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BUSINESS SEGMENTS
 9 Months Ended
May 31, 2024
Segment Reporting [Abstract]  
Business segments
NOTE 13. SEGMENT INFORMATION

The Company structures its business into three reportable segments: North America Steel Group, Europe Steel Group and Emerging Businesses Group. See Note 1, Nature of Operations and 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. Other revenue resulting from the Company's NMTC transactions are reflected in Corporate and Other net sales and are described in Note 9, New Markets Tax Credit Transactions, to the consolidated financial statements in the 2023 Form 10-K. In addition to other revenue from NMTC transactions, "Corporate and Other expenses" contains unallocated corporate amounts, such as earnings or losses resulting from the Company's Benefit Restoration Plan assets and liabilities and short-term investments, expenses of the Company's corporate headquarters, interest expense related to long-term debt and intercompany eliminations. Prior period balances in the tables below have been recast to reflect current period presentation, as described in Note 1, Nature of Operations and Accounting Policies.

The following is a summary of certain financial information by reportable segment and Corporate and Other, as applicable:

 Three Months Ended May 31,Nine Months Ended May 31,
(in thousands)2024202320242023
Net sales to external customers:
North America Steel Group$1,671,358 $1,818,391 $4,750,210 $4,986,326 
Europe Steel Group208,806 330,767 626,481 1,054,830 
Emerging Businesses Group188,593 189,055 521,826 513,187 
   Reportable segments total2,068,757 2,338,213 5,898,517 6,554,343 
Corporate and Other9,728 6,776 31,306 35,962 
   Total$2,078,485 $2,344,989 $5,929,823 $6,590,305 

Adjusted EBITDA:
North America Steel Group$246,304 $367,561 $735,418 $991,588 
Europe Steel Group(4,192)5,837 26,139 78,554 
Emerging Businesses Group38,220 38,395 87,011 96,372 
   Reportable segments total$280,332 $411,793 $848,568 $1,166,514 
May 31, 2024August 31, 2023
Total assets:
North America Steel Group$4,261,895 $4,166,521 
Europe Steel Group713,394 927,468 
Emerging Businesses Group845,770 874,330 
   Reportable segments total5,821,059 5,968,319 
Corporate and Other889,172 670,775 
   Total$6,710,231 $6,639,094 

The following table presents a reconciliation of net earnings to adjusted EBITDA from the reportable segments:
 Three Months Ended May 31,Nine Months Ended May 31,
(in thousands)2024202320242023
Net earnings$119,440 $233,971 $381,560 $675,594 
Interest expense12,117 8,878 35,751 31,868 
Income taxes40,867 76,099 120,361 208,465 
Depreciation and amortization70,692 55,129 208,177 157,528 
Asset impairments146 1 150 46 
Corporate and Other expenses37,070 37,715 102,569 93,013 
Adjusted EBITDA reportable segments$280,332 $411,793 $848,568 $1,166,514 
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 May 31, 2024
(in thousands)North America Steel GroupEurope Steel GroupEmerging Businesses GroupCorporate and OtherTotal
Major product:
Raw materials$396,954 $4,721 $— $— $401,675 
Steel products648,618 167,705 — — 816,323 
Downstream products594,329 29,599 41,904 — 665,832 
Construction products— — 73,117 — 73,117 
Ground stabilization solutions— — 69,451 — 69,451 
Other31,457 6,781 4,121 9,728 52,087 
Net sales to external customers1,671,358 208,806 188,593 9,728 2,078,485 
Intersegment net sales, eliminated in consolidation19,495 737 8,041 (28,273)— 
Net sales$1,690,853 $209,543 $196,634 $(18,545)$2,078,485 
Nine Months Ended May 31, 2024
(in thousands)North America Steel GroupEurope Steel GroupEmerging Businesses GroupCorporate and OtherTotal
Major product:
Raw materials$1,035,615 $12,572 $— $— $1,048,187 
Steel products1,918,686 501,417 — — 2,420,103 
Downstream products1,684,584 91,744 119,957 — 1,896,285 
Construction products— — 216,343 — 216,343 
Ground stabilization solutions— — 171,909 — 171,909 
Other111,325 20,748 13,617 31,306 176,996 
Net sales to external customers4,750,210 626,481 521,826 31,306 5,929,823 
Intersegment net sales, eliminated in consolidation58,036 2,371 20,281 (80,688)— 
Net sales$4,808,246 $628,852 $542,107 $(49,382)$5,929,823 
Three Months Ended May 31, 2023
(in thousands)North America Steel GroupEurope Steel GroupEmerging Businesses GroupCorporate and OtherTotal
Major product:
Raw materials$387,106 $5,967 $— $— $393,073 
Steel products749,623 269,112 — — 1,018,735 
Downstream products631,964 46,448 29,648 — 708,060 
Construction products— — 86,505 — 86,505 
Ground stabilization solutions— — 69,628 — 69,628 
Other49,698 9,240 3,274 6,776 68,988 
Net sales to external customers1,818,391 330,767 189,055 6,776 2,344,989 
Intersegment net sales, eliminated in consolidation24,031 569 3,622 (28,222)— 
Net sales$1,842,422 $331,336 $192,677 $(21,446)$2,344,989 
Nine Months Ended May 31, 2023
(in thousands)North America Steel GroupEurope Steel GroupEmerging Businesses GroupCorporate and OtherTotal
Major product:
Raw materials$998,233 $15,728 $— $— $1,013,961 
Steel products2,082,023 853,655 — — 2,935,678 
Downstream products1,766,423 156,158 79,986 — 2,002,567 
Construction products— — 245,503 — 245,503 
Ground stabilization solutions— — 177,621 — 177,621 
Other(1)
139,647 29,289 10,077 35,962 214,975 
Net sales to external customers4,986,326 1,054,830 513,187 35,962 6,590,305 
Intersegment net sales, eliminated in consolidation71,598 1,764 19,546 (92,908)— 
Net sales$5,057,924 $1,056,594 $532,733 $(56,946)$6,590,305 
_______________________________
(1) Other revenue during the nine months ended May 31, 2023 includes $17.7 million derived from the Company's NMTC transactions. See Note 9, New Markets Tax Credit Transactions, to the consolidated financial statements in the 2023 Form 10-K for further information.