BUSINESS SEGMENTS

3 Months Ended

Nov. 30, 2021

Segment Reporting [Abstract]

Business segments

NOTE 14. BUSINESS 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 2021 Form 10-K 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 from continuing operations by reportable segment and Corporate and Other:

	Three Months Ended November 30, 2021
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	1,653,622	$	329,056	$	(877)	$	1,981,801
Adjusted EBITDA	268,524		79,832		(34,334)		314,022
Total assets at November 30, 2021	3,389,890		736,872		598,496		4,725,258

	Three Months Ended November 30, 2020
(in thousands)	North America		Europe		Corporate and Other		Continuing Operations
Net sales	$	1,195,013	$	194,596	$	2,194	$	1,391,803
Adjusted EBITDA	155,634		14,470		(26,471)		143,633
Total assets at August 31, 2021	3,221,465		729,766		687,440		4,638,671

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

	Three Months Ended November 30,
(in thousands)	2021		2020
Earnings from continuing operations	$	232,889	$	63,911
Interest expense	11,035		14,259
Income taxes	28,872		21,593
Depreciation and amortization	41,226		41,799
Asset impairments	—		3,594
Amortization of acquired unfavorable contract backlog	—		(1,523)
Adjusted EBITDA from continuing operations	$	314,022	$	143,633

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, 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
Other	111,092		8,385		(383)		119,094
Net sales-unaffiliated 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

	Three Months Ended November 30, 2020
(in thousands)	North America		Europe		Corporate and Other		Total
Major product:
Raw materials	$	210,237	$	2,830	$	—	$	213,067
Steel products	457,657		151,455		—		609,112
Downstream products	437,029		34,473		—		471,502
Other	90,090		5,427		2,605		98,122
Net sales-unaffiliated customers	1,195,013		194,185		2,605		1,391,803
Intersegment net sales, eliminated on consolidation	—		411		(411)		—
Net sales	$	1,195,013	$	194,596	$	2,194	$	1,391,803