified as the President and Chief Executive Officer, the Senior Vice President and Chief Financial Officer and the Senior Vice President Operations.
The Company structures its business into the following two reportable segments: North America and Europe. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, 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 BRP assets and short-term investments, expenses of the Company's corporate headquarters, interest expense related to its long-term debt and intercompany eliminations. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense.

The CODM uses adjusted EBITDA to evaluate segment performance and allocate resources. Adjusted EBITDA is the sum of the Company's earnings from continuing operations before interest expense, income taxes, depreciation and amortization expense and impairment expense.

The following table summarizes certain financial information from continuing operations by reportable segment and Corporate and Other:
(in thousands)North AmericaEuropeCorporate and OtherTotal
2022    
Net sales$7,298,632 $1,621,642 $(6,793)$8,913,481 
Adjusted EBITDA1,553,858 346,051 (154,103)1,745,806 
Interest expense(1)
26,798 3,819 20,092 50,709 
Capital expenditures415,157 27,783 7,048 449,988 
Depreciation and amortization135,322 31,250 8,452 175,024 
Asset impairments4,915 11 — 4,926 
Total assets4,467,314 1,056,101 713,612 6,237,027 
2021    
Net sales$5,670,976 $1,049,059 $9,725 $6,729,760 
Adjusted EBITDA746,594 148,258 (140,568)754,284 
Interest expense(1)
25,131 476 26,297 51,904 
Capital expenditures134,932 44,002 5,231 184,165 
Depreciation and amortization132,192 27,516 7,905 167,613 
Asset impairments6,360 424 — 6,784 
Total assets3,221,465 729,766 687,440 4,638,671 
2020    
Net sales$4,769,933 $699,140 $7,413 $5,476,486 
Adjusted EBITDA661,176 62,007 (146,575)576,608 
Interest expense(1)
48,413 982 12,442 61,837 
Capital expenditures127,982 48,895 10,741 187,618 
Depreciation and amortization132,492 25,674 7,583 165,749 
Asset impairments7,606 5 — 7,611 
Total assets(2)
2,862,805 532,850 686,073 4,081,728 
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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 include assets from discontinued operations.
The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA:
 Year Ended August 31,
(in thousands)202220212020
Net earnings from continuing operations$1,217,262 $412,865 $278,302 
Interest expense50,709 51,904 61,837 
Income taxes297,885 121,153 92,476 
Depreciation and amortization175,024 167,613 165,749 
Asset impairments4,926 6,784 7,611 
Amortization of acquired unfavorable contract backlog— (6,035)(29,367)
Adjusted EBITDA$1,745,806 $754,284 $576,608 

The following tables display revenue by reportable segment and Corporate and Other from external customers, disaggregated by major product. Construction-related solutions represents sales of Tensar's ground stabilization and soil reinforcement solutions and sales from our Construction Services business, which sells and rents construction-related products and equipment to concrete installers and other companies in the construction industry:
Year Ended August 31, 2022
(in thousands)North AmericaEuropeCorporate and OtherTotal
Major product:
Raw materials$1,504,107 $25,259 $— $1,529,366 
Steel products2,955,121 1,235,691 — 4,190,812 
Downstream products2,245,734 292,136 — 2,537,870 
Construction-related solutions453,517 27,279 — 480,796 
Other138,164 39,206 (2,733)174,637 
Net sales from external customers7,296,643 1,619,571 (2,733)8,913,481 
Intersegment net sales, eliminated on consolidation1,989 2,071 (4,060)— 
Net sales$7,298,632 $1,621,642 $(6,793)$8,913,481 
Year Ended August 31, 2021
(in thousands)North AmericaEuropeCorporate and OtherTotal
Major product:
Raw materials$1,162,997 $19,841 $— $1,182,838 
Steel products2,289,975 808,662 — 3,098,637 
Downstream products1,814,192 192,175 — 2,006,367 
Construction-related solutions289,644 — — 289,644 
Other114,168 26,567 11,539 152,274 
Net sales from external customers5,670,976 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 AmericaEuropeCorporate and OtherTotal
Major product:
Raw materials$718,513 $9,692 $— $728,205 
Steel products1,738,556 547,047 — 2,285,603 
Downstream products1,943,126 119,232 — 2,062,358 
Construction-related solutions275,815 — — 275,815 
Other93,923 21,660 8,922 124,505 
Net sales from external customers4,769,933 697,631 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 

The following table presents net sales by geographic area:
 Year Ended August 31,
(in thousands)202220212020
Geographic area:
United States$6,793,023 $5,295,447 $4,562,351 
Poland1,078,986 793,075 549,983 
China246,679 156,101 76,909 
Other794,793 485,137 287,243 
Net sales$8,913,481 $6,729,760 $5,476,486 
The following table presents long-lived assets, net of accumulated depreciation and amortization, by geographic area:
 August 31,
(in thousands)202220212020
Geographic area:
United States$1,858,269 $1,473,745 $1,483,127 
Poland180,350 225,582 225,166 
Other35,199 23 51 
Total long-lived assets, net$2,073,818 $1,699,350 $1,708,344