BUSINESS SEGMENTS

3 Months Ended

Nov. 30, 2022

Segment Reporting [Abstract]

Business segments

NOTE 14. OPERATING SEGMENTS

The Company structures its business into two reportable segments: North America and Europe. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, to the consolidated financial statements in the 2022 Form 10-K and Note 2, Changes in Business, 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 by reportable segment and Corporate and Other:

	Three Months Ended November 30, 2022
(in thousands)	North America		Europe		Corporate and Other		Total
Net sales	$	1,816,899	$	406,513	$	3,901	$	2,227,313
Adjusted EBITDA	377,956		64,505		(39,725)		402,736
Total assets at November 30, 2022	4,568,633		1,171,324		534,010		6,273,967

	Three Months Ended November 30, 2021
(in thousands)	North America		Europe		Corporate and Other		Total
Net sales	$	1,653,622	$	329,056	$	(877)	$	1,981,801
Adjusted EBITDA	268,524		79,832		(34,334)		314,022
Total assets at August 31, 2022	4,467,314		1,056,101		713,612		6,237,027

The following table presents a reconciliation of net earnings to adjusted EBITDA:

	Three Months Ended November 30,
(in thousands)	2022		2021
Net earnings	$	261,774	$	232,889
Interest expense	13,045		11,035
Income taxes	76,725		28,872
Depreciation and amortization	51,183		41,226
Asset impairments	9		—
Adjusted EBITDA	$	402,736	$	314,022

Disaggregation of Revenue

The following tables display revenue by reportable segment and Corporate and Other from external customers, disaggregated by major product:

	Three Months Ended November 30, 2022
(in thousands)	North America		Europe		Corporate and Other		Total
Major product:
Raw materials	$	292,320	$	4,867	$	—	$	297,187
Steel products	705,462		311,936		—		1,017,398
Downstream products	641,934		59,582		—		701,516
Construction-related solutions	142,372		19,446		—		161,818
Other	33,160		10,118		6,116		49,394
Net sales from external customers	1,815,248		405,949		6,116		2,227,313
Intersegment net sales, eliminated on consolidation	1,651		564		(2,215)		—
Net sales	$	1,816,899	$	406,513	$	3,901	$	2,227,313

	Three Months Ended November 30, 2021
(in thousands)	North America		Europe		Corporate and Other		Total
Major product:
Raw materials	$	353,092	$	6,960	$	—	$	360,052
Steel products	675,042		243,145		—		918,187
Downstream products	514,396		70,072		—		584,468
Construction-related solutions	82,499		—		—		82,499
Other	28,593		8,385		(383)		36,595
Net sales from external customers	1,653,622		328,562		(383)		1,981,801
Intersegment net sales, eliminated on consolidation	—		494		(494)		—
Net sales	$	1,653,622	$	329,056	$	(877)	$	1,981,801