Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Oct. 23, 2013 | Feb. 28, 2013 | |
Document And Entity Information [Abstract] | |||
Trading Symbol | cmc | ||
Entity Registrant Name | COMMERCIAL METALS CO | ||
Entity Central Index Key | 22444 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Aug-13 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -23 | ||
I.R.S. Employer Identification No. | 750725338 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 117,024,102 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Minimum Percentage of Share Ownership Deemed Affiliates | 10.00% | ||
Entity Public Float | $1,899,268,984 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Net sales | $6,889,575 | $7,656,375 | $7,666,773 |
Costs and expenses: | |||
Cost of goods sold | 6,227,238 | 6,939,748 | 7,037,446 |
Selling, general and administrative expenses | 468,611 | 481,746 | 508,916 |
Impairment of assets | 17,270 | 607 | 24,466 |
Gain on sale of cost method investment | -26,088 | 0 | 0 |
Interest expense | 69,608 | 69,487 | 69,814 |
Total costs and expenses | 6,756,639 | 7,491,588 | 7,640,642 |
Earnings from continuing operations before income taxes | 132,936 | 164,787 | 26,131 |
Income taxes (benefit) | 57,979 | -45,762 | 14,592 |
Earnings from continuing operations | 74,957 | 210,549 | 11,539 |
Earnings (loss) from discontinued operations before income taxes | 3,672 | -11,906 | -139,195 |
Income taxes (benefit) | 1,310 | -8,847 | 1,748 |
Earnings (loss) from discontinued operations | 2,362 | -3,059 | -140,943 |
Net earnings (loss) | 77,319 | 207,490 | -129,404 |
Less net earnings attributable to noncontrolling interests | 4 | 6 | 213 |
Net earnings (loss) attributable to CMC | $77,315 | $207,484 | ($129,617) |
Basic earnings (loss) per share attributable to CMC: | |||
Earnings from continuing operations | $0.64 | $1.82 | $0.10 |
Earnings (loss) from discontinued operations | $0.02 | ($0.03) | ($1.23) |
Net earnings (loss) | $0.66 | $1.79 | ($1.13) |
Diluted earnings (loss) per share attributable to CMC: | |||
Earnings from continuing operations | $0.64 | $1.80 | $0.09 |
Earnings (loss) from discontinued operations | $0.02 | ($0.02) | ($1.21) |
Net earnings (loss) | $0.66 | $1.78 | ($1.12) |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Net earnings (loss) | $77,319 | $207,490 | ($129,404) |
Foreign currency translation adjustment and other: | |||
Foreign currency translation adjustment and other during the year, net of income taxes of $(925), $(41,752) and $39,301 | -10,108 | -71,631 | 72,987 |
Reclassification for translation gain realized upon sale of investments in foreign entities, net of income taxes of $0, $664 and $0 | 0 | -4,675 | 0 |
Foreign currency translation adjustment and other, net of income taxes of $(925), $(41,088) and $39,301 | -10,108 | -76,306 | 72,987 |
Net unrealized gain (loss) on derivatives: | |||
Unrealized holding gain (loss), net of income taxes of $2, $(604) and $135 | 221 | -1,545 | 823 |
Reclassification for loss (gain) included in net earnings, net of income taxes of $(128), $132 and $(254) | -337 | 578 | -1,018 |
Net unrealized loss on derivatives, net of income taxes of $(126), $(472) and $(119) | -116 | -967 | -195 |
Defined benefit obligation: | |||
Net loss, net of income taxes of $(51), $(425) and $(48) | -168 | -410 | -1,118 |
Prior service credit (cost), net of income taxes of $0, $0 and $(9) | 0 | 0 | -34 |
Amortization of net loss, net of income taxes of $45, $40 and $74 | 207 | 188 | 261 |
Amortization of prior service credit, net of income taxes of $(38), $(2) and $(2) | -170 | -15 | -18 |
Amortization of transition asset, net of income taxes of $0, $0 and $13 | 0 | 0 | 116 |
Adjustment from plan changes, net of income taxes of $309, $(26) and $0 | 1,315 | -99 | 0 |
Defined benefit obligation, net of income taxes of $265, $(413) and $28 | 1,184 | -336 | -793 |
Other comprehensive income (loss) | -9,040 | -77,609 | 71,999 |
Comprehensive income (loss) | $68,279 | $129,881 | ($57,405) |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Taxes, foreign currency translation adjustment and other during the year | ($925) | ($41,752) | $39,301 |
Taxes, reclassification for foreign currency translation gain realized upon sale of investments in foreign entities | 0 | 664 | 0 |
Taxes, foreign currency translation adjustment and other | -925 | -41,088 | 39,301 |
Taxes, unrealized holding gain (loss) on derivatives | 2 | -604 | 135 |
Taxes, reclassification for loss (gain) on derivatives included in net earnings | -128 | 132 | -254 |
Taxes, net unrealized loss on derivatives | -126 | -472 | -119 |
Taxes, net loss of defined benefit obligation | -51 | -425 | -48 |
Taxes, prior service credit (cost) of defined benefit obligation | 0 | 0 | -9 |
Taxes, amortization of net loss of defined benefit obligation | 45 | 40 | 74 |
Taxes, amortization of prior service credit of defined benefit obligation | -38 | -2 | -2 |
Taxes, amortization of transition asset of defined benefit obligation | 0 | 0 | 13 |
Taxes, adjustment from plan changes of defined benefit obligation | 309 | -26 | 0 |
Taxes, defined benefit obligation | $265 | ($413) | $28 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $378,770 | $262,422 |
Accounts receivable (less allowance for doubtful accounts of $10,042 and $9,480) | 989,694 | 958,364 |
Inventories, net | 757,417 | 807,923 |
Other | 240,314 | 211,122 |
Total current assets | 2,366,195 | 2,239,831 |
Property, plant and equipment: | ||
Land | 80,764 | 79,123 |
Buildings and improvements | 486,494 | 483,708 |
Equipment | 1,666,250 | 1,656,328 |
Construction in process | 18,476 | 41,036 |
Property, plant and equipment, Gross | 2,251,984 | 2,260,195 |
Less accumulated depreciation and amortization | -1,311,747 | -1,265,891 |
Property, plant and equipment, Net | 940,237 | 994,304 |
Goodwill | 69,579 | 76,897 |
Other assets | 118,790 | 130,214 |
Total assets | 3,494,801 | 3,441,246 |
Current liabilities: | ||
Accounts payable-trade | 342,678 | 433,132 |
Accounts payable-documentary letters of credit | 112,281 | 95,870 |
Accrued expenses and other payables | 314,949 | 343,337 |
Notes payable | 5,973 | 24,543 |
Current maturities of long-term debt | 5,228 | 4,252 |
Total current liabilities | 781,109 | 901,134 |
Deferred income taxes | 46,558 | 20,271 |
Other long-term liabilities | 118,165 | 116,261 |
Long-term debt | 1,278,814 | 1,157,073 |
Total liabilities | 2,224,646 | 2,194,739 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 117,010,990 and 116,351,424 shares | 1,290 | 1,290 |
Additional paid-in capital | 363,772 | 365,778 |
Accumulated other comprehensive loss | -27,176 | -18,136 |
Retained earnings | 1,166,732 | 1,145,445 |
Less treasury stock, 12,049,674 and 12,709,240 shares at cost | -234,619 | -248,009 |
Stockholders’ equity attributable to CMC | 1,269,999 | 1,246,368 |
Stockholders’ equity attributable to noncontrolling interests | 156 | 139 |
Total equity | 1,270,155 | 1,246,507 |
Total liabilities and stockholders’ equity | $3,494,801 | $3,441,246 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $10,042 | $9,480 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 129,060,664 | 129,060,664 |
Common stock, shares outstanding | 117,010,990 | 116,351,424 |
Treasury stock, shares | 12,049,674 | 12,709,240 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Cash flows from (used by) operating activities: | |||
Net earnings (loss) | $77,319 | $207,490 | ($129,404) |
Adjustments to reconcile net earnings (loss) to cash flows from (used by) operating activities: | |||
Depreciation and amortization | 136,548 | 137,310 | 159,576 |
Provision for losses (recoveries) on receivables, net | 4,430 | -2,463 | 306 |
Share-based compensation | 18,693 | 13,125 | 12,893 |
Amortization of interest rate swaps termination gain | -12,470 | -5,815 | 0 |
Loss on debt extinguishment | 4,758 | 0 | 0 |
Deferred income taxes (benefit) | 54,655 | -59,999 | -19,856 |
Tax expense (benefit) from stock plans | 1,444 | -1,968 | -2,355 |
Net gain on sale of assets and other | -25,371 | -11,932 | -1,315 |
Write-down of inventory | 3,003 | 13,917 | 25,503 |
Asset impairments | 17,270 | 3,316 | 120,145 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 11,065 | 68,260 | -168,779 |
Accounts receivable sold (repurchased), net | -80,580 | -77,116 | 78,297 |
Inventories | 26,459 | 53,449 | -200,204 |
Other assets | 2,894 | 5,001 | 73,382 |
Accounts payable, accrued expenses and other payables | -87,375 | -157,025 | 82,642 |
Other long-term liabilities | -5,010 | 10,443 | -3,084 |
Net cash flows from operating activities | 147,732 | 195,993 | 27,747 |
Cash flows from (used by) investing activities: | |||
Capital expenditures | -89,035 | -113,853 | -73,215 |
Proceeds from the sale of property, plant and equipment and other | 13,904 | 55,360 | 53,394 |
Proceeds from the sale of equity method investments | 0 | 0 | 10,802 |
Proceeds from the sale of cost method investment | 28,995 | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 | -48,386 |
Decrease (increase) in deposit for letters of credit | 0 | 31,053 | -4,123 |
Net cash flows used by investing activities | -46,136 | -27,440 | -61,528 |
Cash flows from (used by) financing activities: | |||
Increase (decrease) in documentary letters of credit | -6,221 | -74,493 | -55,950 |
Short-term borrowings, net change | -19,524 | 18,607 | -10,253 |
Repayments on long-term debt | -204,856 | -64,801 | -33,577 |
Proceeds from termination of interest rate swaps | 0 | 52,733 | 0 |
Proceeds from issuance of long-term debt | 330,000 | 0 | 0 |
Payments for debt issuance costs | -4,684 | 0 | 0 |
Debt extinguishment costs | -4,557 | 0 | 0 |
Increase in restricted cash | -18,620 | 0 | 0 |
Stock issued under incentive and purchase plans, net of forfeitures | 951 | -81 | 9,615 |
Cash dividends | -56,028 | -55,617 | -55,177 |
Tax benefit (expense) from stock plans | -1,444 | 1,968 | 2,355 |
Contribution from (purchase of) noncontrolling interests | 13 | -55 | -4,027 |
Net cash flows from (used by) financing activities | 15,030 | -121,739 | -147,014 |
Effect of exchange rate changes on cash | -278 | -6,782 | 3,872 |
Increase (decrease) in cash and cash equivalents | 116,348 | 40,032 | -176,923 |
Cash and cash equivalents at beginning of year | 262,422 | 222,390 | 399,313 |
Cash and cash equivalents at end of year | $378,770 | $262,422 | $222,390 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock | Noncontrolling Interests |
In Thousands, except Share data | |||||||
Beginning balance at Aug. 31, 2010 | $1,253,374 | $1,290 | $373,308 | ($12,526) | $1,178,372 | ($289,708) | $2,638 |
Beginning Balance, Treasury Stock, Shares at Aug. 31, 2010 | -14,735,315 | ||||||
Beginning balance, shares at Aug. 31, 2010 | 129,060,664 | ||||||
Net earnings (loss) | -129,404 | -129,617 | 213 | ||||
Net other comprehensive loss | 71,999 | 71,999 | |||||
Cash dividends | -55,177 | -55,177 | |||||
Issuance of stock under incentive and purchase plans, net of forfeitures | 9,615 | -14,561 | 24,176 | ||||
Issuance of stock under incentive and purchase plans, net of forfeitures, shares | 1,208,414 | ||||||
Share-based compensation | 11,913 | 11,913 | |||||
Tax benefits from stock plans | 2,355 | 2,355 | |||||
Contribution from (Purchase of) noncontrolling interests | -4,027 | -1,399 | -2,628 | ||||
Ending balance at Aug. 31, 2011 | 1,160,648 | 1,290 | 371,616 | 59,473 | 993,578 | -265,532 | 223 |
Ending Balance, Treasury Stock, Shares at Aug. 31, 2011 | -13,526,901 | ||||||
Ending balance, shares at Aug. 31, 2011 | 129,060,664 | ||||||
Net earnings (loss) | 207,490 | 207,484 | 6 | ||||
Net other comprehensive loss | -77,609 | -77,609 | |||||
Cash dividends | -55,617 | -55,617 | |||||
Issuance of stock under incentive and purchase plans, net of forfeitures | -81 | -17,604 | 17,523 | ||||
Issuance of stock under incentive and purchase plans, net of forfeitures, shares | 817,661 | ||||||
Share-based compensation | 9,763 | 9,763 | |||||
Tax benefits from stock plans | 1,968 | 1,968 | |||||
Contribution from (Purchase of) noncontrolling interests | -55 | 35 | -90 | ||||
Ending balance at Aug. 31, 2012 | 1,246,507 | 1,290 | 365,778 | -18,136 | 1,145,445 | -248,009 | 139 |
Ending Balance, Treasury Stock, Shares at Aug. 31, 2012 | -12,709,240 | -12,709,240 | |||||
Ending balance, shares at Aug. 31, 2012 | 129,060,664 | 129,060,664 | |||||
Net earnings (loss) | 77,319 | 77,315 | 4 | ||||
Net other comprehensive loss | -9,040 | -9,040 | |||||
Cash dividends | -56,028 | -56,028 | |||||
Issuance of stock under incentive and purchase plans, net of forfeitures | 951 | -12,439 | 13,390 | ||||
Issuance of stock under incentive and purchase plans, net of forfeitures, shares | 659,566 | ||||||
Share-based compensation | 11,877 | 11,877 | |||||
Tax benefits from stock plans | -1,444 | -1,444 | |||||
Contribution from (Purchase of) noncontrolling interests | 13 | 13 | |||||
Ending balance at Aug. 31, 2013 | $1,270,155 | $1,290 | $363,772 | ($27,176) | $1,166,732 | ($234,619) | $156 |
Ending Balance, Treasury Stock, Shares at Aug. 31, 2013 | -12,049,674 | -12,049,674 | |||||
Ending balance, shares at Aug. 31, 2013 | 129,060,664 | 129,060,664 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | NOTE 1. NATURE OF OPERATIONS |
Nature of Operations Through its global operations and marketing offices, Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") recycles ferrous and nonferrous scrap metal, operates steel mills, commonly referred to as "minimills", and fabrication shops and trades and distributes steel and nonferrous metal products and other industrial products worldwide. | |
The Company has five business segments across two geographic divisions, the CMC Americas Division and the CMC International Division. The CMC Americas Division includes three segments: Americas Recycling, Americas Mills and Americas Fabrication. The CMC International Division includes two segments: International Mill and International Marketing and Distribution. | |
Americas Recycling The Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. This segment sells scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers and other consumers. | |
Americas Mills The Americas Mills segment manufactures finished long steel products including rebar, merchant bar, light structural, some special bar quality (SBQ) and other special sections as well as semi-finished billets for re-rolling and forging applications. This segment's products are sold to the construction, service center, transportation, steel warehousing, fabrication, energy, petrochemical and original equipment manufacturing industries. | |
Americas Fabrication The Americas Fabrication segment consists of rebar and structural fabrication operations, fence post manufacturing plants, construction-related product facilities and plants that heat-treat steel to strengthen and provide flexibility. Fabricated steel products are used primarily in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums and dams. | |
International Mill The International Mill segment is comprised of all recycling and fabrication operations and one steel mill located in Poland. Principal products manufactured include rebar and wire rod as well as merchant bar and billets. | |
International Marketing and Distribution The International Marketing and Distribution segment includes international operations for the sale, distribution and processing of steel products, ferrous and nonferrous metals and other industrial products. Additionally, this segment includes the U.S.-based marketing and distribution divisions and also operates a recycling facility in Singapore. The International Marketing and Distribution segment buys and sells primary and secondary metals, fabricated metals, semi-finished, long and flat steel products and other industrial products. This segment sells its products to customers, primarily manufacturers, in the steel, nonferrous metals, metal fabrication, chemical, refractory, construction and transportation businesses. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||
Aug. 31, 2013 | |||||
Accounting Policies [Abstract] | |||||
Summary of significant accounting policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. The equity method of accounting is used for investments in affiliates in which the Company has the ability to exert significant influence, but does not have effective control. Investments in affiliates which are 20% or less owned are accounted for using the cost method of accounting. The Company currently does not have any investments in affiliates accounted for under the equity method. All significant intercompany transactions and balances are eliminated. | |||||
Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the financial statements. Actual results could significantly differ from those estimates. | |||||
Revenue Recognition The Company recognizes sales when title passes to the customer either when goods are shipped or when they are delivered based upon the terms of the sale, there is persuasive evidence of an agreement, the price is fixed or determinable and collectability is reasonably assured. When the Company estimates that a firm purchase commitment will result in a loss, the Company accrues the entire loss as soon as it is probable and estimable. The Company accounts for fabrication projects based on the percentage of completion accounting method, based primarily on contract cost incurred to date compared to total estimated contract cost. Changes to total estimated contract cost, or loss, if any, are recognized in the period in which they are determined. As of August 31, 2013 and 2012, the Company recorded in its accounts receivable unbilled revenue related to fabrication projects of $24.3 million and $19.2 million, respectively. | |||||
Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts to reflect its estimate of the uncollectability of accounts receivable. These reserves are based on historical trends, current market conditions and customers' financial condition. | |||||
Credit Risk The Company maintains both corporate and divisional credit departments. Credit limits are set for each customer. Some of the Company's divisions use credit insurance or letters of credit to ensure prompt payment in accordance with the terms of sale. Generally, collateral is not required. Approximately 49% and 60% of total receivables at August 31, 2013 and 2012, respectively, were secured by credit insurance or letters of credit. | |||||
Cash and Cash Equivalents The Company considers temporary investments that are short-term (with original maturities of three months or less) and highly liquid to be cash equivalents. The Company had restricted cash of $18.0 million serving as collateral for letters of credit obligations for its Australian subsidiary as of August 31, 2013. Restricted cash balances are included in other current assets on the Company's consolidated balance sheets. | |||||
Inventory Costs The Company records all inventories at the lower of their cost or market value. Inventory cost for most domestic inventories is determined by the last-in, first-out ("LIFO") method; cost of international and remaining inventories is determined by the first-in, first-out ("FIFO") method. | |||||
Elements of cost in finished goods inventory in addition to the cost of material include depreciation, amortization, utilities, consumable production supplies, maintenance, production, wages and transportation costs. Additionally, the costs of departments that support production, including materials management and quality control, are allocated to inventory. | |||||
Property, Plant and Equipment Property, plant and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. Provisions for amortization of leasehold improvements are made at annual rates based upon the lesser of the estimated useful lives of the assets or terms of the leases. Major maintenance is expensed as incurred. | |||||
At August 31, 2013, the useful lives used for depreciation and amortization were as follows: | |||||
Buildings | 7 | to | 40 | years | |
Land improvements | 3 | to | 25 | years | |
Leasehold improvements | 3 | to | 15 | years | |
Equipment | 3 | to | 25 | years | |
Goodwill The Company performs its goodwill impairment test during the fourth quarter of each fiscal year or when changes in circumstances indicate an impairment event may have occurred by estimating the fair value of each reporting unit compared to its carrying value. The Company's reporting units represent an operating segment or a reporting level below an operating segment. | |||||
Additionally, the reporting units are aggregated based on similar economic characteristics, nature of products and services, nature of production processes, type of customers and distribution methods. The Company uses a discounted cash flow model and a market approach to calculate the fair value of its reporting units. The model includes a number of significant assumptions and estimates regarding future cash flows including discount rates, volumes, prices, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by adverse changes in market conditions. | |||||
As a result of the goodwill impairment tests in 2013, the Company recorded goodwill impairment charges of $6.4 million, including foreign currency translation gains of $0.6 million, related to its Australian subsidiaries. The annual goodwill impairment analysis did not result in any impairment charges at any of the Company's other reporting units. As of August 31, 2013 and 2012, one of the Company's reporting units within the Americas Fabrication reporting segment comprised $51.3 million of the Company's total goodwill. Goodwill at other reporting units is not material. See Note 7, Goodwill and Other Intangible Assets, for additional details of this impairment. | |||||
Impairment of Long-Lived Assets The Company evaluates the carrying value of property, plant and equipment and finite-lived intangible assets whenever a change in circumstances indicates that the carrying value may not be recoverable from the undiscounted future cash flows from operations. If an impairment exists, the net book values are reduced to fair values as warranted. | |||||
Environmental Costs The Company accrues liabilities for environmental investigation and remediation costs when they are both probable and the amount can be reasonably estimated. Environmental costs are based upon estimates regarding the sites for which the Company will be responsible, the scope and cost of work to be performed at each site, the portion of costs that will be shared with other parties and the timing of remediation. Where timing and amounts cannot be reasonably determined, a range is estimated and the lower end of the range is recorded. | |||||
Stock-Based Compensation The Company recognizes stock-based equity awards and liability awards at fair value in the financial statements. The fair value of each stock-based equity award is estimated at the date of grant using the Black-Scholes or Monte Carlo pricing model. Total compensation cost of the stock-based equity award is amortized over the requisite service period using the accelerated method of amortization for grants with graded vesting or using the straight-line method for grants with cliff vesting. Stock-based liability awards are measured at fair value at the end of each reporting period and will fluctuate based on the price of CMC common stock and performance relative to the targets. | |||||
Accounts Payable — Documentary Letters of Credit In order to facilitate certain trade transactions, the Company utilizes documentary letters of credit to provide assurance of payment to its suppliers. These letters of credit are typically for payment at a future date conditional upon the bank determining the documentation presented to be in strict compliance with all terms and conditions of the letter of credit. Banks issue these letters of credit under uncommitted lines of credit, which are in addition to and separate from the Company's contractually committed revolving credit agreement. In some cases, if the Company's suppliers choose to discount the future dated obligation, the Company may pay the discount cost. | |||||
Income Taxes CMC and its U.S. subsidiaries file a consolidated Federal income tax return. Deferred income taxes are provided for temporary differences between financial statement and tax bases of asset and liabilities. The principal differences are described in Note 14, Income Tax. Benefits from tax credits are reflected currently in earnings. The Company intends to indefinitely reinvest all undistributed earnings of non-U.S. subsidiaries. The Company records income tax positions based on a more likely than not threshold that the tax positions will be sustained on examination by the taxing authorities having full knowledge of all relevant information. | |||||
Foreign Currencies The functional currency of most of the Company's European marketing and distribution operations is the euro. The functional currencies of the Company's Australian, Polish, United Kingdom and certain Chinese, Singaporean and Thai operations are their local currencies. The Company's remaining international subsidiaries' functional currency is the U.S. dollar. Translation adjustments are reported as a component of accumulated other comprehensive income (loss). Transaction gains (losses) from transactions denominated in currencies other than the functional currencies, recorded as a component of selling, general and administrative expenses, were $(5.8) million, $2.2 million and $7.1 million for the years ended August 31, 2013, 2012 and 2011, respectively. | |||||
Derivative Financial Instruments The Company records derivative instruments on the balance sheet as assets or liabilities, measured at fair value. Gains or losses from the changes in the values of the derivative instruments and hedged items are recorded in the statements of operations, or are deferred if they are designated for hedge accounting and are highly effective in achieving offsetting changes in fair values or cash flows of the hedged items during the term of the hedge. | |||||
Fair Value The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Level 1 represents unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 represents quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly. Level 3 represents valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||
Comprehensive Income (Loss) The Company reports comprehensive income (loss) in its consolidated statements of comprehensive income (loss). Comprehensive income (loss) consists of net earnings (loss) plus gains and losses affecting stockholders' equity that, under generally accepted accounting principles, are excluded from net earnings (loss), such as gains and losses related to certain derivative instruments, defined benefit plan obligations, and the translation effect of foreign currency assets and liabilities, net of taxes. | |||||
Recent Accounting Pronouncements In the fourth quarter of 2013, the Company adopted guidance issued by the Financial Accounting Standards Board ("FASB") requiring an entity to disclose additional information about reclassifications out of accumulated other comprehensive income (loss), including (1) changes in accumulated other comprehensive income (loss) balances by component and (2) significant items reclassified out of accumulated other comprehensive income (loss) and the effect on the respective line items in net income if the amounts are required to be reclassified in their entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. The adoption of this guidance only impacts the Company's disclosures and has no impact on its consolidated financial position, results of operations or cash flows. As a result of the adoption of the new guidance, the Company has disclosed this information within the notes to the consolidated financial statements. | |||||
In the first quarter of 2013, the Company adopted guidance issued by the FASB on disclosure requirements for the presentation of comprehensive income (loss). This guidance requires entities to report total comprehensive income (loss), the components of net income (loss), and the components of comprehensive income (loss) in either (1) a continuous statement of comprehensive income (loss) or (2) two separate but consecutive statements. As a result of the adoption, the Company's financial statements now include a separate consolidated statement of comprehensive income (loss) immediately following the consolidated statements of operations. | |||||
In the first quarter of 2013, the Company adopted guidance that simplifies how entities test indefinite-lived intangible assets for impairment and improves consistency in impairment testing guidance among long-lived asset categories. The guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with U.S. generally accepted accounting principles. An entity will have an option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more likely than not that the asset is impaired. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. The Company did not elect the qualitative option in testing goodwill in 2013. | |||||
In July 2013, the FASB issued guidance requiring entities to net an unrecognized tax benefit with a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The new guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on its consolidated financial statements. | |||||
In July 2013, the FASB issued guidance permitting the Fed Funds Effective Swap Rate ("Overnight Index Swap Rate" or OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes in addition to interest rates on direct obligations of the U.S. Treasury (UST) and the London Interbank Offered Rate (LIBOR) swap rate. The guidance also removed the restriction on using different benchmark rates for similar hedges. The new guidance is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company had no new or redesignated interest rate hedging transactions during the period from July 17, 2013 to August 31, 2013. The Company will evaluate the impact of this guidance on its consolidated financial statements when applicable. | |||||
In April 2013, the FASB issued guidance requiring an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The new guidance is effective prospectively for entities that determine liquidation is imminent during fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on its consolidated financial statements. | |||||
In March 2013, the FASB issued guidance requiring an entity to release any related cumulative translation adjustment into net income when it either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, the guidance resolves the diversity in practice for the treatment of business combinations achieved in stages involving a foreign entity. The new guidance is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |||||
In February 2013, the FASB issued guidance requiring an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The guidance also requires entities to disclose the nature and amount of the obligation as well as other information about the obligation. The new guidance is effective retrospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |||||
In December 2011, the FASB issued guidance requiring an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective is to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB issued an update and clarified the scope of transactions that are subject to disclosures concerning offsetting. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods, and should be applied retrospectively for all comparative periods presented. The Company does not expect the adoption of these disclosure requirements to have a material impact on its consolidated financial statements. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Accumulated other comprehensive income (loss) | NOTE 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Accumulated other comprehensive income (loss), net of taxes, is comprised of the following: | |||||||||||||||||
(in thousands) | Foreign Currency Translation | Unrealized Gain (Loss) on Derivatives | Defined Benefit Obligation | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Balance at August 31, 2012 | $ | (17,369 | ) | $ | 3,710 | $ | (4,477 | ) | $ | (18,136 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (10,108 | ) | 221 | 1,147 | (8,740 | ) | |||||||||||
Amounts reclassified from AOCI | — | (337 | ) | 37 | (300 | ) | |||||||||||
Net other comprehensive income (loss) | (10,108 | ) | (116 | ) | 1,184 | (9,040 | ) | ||||||||||
Balance at August 31, 2013 | $ | (27,477 | ) | $ | 3,594 | $ | (3,293 | ) | $ | (27,176 | ) | ||||||
The significant items reclassified out of accumulated other comprehensive income (loss) and the corresponding line items in the consolidated statements of operations to which the items were reclassified were as follows for the year ended August 31, 2013: | |||||||||||||||||
Components of AOCI | Location | (in thousands) | |||||||||||||||
Unrealized gain (loss) on derivatives: | |||||||||||||||||
Commodity | Cost of goods sold | $ | (260 | ) | |||||||||||||
Foreign exchange | Net sales | 60 | |||||||||||||||
Foreign exchange | SG&A expenses | 48 | |||||||||||||||
Interest rate | Interest expense | 617 | |||||||||||||||
465 | |||||||||||||||||
Income tax effect | Income tax (expense) benefit | (128 | ) | ||||||||||||||
Net of income taxes | $ | 337 | |||||||||||||||
Defined benefit obligation: | |||||||||||||||||
Amortization of net gain (loss) | SG&A expenses | $ | (252 | ) | |||||||||||||
Amortization of prior service credit (cost) | SG&A expenses | 208 | |||||||||||||||
(44 | ) | ||||||||||||||||
Income tax effect | Income tax (expense) benefit | 7 | |||||||||||||||
Net of income taxes | $ | (37 | ) | ||||||||||||||
Amounts in parentheses reduce income. |
Acquisitions
Acquisitions | 12 Months Ended |
Aug. 31, 2013 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 4. ACQUISITIONS |
For the years ended August 31, 2013 and 2012, the Company did not have any business acquisitions. | |
During 2011, the Company completed the purchase of G.A.M. Steel Pty. Ltd. ("G.A.M."), based in Melbourne, Australia for $48.4 million. G.A.M. is a leading distributor and processor of steel long products and plate, servicing the structural fabrication, rural and manufacturing segments in Victoria, Australia. The acquisition of G.A.M. complemented the Company's existing national long products distribution investments in Australia. |
Sales_Of_Accounts_Receivable
Sales Of Accounts Receivable | 12 Months Ended |
Aug. 31, 2013 | |
Transfers and Servicing [Abstract] | |
Sales Of accounts receivable | NOTE 5. SALES OF ACCOUNTS RECEIVABLE |
The Company has a domestic sale of accounts receivable program which expires on December 26, 2014. Under the program, the Company periodically contributes, and several of its subsidiaries periodically sell without recourse, certain eligible trade accounts receivable to CMC Receivables, Inc. ("CMCRV"), a wholly-owned subsidiary of CMC. CMCRV is structured to be a bankruptcy-remote entity and was formed for the sole purpose of buying and selling receivables generated by the Company. Depending on the Company's level of financing needs, CMCRV sells the trade accounts receivable in their entirety to two third-party financial institutions. The third-party financial institutions advance up to a maximum of $200 million for all receivables, and the remaining portion due to the Company is deferred until the ultimate collection of the underlying receivables. The Company accounts for sales to the financial institutions as true sales, and the cash advances for receivables are removed from the consolidated balance sheets and are reflected as cash provided by operating activities. Additionally, the receivables program contains certain cross-default provisions whereby a termination event could occur if the Company defaulted under certain of its credit arrangements. The covenants contained in the receivables purchase agreement are consistent with the credit facility described in Note 11, Credit Arrangements. | |
At August 31, 2013 and 2012, the Company sold $358.8 million and $406.9 million of receivables, respectively, to the third-party financial institutions. The Company had no advance payments outstanding on the sales of its receivables at August 31, 2013. At August 31, 2012 the Company had $10.0 million in advance payments outstanding on the sales of its receivables. The remaining amounts at August 31, 2013 and 2012 of $358.8 million and $396.9 million, respectively, are the deferred purchase prices and are included in trade receivables on the Company's consolidated balance sheets. | |
In addition to the domestic sale of accounts receivable program described above, the Company's international subsidiaries in Europe and Australia periodically sell accounts receivable without recourse. These arrangements constitute true sales, and once the accounts are sold, they are no longer available to the Company's creditors in the event of bankruptcy. Uncollected accounts receivable sold under these arrangements, and removed from the Company's consolidated balance sheets, were $24.5 million and $95.1 million as of August 31, 2013 and August 31, 2012, respectively. The Australian program contains financial covenants in which the subsidiary must meet certain coverage and tangible net worth levels. At August 31, 2013, the Australian subsidiary was not in compliance with these covenants. The Company provided a guarantee of the Australian subsidiary's performance which resulted in the financial covenants being waived at August 31, 2013. | |
For the years ended August 31, 2013, 2012 and 2011, proceeds from the domestic and international sales of receivables were $1.0 billion, $1.9 billion and $1.3 billion, respectively, and cash payments to the owners of receivables were $1.1 billion, $1.9 billion, and $1.2 billion, respectively. The Company is responsible for servicing the receivables for a nominal servicing fee. Discounts on domestic and international sales of accounts receivable were $3.9 million, $6.4 million and $5.1 million for the years ended August 31, 2013, 2012 and 2011, respectively. These discounts primarily represent the cost of funds and are included in selling, general and administrative expenses in the Company's consolidated statements of operations. |
Inventories
Inventories | 12 Months Ended |
Aug. 31, 2013 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 6. INVENTORIES |
Inventories are stated at the lower of cost or market. Inventory cost for most domestic inventories is determined by the last-in, first-out ("LIFO") method. LIFO inventory reserves were $185.5 million and $261.8 million at August 31, 2013 and 2012, respectively. Inventory cost for international inventories and the remaining domestic inventories are determined by the first-in, first-out ("FIFO") method. | |
At August 31, 2013 and 2012, 43% and 55%, respectively, of the Company's total inventories were valued at LIFO. The remainder of inventories, valued at FIFO, consisted mainly of material dedicated to CMC Poland Sp. z.o.o. ("CMCP") (formerly CMC Zawiercie S.A. or "CMCZ") and certain marketing and distribution businesses. | |
The majority of the Company's inventories are in the form of finished goods with minimal work in process. At August 31, 2013 and 2012, inventories of $66.7 million and $68.0 million before LIFO reserves, respectively, were in the form of raw materials. | |
During 2013 and 2012, inventory in certain LIFO pools was reduced. This reduction resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of current purchases. The effect for 2013 increased net earnings by $3.5 million. The effect on net earnings for 2012 was not material. During 2011, there was no liquidation of LIFO inventory. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and other intangible assets | NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||
The following table details the changes in the carrying amount of goodwill by reportable segment: | ||||||||||||||||||||||||
Americas | International | |||||||||||||||||||||||
(in thousands) | Recycling | Mills | Fabrication | Mill | Marketing and Distribution | Consolidated | ||||||||||||||||||
Balance at September 1, 2011 | $ | 7,267 | $ | 295 | $ | 57,144 | $ | 3,092 | $ | 9,840 | $ | 77,638 | ||||||||||||
Translation | — | — | — | (407 | ) | (334 | ) | (741 | ) | |||||||||||||||
Balance at August 31, 2012 | $ | 7,267 | $ | 295 | $ | 57,144 | $ | 2,685 | $ | 9,506 | $ | 76,897 | ||||||||||||
Impairment | — | — | — | — | (6,331 | ) | (6,331 | ) | ||||||||||||||||
Translation | — | — | — | 70 | (1,057 | ) | (987 | ) | ||||||||||||||||
Balance at August 31, 2013 | $ | 7,267 | $ | 295 | $ | 57,144 | $ | 2,755 | $ | 2,118 | $ | 69,579 | ||||||||||||
As a result of the Company's annual goodwill impairment analysis in the fourth quarter of 2013, the Company determined that the carrying amount of its Australian reporting unit exceeded its estimated fair value. The resulting impairment charges of $6.4 million, including foreign currency translation gains of $0.6 million, were recorded within the International Marketing and Distribution reporting segment at August 31, 2013. The weakened Australian economy and in particular the demand for construction steel, coupled with continued operating performance below planned levels during 2013 and a weak forecast of future operating results were the contributing factors that lead to the impairment charges recorded in 2013. These goodwill impairment charges represent our accumulated goodwill impairment as of August 31, 2013. | ||||||||||||||||||||||||
The annual goodwill impairment analysis did not result in any impairment charges at any of the Company's other reporting units. As of August 31, 2013 and 2012, one of the Company's reporting units within the Americas Fabrication reporting segment comprised $51.3 million of the Company's total goodwill. | ||||||||||||||||||||||||
The following intangible assets subject to amortization are included in other noncurrent assets on the Company's consolidated balance sheets: | ||||||||||||||||||||||||
August 31, 2013 | August 31, 2012 | |||||||||||||||||||||||
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Carrying Amount | Carrying Amount | |||||||||||||||||||||||
Customer base | $ | 33,625 | $ | 21,408 | $ | 12,217 | $ | 33,928 | $ | 17,133 | $ | 16,795 | ||||||||||||
Favorable land leases | 6,257 | 612 | 5,645 | 6,133 | 527 | 5,606 | ||||||||||||||||||
Brand name | 2,942 | 946 | 1,996 | 4,113 | 1,394 | 2,719 | ||||||||||||||||||
Other | 101 | 38 | 63 | 101 | 31 | 70 | ||||||||||||||||||
Total | $ | 42,925 | $ | 23,004 | $ | 19,921 | $ | 44,275 | $ | 19,085 | $ | 25,190 | ||||||||||||
Excluding goodwill, there are no other significant intangible assets with indefinite lives. Amortization expense for intangible assets for the years ended August 31, 2013, 2012, and 2011 was $4.9 million, $5.9 million, and $9.9 million, respectively. At August 31, 2013, the weighted average remaining useful life of these intangible assets, excluding the favorable land leases in Poland, was four years. The weighted average life of the favorable land leases was 76 years. Estimated amounts of amortization expense for the next five years are as follows: | ||||||||||||||||||||||||
Year Ended August 31, | (in thousands) | |||||||||||||||||||||||
2014 | $ | 4,801 | ||||||||||||||||||||||
2015 | 4,748 | |||||||||||||||||||||||
2016 | 3,110 | |||||||||||||||||||||||
2017 | 663 | |||||||||||||||||||||||
2018 | 523 | |||||||||||||||||||||||
Impairment_And_Facility_Closur
Impairment And Facility Closure Costs | 12 Months Ended | ||||
Aug. 31, 2013 | |||||
Restructuring and Related Activities [Abstract] | |||||
Impairment and facility closure costs | NOTE 8. IMPAIRMENT AND FACILITY CLOSURE COSTS | ||||
The Company evaluates the carrying value of property, plant and equipment and finite-lived intangible assets whenever a change in circumstances indicates that the carrying value may not be recoverable. The fair values include estimated cost to sell the assets. Lease termination costs represent the estimated fair value of future lease payments less any sub-lease income which the Company estimates at the cease use date of the leased property. | |||||
During the fourth quarter of 2013, the Company prepared an impairment analysis on its Australian operating unit and determined the carrying value of certain fixed assets exceeded their fair value as determined utilizing market and cost approaches. Determining the fair value is judgmental in nature and requires the use of significant estimates and assumptions, considered to be level 3 inputs. The resulting non-recurring impairment charges of $6.3 million, primarily related to the write-down of long-lived assets, were recorded within the International Marketing and Distribution reporting segment at August 31, 2013. As a result of the $6.3 million non-recurring impairment charges, the fair value of International Marketing and Distribution's fixed assets is $20.4 million at August 31, 2013. | |||||
Asset impairment and facility closure costs associated with the Company's other operating units were approximately $4.6 million for the year ended August 31, 2013. | |||||
Asset impairment and facility closure costs were not significant in 2012. | |||||
During the fourth quarter of 2011, the Company prepared an impairment analysis on its steel pipe manufacturing operation at CMC Sisak, d.o.o. ("CMCS") and recorded charges of $110.6 million to impair the CMCS operation. The impairment of property, plant and equipment was based on the fair values calculated by independent appraisals. Additionally, the Company decided to close certain rebar fabrication and construction services locations in the Americas Fabrication segment and the German fabrication operation in the International Mill segment during the fourth quarter of 2011. The construction services locations were leased properties. As a result, the Company recorded impairment charges for these locations. The Company also determined that one of the Company's rebar fabrication customer base intangible assets was not recoverable; the Company recorded an impairment charge to reduce the customer base intangible to its estimated fair value in 2011. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions, for additional details about dispositions of CMCS and the German fabrication operation. | |||||
In connection with these actions, the following pre-tax charges were recorded in 2011: | |||||
(in thousands) | |||||
Impairment of property, plant and equipment and other assets | $ | 106,655 | |||
Impairment of customer list intangible asset | 12,140 | ||||
Write-down of inventory | 8,500 | ||||
Severance costs | 5,051 | ||||
Lease termination costs | 2,196 | ||||
Other closure costs | 7,700 | ||||
Severance
Severance | 12 Months Ended |
Aug. 31, 2013 | |
Restructuring and Related Activities [Abstract] | |
Severance | NOTE 9. SEVERANCE |
The Company recorded consolidated severance cost of $6.1 million, $25.6 million and $8.2 million for the years ended August 31, 2013, 2012 and 2011, respectively. The severance cost recorded during 2013 was not individually material to any of the Company's segments. The severance cost recorded during 2012 primarily related to the Company's discontinued operations. During 2011, the Company closed several locations which resulted in involuntary employee termination benefits. These termination benefits have been included in selling, general and administrative expenses in the Company's consolidated statements of operations. As of August 31, 2013 and 2012, the remaining liability to be paid in the future related to termination benefits was $2.8 million and $2.7 million, respectively. |
Businesses_Held_For_Sale_Disco
Businesses Held For Sale, Discontinued Operations And Dispositions | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Businesses held for sale, discontinued operations and dispositions | NOTE 10. BUSINESSES HELD FOR SALE, DISCONTINUED OPERATIONS AND DISPOSITIONS | ||||||||||||
Businesses Held for Sale The assets and liabilities of businesses classified as held for sale are included in other current assets and accrued expenses on the Company's consolidated balance sheets. The components of assets and liabilities of businesses held for sale are as follows. | |||||||||||||
August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Accounts receivable | $ | 20,313 | $ | — | |||||||||
Inventories, net | 8,713 | — | |||||||||||
Other current assets | 3,683 | — | |||||||||||
Property, plant and equipment, net of accumulated depreciation and amortization | 10,459 | 6,601 | |||||||||||
Assets of businesses held for sale | $ | 43,168 | $ | 6,601 | |||||||||
Liabilities: | |||||||||||||
Accounts payable-trade | $ | 7,615 | $ | — | |||||||||
Accrued expenses and other payables | 3,251 | — | |||||||||||
Liabilities of businesses held for sale | $ | 10,866 | $ | — | |||||||||
Discontinued Operations During the fourth quarter of 2013, the Company decided to sell all of the stock of its wholly-owned copper tube manufacturing operation, Howell Metal Company ("Howell"). The Company determined that the decision to sell this business met the definition of a discontinued operation. As result, the Company included Howell in discontinued operations for all periods presented. Howell was previously an operating segment included in the Americas Mills reporting segment. On October 17, 2013, the Company sold all of the stock of Howell for $58.5 million, subject to customary purchase price adjustments. | |||||||||||||
During 2012, the Company announced its decision to exit CMCS by closure of the facility and sale of the assets. The Company determined that the decision to exit this business met the definition of a discontinued operation and has been presented as such for all periods presented. The results for 2011 include approximately $110.6 million of impairment and other charges incurred at CMCS. The results for 2012 consist of severance cost of $18.0 million associated with closing the facility and a pre-tax gain of $13.8 million for the sale of all of the shares of the CMCS operation, excluding $3.9 million in assets which were sold in the first quarter of 2013 with no impact to the consolidated statements of operations. | |||||||||||||
Financial information for discontinued operations was as follows: | |||||||||||||
Year Ended August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 157,780 | $ | 202,632 | $ | 253,426 | |||||||
Earnings (loss) before taxes | 3,672 | (11,906 | ) | (139,195 | ) | ||||||||
Dispositions During the first quarter of fiscal 2013, the Company completed the sale of its 11% ownership interest in Trinecke Zelezarny, a.s. ("Trinecke"), a Czech Republic joint-stock company, for $29.0 million resulting in a pre-tax gain of $26.1 million. The Trinecke investment was included in the International Marketing and Distribution segment. | |||||||||||||
During 2012, the Company sold its rebar fabrication shop in Rosslau, Germany for $11.3 million, resulting in a loss of $3.8 million. The result of this sale is included in continuing operations in the consolidated statements of operations. Additionally during 2012, the Company completed the sale of two properties that were previously joist and deck locations. The result of this sale is included in discontinued operations in the consolidated statements of operations. | |||||||||||||
During 2011, Construction Services, a division of a subsidiary of the Company, completed the sale of heavy forming and shoring equipment for $35 million. The result of this sale is included in continuing operations in the consolidated statements of operations. Additionally during 2011, the Company sold a majority of its joist assets resulting in a gain of $1.9 million which is included in discontinued operations in the consolidated statements of operations. |
Credit_Arrangements
Credit Arrangements | 12 Months Ended | |||||||||
Aug. 31, 2013 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Credit Arrangements | NOTE 11. CREDIT ARRANGEMENTS | |||||||||
In May 2013, the Company issued $330.0 million of 4.875% Senior Notes due May 15, 2023 (the "2023 Notes") and received proceeds of $325.0 million, net of underwriting discounts and debt issuance costs. The Company used $205.3 million of the proceeds from the 2023 Notes to purchase all of its outstanding $200.0 million of 5.625% Notes due 2013 (the "2013 Notes"). The Company intends to use the remaining proceeds for general corporate purposes. Interest on the 2023 Notes is payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2013. The Company may, at any time, redeem the 2023 Notes at a redemption price equal to 100 percent of the principal amount, plus a "make-whole" premium described in the indenture. Additionally, if a change of control triggering event occurs, as defined by the terms of the indenture, holders of the 2023 Notes may require the Company to repurchase the 2023 Notes at a purchase price equal to 101 percent of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The Company is generally not limited under the indenture governing the 2023 Notes in its ability to incur additional indebtedness provided the Company is in compliance with certain restrictive covenants, including restrictions on liens, sale and leaseback transactions, mergers, consolidations and transfers of substantially all of the Company's assets. | ||||||||||
As a result of redeeming the 2013 Notes, the Company recognized expenses of $4.8 million related to loss on early extinguishment of debt and write-off of unamortized debt issuance costs, discounts and premiums, all of which were included in selling, general and administrative expenses in the consolidated statements of operations for the year ended August 31, 2013. | ||||||||||
In December 2011, the Company entered into a third amended and restated $300 million revolving credit facility that matures on December 27, 2016. The maximum availability under this facility can be increased to $400 million with the consent of both parties. The program's capacity, with a sublimit of $50 million for letters of credit, is reduced by outstanding stand-by letters of credit which totaled $28.3 million at August 31, 2013. Under the credit facility, the Company was required to maintain a minimum interest coverage ratio (adjusted EBITDA to interest expense, as each is defined in the facility) of not less than 3.00 to 1.00 for the twelve month cumulative period ended November 30, 2012 and for each fiscal quarter on a rolling twelve month cumulative period thereafter. At August 31, 2013, the Company's interest coverage ratio was 5.17 to 1.00. The credit facility also requires the Company to maintain a debt to capitalization ratio that does not exceed 0.60 to 1.00. At August 31, 2013, the Company's debt to capitalization ratio was 0.51 to 1.00. The credit facility provides for interest based on the LIBOR, the Eurodollar rate or Bank of America's prime rate. | ||||||||||
At August 31, 2013, the Company was in compliance with all covenants contained in its debt agreements. | ||||||||||
During 2012, the Company terminated its existing interest rate swap transactions and received cash proceeds of approximately $52.7 million, net of customary finance charges. The resulting gain was deferred and is being amortized as a reduction to interest expense over the remaining term of the respective debt tranches. At August 31, 2013 and 2012, the unamortized portion was $34.4 million and $46.9 million, respectively, and for the years ended August 31, 2013 and 2012, amortization of the deferred gain was $12.5 million and $5.8 million, respectively. | ||||||||||
The Company has uncommitted credit facilities available from domestic and international banks. In general, these credit facilities are used to support trade letters of credit (including accounts payable settled under bankers' acceptances as described in Note 2, Summary of Significant Accounting Policies), foreign exchange transactions and short-term advances which are priced at market rates. | ||||||||||
Long-term debt, including the deferred gain from the termination of the interest rate swaps, was as follows as of August 31: | ||||||||||
(in thousands) | Weighted Average | 2013 | 2012 | |||||||
Interest Rate as of August 31, 2013 | ||||||||||
$200 million notes at 5.625% due November 2013 | —% | $ | — | $ | 204,873 | |||||
$400 million notes at 6.50% due July 2017 | 5.70% | 411,518 | 414,491 | |||||||
$500 million notes at 7.35% due August 2018 | 6.40% | 522,930 | 527,554 | |||||||
$330 million notes at 4.875% due May 2023 | 4.90% | 330,000 | — | |||||||
Other, including equipment notes | 19,594 | 14,407 | ||||||||
1,284,042 | 1,161,325 | |||||||||
Less current maturities | 5,228 | 4,252 | ||||||||
$ | 1,278,814 | $ | 1,157,073 | |||||||
Interest on these notes is payable semiannually. | ||||||||||
CMCP has uncommitted credit facilities of $75.9 million with several banks with expiration dates ranging from September 30, 2013 to March 31, 2014. During 2013, CMCP had total borrowings of $229.4 million and total repayments of $254.0 million under these facilities. At August 31, 2013, there were no amounts outstanding under these facilities. | ||||||||||
The scheduled maturities of the Company's long-term debt are as follows: | ||||||||||
Year Ending August 31, | (in thousands) | |||||||||
2014 | $ | 5,228 | ||||||||
2015 | 4,948 | |||||||||
2016 | 3,496 | |||||||||
2017 | 402,969 | |||||||||
2018 | 502,195 | |||||||||
Thereafter | 330,758 | |||||||||
Total excluding deferred gain of interest rate swaps | 1,249,594 | |||||||||
Deferred gain of interest rate swaps | 34,448 | |||||||||
Total long-term debt including current maturities | $ | 1,284,042 | ||||||||
Interest of $1.0 million, $1.3 million and $0.8 million was capitalized in the cost of property, plant and equipment constructed in 2013, 2012 and 2011, respectively. Interest of $82.5 million, $74.1 million and $71.4 million was paid in 2013, 2012 and 2011, respectively. |
Derivatives_And_Risk_Managemen
Derivatives And Risk Management | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Derivatives and risk management | NOTE 12. DERIVATIVES AND RISK MANAGEMENT | ||||||||||||||
The Company's worldwide operations and product lines expose it to risks from fluctuations in metal commodity prices, foreign currency exchange rates, natural gas prices and interest rates. One objective of the Company's risk management program is to mitigate these risks using derivative instruments. The Company enters into metal commodity futures and forward contracts to mitigate the risk of unanticipated changes in gross margin due to the volatility of the commodities' prices, enters into foreign currency forward contracts that match the expected settlements for purchases and sales denominated in foreign currencies and enters into natural gas forward contracts to mitigate the risk of unanticipated changes in operating cost due to the volatility of natural gas prices. When sales commitments to customers include a fixed price freight component, the Company occasionally enters into freight forward contracts to reduce the effects of the volatility of ocean freight rates. | |||||||||||||||
At August 31, 2013, the Company's notional value of its foreign currency contract commitments and its commodity contract commitments was $331.0 million and $49.3 million, respectively. | |||||||||||||||
The Company designates only those contracts which closely match the terms of the underlying transaction as hedges for accounting purposes. These hedges resulted in substantially no ineffectiveness in the Company's consolidated statements of operations, and there were no components excluded from the assessment of hedge effectiveness for the years ended August 31, 2013 and 2012. Certain foreign currency and commodity contracts were not designated as hedges for accounting purposes, although management believes they are essential economic hedges. | |||||||||||||||
The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of operations: | |||||||||||||||
Year Ended August 31, | |||||||||||||||
Derivatives Not Designated as Hedging Instruments (in thousands) | Location | 2013 | 2012 | 2011 | |||||||||||
Commodity | Cost of goods sold | $ | 2,456 | $ | 4,496 | $ | (10,857 | ) | |||||||
Foreign exchange | Net sales | — | (199 | ) | 38 | ||||||||||
Foreign exchange | Cost of goods sold | — | (537 | ) | 1,412 | ||||||||||
Foreign exchange | SG&A expenses | 5,089 | (872 | ) | (8,025 | ) | |||||||||
Other | Cost of goods sold | 9 | — | — | |||||||||||
Gain (loss) before taxes | $ | 7,554 | $ | 2,888 | $ | (17,432 | ) | ||||||||
The Company's fair value hedges are designated for accounting purposes with the gains or losses on the hedged items offsetting the gains or losses on the related derivative transactions. Hedged items relate to firm commitments on commercial sales and purchases and capital expenditures. | |||||||||||||||
During 2012, the Company terminated its interest rate swap transactions having a notional value of $800 million. The Company recorded net of the Company's periodic variable-rate interest obligations and the swap counterparty's fixed-rate interest obligations as a reduction to interest expense of $6.5 million and $15.7 million for the years ended August 31, 2012 and 2011, respectively. See Note 11, Credit Arrangements for additional information. | |||||||||||||||
Derivatives Designated as Fair Value | Year Ended August 31, | ||||||||||||||
Hedging Instruments (in thousands) | Location | 2013 | 2012 | 2011 | |||||||||||
Foreign exchange | Net sales | $ | (151 | ) | $ | — | $ | — | |||||||
Foreign exchange | Cost of goods sold | 2,241 | — | — | |||||||||||
Foreign exchange | SG&A expenses | — | 383 | (15,053 | ) | ||||||||||
Interest rate | Interest expense | — | 10,561 | 33,485 | |||||||||||
Gain before taxes | $ | 2,090 | $ | 10,944 | $ | 18,432 | |||||||||
Hedged Items Designated as Fair Value | Year Ended August 31, | ||||||||||||||
Hedging Instruments (in thousands) | Location | 2013 | 2012 | 2011 | |||||||||||
Foreign exchange | Net sales | $ | 153 | $ | — | $ | 91 | ||||||||
Foreign exchange | Cost of goods sold | (2,241 | ) | — | — | ||||||||||
Foreign exchange | SG&A expenses | — | (383 | ) | 14,955 | ||||||||||
Interest rate | Interest expense | — | (10,561 | ) | (33,485 | ) | |||||||||
Loss before taxes | $ | (2,088 | ) | $ | (10,944 | ) | $ | (18,439 | ) | ||||||
Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands) | August 31, | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Commodity | $ | (218 | ) | $ | — | $ | 26 | ||||||||
Foreign exchange | 439 | (1,545 | ) | 797 | |||||||||||
Gain (loss), net of taxes | $ | 221 | $ | (1,545 | ) | $ | 823 | ||||||||
Effective Portion of Derivatives Designated as Cash Flow | Year Ended August 31, | ||||||||||||||
Hedging Instruments Reclassified from | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) (in thousands) | Location | 2013 | 2012 | 2011 | |||||||||||
Commodity | Cost of goods sold | $ | (169 | ) | $ | 27 | $ | 195 | |||||||
Foreign exchange | Net sales | 46 | (826 | ) | — | ||||||||||
Foreign exchange | Cost of goods sold | 20 | — | — | |||||||||||
Foreign exchange | SG&A expenses | 39 | (300 | ) | 365 | ||||||||||
Interest rate | Interest expense | 401 | 521 | 458 | |||||||||||
Gain (loss), net of taxes | $ | 337 | $ | (578 | ) | $ | 1,018 | ||||||||
The Company's derivative instruments were recorded at their respective fair values as follows on the consolidated balance sheets: | |||||||||||||||
Derivative Assets (in thousands) | August 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Commodity — not designated for hedge accounting | $ | 1,066 | $ | 407 | |||||||||||
Foreign exchange — designated for hedge accounting | 1,626 | 670 | |||||||||||||
Foreign exchange — not designated for hedge accounting | 1,238 | 798 | |||||||||||||
Derivative assets (other current assets and other assets)* | $ | 3,930 | $ | 1,875 | |||||||||||
Derivative Liabilities (in thousands) | August 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Commodity — designated for hedge accounting | $ | 129 | $ | 2 | |||||||||||
Commodity — not designated for hedge accounting | 1,268 | 993 | |||||||||||||
Foreign exchange — designated for hedge accounting | 432 | 1,272 | |||||||||||||
Foreign exchange — not designated for hedge accounting | 1,738 | 1,248 | |||||||||||||
Other — not designated for hedge accounting | — | 32 | |||||||||||||
Derivative liabilities (accrued expenses, other payables and long-term liabilities)* | $ | 3,567 | $ | 3,547 | |||||||||||
_________________________ | |||||||||||||||
* Derivative assets and liabilities do not include the hedged items designated as fair value hedges. | |||||||||||||||
As of August 31, 2013, all of the Company's derivative instruments designated to hedge exposure to the variability in future cash flows of the forecasted transactions will mature within twelve months. | |||||||||||||||
All of the instruments are highly liquid, and not entered into for trading purposes. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Fair value | NOTE 13. FAIR VALUE | |||||||||||||||||
The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Levels within the hierarchy are defined as follows: | ||||||||||||||||||
Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities; | ||||||||||||||||||
Level 2 - Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly; and | ||||||||||||||||||
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||||||||||
The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: | ||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||
(in thousands) | August 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2013 | Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Money market investments (1) | $ | 236,727 | $ | 236,727 | $ | — | $ | — | ||||||||||
Commodity derivative assets (2) | 1,066 | 1,066 | — | — | ||||||||||||||
Foreign exchange derivative assets (2) | 2,864 | — | 2,864 | — | ||||||||||||||
Liabilities: | ||||||||||||||||||
Commodity derivative liabilities (2) | 1,397 | 1,268 | 129 | — | ||||||||||||||
Foreign exchange derivative liabilities (2) | 2,170 | — | 2,170 | — | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||
(in thousands) | August 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2012 | Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Money market investments (1) | $ | 172,462 | $ | 172,462 | $ | — | $ | — | ||||||||||
Commodity derivative assets (2) | 407 | 407 | — | — | ||||||||||||||
Foreign exchange derivative assets (2) | 1,468 | — | 1,468 | — | ||||||||||||||
Liabilities: | ||||||||||||||||||
Commodity derivative liabilities (2) | 995 | 993 | 2 | — | ||||||||||||||
Foreign exchange derivative liabilities (2) | 2,520 | — | 2,520 | — | ||||||||||||||
Other derivative liabilities (2) | 32 | — | 32 | — | ||||||||||||||
_________________ | ||||||||||||||||||
(1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options. | ||||||||||||||||||
(2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivatives and the classification of the assets and liabilities is included in Note 12, Derivatives and Risk Management. | ||||||||||||||||||
Fair value of property, plant and equipment held for sale (Level 3) was $3.8 million at August 31, 2013 and $9.0 million at August 31, 2012 based on appraised values less costs to sell. | ||||||||||||||||||
During the fourth quarter of 2013, the Company prepared an impairment analysis on its Australian operating unit and determined the carrying value of certain fixed assets exceeded their fair value as determined utilizing market and cost approaches. Determining the fair value is judgmental in nature and requires the use of significant estimates and assumptions, considered to be level 3 inputs. The resulting non-recurring impairment charges of $6.3 million were recorded within the International Marketing and Distribution reporting segment at August 31, 2013. As a result of the non-recurring impairment charges, the fair value of International Marketing and Distribution's fixed assets is $20.4 million at August 31, 2013. CMC does not have other assets or intangible assets measured at fair value on a non-recurring basis at August 31, 2013. The carrying values of the Company's short-term items, including the deferred purchase prices of accounts receivable, documentary letters of credit and notes payable approximate fair value due to their short term nature. | ||||||||||||||||||
The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value on the consolidated balance sheets are as follows: | ||||||||||||||||||
August 31, 2013 | August 31, 2012 | |||||||||||||||||
(in thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
$200 million notes at 5.625% due November 2013 (1) | Level 2 | $ | — | $ | — | $ | 204,873 | $ | 212,413 | |||||||||
$400 million notes at 6.50% due July 2017 (1) | Level 2 | 411,518 | 443,646 | 414,491 | 434,991 | |||||||||||||
$500 million notes at 7.35% due August 2018 (1) | Level 2 | 522,930 | 570,429 | 527,554 | 559,894 | |||||||||||||
$330 million notes at 4.875% due May 2023 (1) | Level 2 | 330,000 | 298,650 | — | — | |||||||||||||
_________________ | ||||||||||||||||||
(1) The fair value of the notes is calculated based on indicated market values. |
Income_Tax
Income Tax | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income tax | NOTE 14. INCOME TAX | ||||||||||||
The components of earnings (loss) from continuing operations before income taxes (benefit) are as follows: | |||||||||||||
Year Ended August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 147,204 | $ | 116,400 | $ | (33,769 | ) | ||||||
Foreign | (14,268 | ) | 48,387 | 59,900 | |||||||||
Total | $ | 132,936 | $ | 164,787 | $ | 26,131 | |||||||
The income taxes (benefit) included in the consolidated statements of operations is as follows: | |||||||||||||
Year Ended August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
United States | $ | 849 | $ | 1,560 | $ | 23,452 | |||||||
Foreign | 1,970 | 419 | 352 | ||||||||||
State and local | 1,815 | 3,411 | 5,226 | ||||||||||
Current taxes (benefit) | $ | 4,634 | $ | 5,390 | $ | 29,030 | |||||||
Deferred: | |||||||||||||
United States | $ | 45,908 | $ | (65,710 | ) | $ | (28,048 | ) | |||||
Foreign | 4,980 | 7,130 | 9,742 | ||||||||||
State and local | 3,767 | (1,419 | ) | 5,616 | |||||||||
Deferred taxes (benefit) | $ | 54,655 | $ | (59,999 | ) | $ | (12,690 | ) | |||||
Total taxes (benefit) on income | $ | 59,289 | $ | (54,609 | ) | $ | 16,340 | ||||||
Taxes (benefit) on discontinued operations | 1,310 | (8,847 | ) | 1,748 | |||||||||
Taxes (benefit) on continuing operations | $ | 57,979 | $ | (45,762 | ) | $ | 14,592 | ||||||
A reconciliation of the federal statutory rate to the Company's effective tax rate from continuing operations is as follows: | |||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax expense (benefit) at statutory rate of 35% | $ | 46,528 | $ | 57,675 | $ | 9,146 | |||||||
State and local taxes | 3,460 | 4,596 | 6,958 | ||||||||||
Section 199 manufacturing deduction | — | — | (1,105 | ) | |||||||||
Foreign rate differential | (3,295 | ) | (9,909 | ) | (9,617 | ) | |||||||
Change in valuation allowance | 14,264 | 10,033 | — | ||||||||||
Liability for non-US earnings | — | — | 8,848 | ||||||||||
Disposition of CMCS | 6,292 | (102,104 | ) | — | |||||||||
Australian reorganization | (7,245 | ) | — | — | |||||||||
Research and experimentation tax credits | — | (11,500 | ) | — | |||||||||
Other | (2,025 | ) | 5,447 | 362 | |||||||||
Tax expense (benefit) on continuing operations | $ | 57,979 | $ | (45,762 | ) | $ | 14,592 | ||||||
Effective tax rates from continuing operations | 43.6 | % | (27.8 | )% | 55.8 | % | |||||||
The Company's effective tax rate from discontinued operations for the years ended 2013, 2012 and 2011 is 35.7%, 74.3% and (1.3)%, respectively. | |||||||||||||
The increase in the effective tax rate to 43.6% for the year ended August 31, 2013 over the statutory tax rate of 35% is due to the mix and amount of pre-tax income in the jurisdictions in which the Company operates and the recognition of valuation allowances on deferred assets in various jurisdictions that are not more likely than not to be realized. | |||||||||||||
During the year ended August 31, 2012, the Company recognized a tax loss in the amount of $291 million related to its investments in its Croatian subsidiary. As a result, a tax benefit of $102.1 million was recorded from these losses in continuing operations for the year ended August 31, 2012. The Company reported and disclosed the investment loss on its U.S. tax return as ordinary worthless stock and bad debt deductions. This tax benefit was the primary reason for the variance from the statutory tax rate of 35%. | |||||||||||||
The Company had a net refund of $7.6 million and paid $17.2 million of taxes for the years ended August 31, 2013 and 2012, respectively. The Company had a net tax refund of $79.9 million for the year ended August 31, 2011. | |||||||||||||
The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows: | |||||||||||||
August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation and employee benefits | $ | 56,504 | $ | 52,113 | |||||||||
Net operating losses and credits | 99,200 | 110,553 | |||||||||||
Reserves and other accrued expenses | 34,375 | 41,516 | |||||||||||
Allowance for doubtful accounts | 5,020 | 5,816 | |||||||||||
Inventory | — | 1,881 | |||||||||||
Intangibles | 8,153 | 9,668 | |||||||||||
Other | 12,879 | 15,062 | |||||||||||
Total deferred tax assets | 216,131 | 236,609 | |||||||||||
Valuation allowance for deferred tax assets | (48,837 | ) | (25,779 | ) | |||||||||
Deferred tax assets, net | $ | 167,294 | $ | 210,830 | |||||||||
Deferred tax liabilities: | |||||||||||||
Fixed assets | $ | 113,547 | $ | 111,777 | |||||||||
Inventory | 10,219 | — | |||||||||||
Other | 5,354 | 5,012 | |||||||||||
Total deferred tax liabilities | $ | 129,120 | $ | 116,789 | |||||||||
Deferred tax assets, net of deferred tax liabilities | $ | 38,174 | $ | 94,041 | |||||||||
Net operating losses giving rise to deferred tax assets consist of $140.7 million federal and $319.8 million state net operating losses that expire during the tax years ending from 2013 to 2032 and foreign net operating losses of $119.9 million that expire during the tax years beginning in 2014. These assets will be reduced as tax expense is recognized in future periods. | |||||||||||||
The Company maintains a valuation allowance to reduce certain deferred tax assets to amounts that are more likely than not to be realized. During the year ended August 31, 2013, the Company recorded a valuation allowance in the amount of $23.1 million primarily for the benefit of net operating loss carryforwards in certain jurisdictions due to the uncertainty of their realization. | |||||||||||||
During the year ended August 31, 2012, the Company recorded a decrease to the valuation allowance in the amount of $49.5 million against deferred tax assets as well as the write off of net operating losses related to the disposition of CMCS. The decrease in the valuation allowance was offset by an increase for the benefit of net operating loss carryforwards in certain jurisdictions due to the uncertainty of their realization. | |||||||||||||
In general, it is the practice and intention of the Company to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of August 31, 2013, the Company has not made a provision for U.S. or additional foreign withholding taxes on approximately $489.0 million of the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. | |||||||||||||
The unrecognized tax benefits as of August 31, 2013 and 2012 were $28.6 million and $27.4 million, of which $13.3 million and $10.1 million, if recognized, would have impacted the Company's effective tax rate at the end of 2013 and 2012, respectively. | |||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at September 1 | $ | 27,384 | $ | 10,762 | $ | 20,367 | |||||||
Change in tax positions of current year | 1,255 | — | 2,440 | ||||||||||
Change for tax positions of prior years | — | 18,006 | (12,045 | ) | |||||||||
Reductions due to settlements with taxing authorities | (88 | ) | (600 | ) | — | ||||||||
Reductions due to statute of limitations lapse | — | (784 | ) | — | |||||||||
Balance at August 31 | $ | 28,551 | $ | 27,384 | $ | 10,762 | |||||||
The Company's policy classifies interest recognized on an underpayment of income taxes and any statutory penalties recognized on a tax position as tax expense and the balances at the end of a reporting period are recorded as part of the current or noncurrent liability for uncertain income tax positions. At August 31, 2013 and 2012, the Company had accrued interest and penalties related to uncertain tax positions of $2.8 million and $2.0 million, respectively. | |||||||||||||
During the next twelve months, it is reasonably possible that the statute of limitations may lapse pertaining to positions taken by the Company in prior year tax returns or that income tax audits in various taxing jurisdictions could be finalized. As a result, the total amount of unrecognized tax benefits may decrease, which could reduce the liability for uncertain tax positions by approximately $17.9 million. | |||||||||||||
The Company files income tax returns in the United States and multiple foreign jurisdictions with varying statutes of limitations. In the normal course of business, the Company and its subsidiaries are subject to examination by various taxing authorities. The following is a summary of tax years subject to examination: | |||||||||||||
US Federal — 2009 and forward | |||||||||||||
US States — 2009 and forward | |||||||||||||
Foreign — 2006 and forward | |||||||||||||
The Company is under examination by the Internal Revenue Service and state revenue authorities from 2009 to 2011. Management believes the Company's recorded tax liabilities as of August 31, 2013 sufficiently reflect the anticipated outcome of these examinations. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 12 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||
Share-based compensation plans | NOTE 15. SHARE-BASED COMPENSATION PLANS | |||||||||||||||||||
The Company's share-based compensation plans provide for the issuance of incentive and non-qualified stock options, restricted stock and units, stock appreciation rights and performance-based awards. The Compensation Committee of the Board of Directors approves all awards that are granted under the Company's share-based compensation plans. Share-based compensation expense for the years ended August 31, 2013, 2012 and 2011 of $18.7 million, $13.1 million and $12.9 million, respectively, is included in selling, general and administrative expenses on the Company’s consolidated statements of operations. As of August 31, 2013, total unrecognized compensation cost related to unvested share-based compensation arrangements was $26.5 million, which is expected to be recognized over a three year period. | ||||||||||||||||||||
The following table summarizes the total awards granted: | ||||||||||||||||||||
Stock | Restricted Stock | Performance | ||||||||||||||||||
Options/SARs | Awards/Units | Awards | ||||||||||||||||||
2013 Grants | 244,403 | 1,149,696 | 640,002 | |||||||||||||||||
2012 Grants | 927,312 | 829,001 | 693,472 | |||||||||||||||||
2011 Grants | 112,000 | 690,180 | 686,548 | |||||||||||||||||
As of August 31, 2013, the maximum number of shares available for awards under the Company's share-based compensation plans was 19,581,278. As of August 31, 2013, CMC had 17,781,754 shares available for future grants. | ||||||||||||||||||||
Restricted Stock Units Restricted stock units issued under the Company's plans provide that shares awarded may not be sold, transferred, pledged or assigned until service-based restrictions have elapsed. The restricted stock units granted to U.S. employees generally vest and are converted to CMC common stock in three equal installments on each of the first three anniversaries of the date of grant. The restricted stock units granted to non-U.S. employees generally vest and are settled in cash in three equal installments on each of the first three anniversaries of the date of grant. Generally, upon termination of employment, restricted stock awards that have not vested are forfeited. Upon death, disability or qualifying retirement a pro-rata portion of the unvested restricted stock awarded will vest and become payable. | ||||||||||||||||||||
The estimated fair value of the stock-settled restricted stock units is based on the closing price of CMC common stock on the date of grant, discounted for the expected dividend yield through the vesting period. Compensation cost related to the stock-settled restricted stock units is recognized ratably over the service period and is included in equity on the Company’s consolidated balance sheets. The fair value of the cash-settled restricted stock units is remeasured each reporting period and is recognized ratably over the service period. The liability related to the cash-settled restricted stock units is included in accrued expenses and other payables on the Company’s consolidated balance sheets. | ||||||||||||||||||||
Performance Stock Units Performance stock units issued under the Company’s plans provide that shares awarded may not be sold, transferred, pledged or assigned until service-based restrictions have elapsed and any performance objectives have been attained as established by the Compensation Committee. Recipients of these awards generally must be actively employed by and providing services to the Company on the last day of the performance period in order to receive an award payout. Upon death, disability or qualifying retirement a pro-rata portion of the performance stock units will vest and become payable at the end of the performance period. | ||||||||||||||||||||
Compensation cost for performance stock units is accrued based on the probable outcome of specified performance conditions, net of estimated forfeitures. The Company accrues compensation cost if it is probable that the performance conditions will be met. The Company reassesses the probability of meeting the specified performance conditions at the end of each reporting period and adjusts compensation cost, as necessary, based on the probability of achieving the performance conditions. If the performance conditions are not met at the end of the performance period, the Company reverses the related compensation cost. | ||||||||||||||||||||
Performance targets established by the Compensation Committee for performance stock units awarded in fiscal 2013 are weighted 75% based on the Company’s cumulative EBITDA targets for fiscal years 2013, 2014 and 2015, as approved by the Company’s Board of Directors in the respective year’s business plan, and 25% based on a three year relative total shareholder return metric. Performance stock units awarded to U.S. participants will be settled in CMC common stock. Award payouts range from a threshold of 50% to a maximum of 200% for each portion of the target awards. The performance stock units associated with the cumulative EBITDA targets have been classified as liability awards since the final EBITDA target will not be set until the third year of the performance period. Consequently, these awards are included in accrued expenses and other payables on the Company’s consolidated balance sheets. The fair value of these performance stock units is remeasured each reporting period and is recognized ratably over the service period. The performance stock units associated with the total shareholder return metric were valued at fair value on the date of grant using the Monte Carlo pricing model and are included in equity on the Company’s consolidated balance sheets. | ||||||||||||||||||||
Performance stock units awarded to non-U.S. participants in fiscal 2013 will be settled in cash. The fair value of the performance stock units is remeasured each reporting period and is recognized ratably over the service period. The liability related to these awards is included in accrued expenses and other payables on the Company’s consolidated balance sheets | ||||||||||||||||||||
Performance targets established by the Compensation Committee for performance stock units awarded in fiscal 2012 are weighted 50% based on the Company’s EBITDA targets and 50% based on Company's RONA targets for fiscal years 2012, 2013 and 2014, as approved by the Company's Board of Directors. Performance stock units awarded in fiscal 2012 will be settled in cash. Consequently, these awards are included in accrued expenses and other payables on the Company’s consolidated balance sheets. The fair value of the fiscal 2012 performance share units is remeasured each reporting period and is recognized ratably over the service period. | ||||||||||||||||||||
Performance targets established by the Compensation Committee for performance stock units awarded in fiscal 2011 are weighted 50% based on the Company’s EBITDA targets and 50% based on Company's RONA targets for fiscal years 2011, 2012 and 2013, as approved by the Company’s Board of Directors. Settlement of the performance stock units awarded in fiscal 2011 is split and upon vesting, award participants will receive one-half in CMC common stock and one-half in cash. The fair value of the portion of the performance stock units associated with the EBITDA target, and are settled in CMC common stock, was based on the closing price of CMC common stock on the date of grant discounted for the expected dividend yield through the vesting period. Compensation cost related to these performance stock units is recognized ratably over the service period and is included in equity on the Company’s consolidated balance sheets. The fair value of the performance share units settled in cash is remeasured each reporting period and is recognized ratably over the service period. The liability related to the cash settled portion of the performance stock units is included in accrued expenses and other payables on the Company’s consolidated balance sheets. At August 31, 2013, the Company reassessed the probability of achieving the specified performance conditions related to performance stock units awarded in fiscal 2011 and determined the Company will not meet the EBITDA and RONA targets at the end of the service period. As a result, the compensation cost previously recognized for these performance stock units has been reversed as of August 31, 2013. | ||||||||||||||||||||
Performance targets established by the Compensation Committee for performance stock units awarded in fiscal 2010 are based on a three year relative total shareholder return metric where 50% of the performance share units will vest if the Company ranks at the 50th percentile of its peer group at the end of the performance period and 100% of the performance share units will vest if the Company ranks at or greater than the 60th percentile of its peer group at the end of the performance period. In 2013, the Compensation Committee determined that the Company did not meet the total shareholder return vesting criteria at the end of the performance period. As a result, the compensation cost previously recognized for these performance stock units has been reversed. | ||||||||||||||||||||
Information for restricted stock units and performance stock units, excluding the cash component, is as follows: | ||||||||||||||||||||
Number | Weighted Average | |||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Outstanding as of August 31, 2012 | 1,683,572 | $ | 13.16 | |||||||||||||||||
Granted | 1,159,451 | 13.6 | ||||||||||||||||||
Vested | (537,303 | ) | 13.35 | |||||||||||||||||
Forfeited | (398,302 | ) | 12.22 | |||||||||||||||||
Outstanding as of August 31, 2013 | 1,907,418 | $ | 13.57 | |||||||||||||||||
The weighted-average grant-date fair value per share of restricted stock units and performance stock units was $10.68 and $15.55 for 2012 and 2011, respectively. The total fair value of shares vested during 2013, 2012 and 2011 was $7.2 million, $10.7 million and $2.9 million, respectively. | ||||||||||||||||||||
The Company granted 174,710 equivalent shares of cash-settled restricted stock units and performance stock units during the year ended August 31, 2013. As of August 31, 2013, the Company had 1,670,113 equivalent shares of awards outstanding and expects 1,378,779 equivalent shares to vest. | ||||||||||||||||||||
Stock Appreciation Rights and Stock Options Stock appreciation rights and stock options are awarded to certain employees with an exercise price equal to the market value of CMC common stock on the date of grant. Stock appreciation rights and stock options issued in fiscal 2013, 2012 and 2011 are exercisable ratably over the three year vesting period and have a contractual term of seven years. The estimated fair value of stock appreciation rights and stock options granted under the Company’s plans during the years ended August 31, 2013, 2012 and 2011 was $0.6 million, $3.0 million and $1.9 million, respectively was estimated on the date of grant using the Black-Scholes Option Pricing Model with the following assumptions: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Risk-free interest rate | 0.41 | % | 0.43 | % | 0.59 | % | ||||||||||||||
Expected life, years | 3 | 3 | 2 | |||||||||||||||||
Expected volatility | 43 | % | 59 | % | 56 | % | ||||||||||||||
Expected dividend yield | 3.4 | % | 4.14 | % | 2.85 | % | ||||||||||||||
Weighted average grant-date fair value per share | $ | 3.38 | $ | 3.67 | $ | 4.63 | ||||||||||||||
Combined activity for the Company’s stock appreciation rights and stock options, excluding the cash component, is as follows: | ||||||||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||||||||
Average | Average | Intrinsic Value | ||||||||||||||||||
Exercise | Remaining | |||||||||||||||||||
Price | Contractual Life | |||||||||||||||||||
(Years) | ||||||||||||||||||||
Outstanding as of September 1, 2010 | 3,922,016 | $ | 23.67 | |||||||||||||||||
Granted | 112,000 | 16.83 | ||||||||||||||||||
Exercised | (854,023 | ) | 8.03 | |||||||||||||||||
Forfeited/Expired | (372,495 | ) | 28.96 | |||||||||||||||||
Outstanding as of August 31, 2011 | 2,807,498 | $ | 27.45 | 2.8 | $ | 94,500 | ||||||||||||||
Granted | 828,463 | 11.63 | ||||||||||||||||||
Exercised | (361,478 | ) | 12.34 | |||||||||||||||||
Forfeited/Expired | (343,991 | ) | 27.78 | |||||||||||||||||
Outstanding as of August 31, 2012 | 2,930,492 | $ | 24.81 | 3.3 | $ | 1,104,590 | ||||||||||||||
Granted | 185,004 | 14.25 | ||||||||||||||||||
Exercised | (4,105 | ) | 11.6 | |||||||||||||||||
Forfeited/Expired | (457,961 | ) | 24.91 | |||||||||||||||||
Outstanding as of August 31, 2013 | 2,653,430 | $ | 24.07 | 2.8 | $ | 2,867,175 | ||||||||||||||
Exercisable at August 31, 2013 | 1,756,862 | $ | 30.15 | 1.5 | $ | 666,807 | ||||||||||||||
Remaining unvested stock appreciation rights and stock options expected to vest | 851,740 | 12.18 | ||||||||||||||||||
There was no intrinsic value of stock appreciation rights and stock options exercised during 2013. The aggregate intrinsic value of stock appreciation rights and stock options exercised during 2012 and 2011 was $0.4 million and $7.4 million, respectively and represents the difference between the market value on the date of exercise and the exercise price. | ||||||||||||||||||||
Information related to stock appreciation rights and stock options as of August 31, 2013 is summarized below: | ||||||||||||||||||||
Stock Appreciation Rights and Stock Options Outstanding | Stock Appreciation Rights and Stock Options Exercisable | |||||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life (In Years) | Weighted | Number Exercisable | Weighted Average Remaining Contractual Life (In Years) | Weighted | ||||||||||||||
Average | Average | |||||||||||||||||||
Exercise | Exercise | |||||||||||||||||||
Price | Price | |||||||||||||||||||
$11.00 | - | 14.68 | 1,161,224 | 4.8 | $ | 12.2 | 274,362 | 3.1 | $ | 12.45 | ||||||||||
$16.54 | - | 16.83 | 121,706 | 4.5 | $ | 16.81 | 112,000 | 4.4 | $ | 16.83 | ||||||||||
$31.75 | - | 35.38 | 1,370,500 | 1 | $ | 34.78 | 1,370,500 | 1 | $ | 34.78 | ||||||||||
2,653,430 | 2.8 | $ | 24.07 | 1,756,862 | 1.5 | $ | 30.15 | |||||||||||||
During the year ended August 31, 2013, the Company awarded 59,399 equivalent shares of stock appreciation rights to non-U.S. employees, which are settled in cash. The fair value of these stock appreciation rights is remeasured each reporting period and is recognized ratably over the service period. The liability related to these awards is included in accrued expenses and other payables on the Company’s consolidated balance sheets. As of August 31, 2013, the Company had 141,340 equivalent shares of stock appreciation rights outstanding and expects 134,273 equivalent shares of stock appreciation rights to vest. | ||||||||||||||||||||
Stock Purchase Plan Almost all U.S. resident employees with one year of service at the beginning of each calendar year may participate in the Company's employee stock purchase plan. Each eligible employee may purchase up to 400 shares annually. The Board of Directors establishes the purchase discount of 15% based on market prices on specified dates for the years ended August 31, 2013, 2012 and 2011. Yearly activity of the stock purchase plan is as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares subscribed | 281,460 | 299,210 | 339,620 | |||||||||||||||||
Price per share | $ | 12.61 | $ | 11.85 | $ | 14.34 | ||||||||||||||
Shares purchased | 211,580 | 198,300 | 357,180 | |||||||||||||||||
Price per share | $ | 11.85 | $ | 11.76 | $ | 13.63 | ||||||||||||||
Shares available for future issuance | 4,134,634 | |||||||||||||||||||
Capital_Stock
Capital Stock | 12 Months Ended |
Aug. 31, 2013 | |
Stockholders' Equity Note [Abstract] | |
Capital stock | NOTE 16. CAPITAL STOCK |
Treasury Stock CMC did not purchase any shares during the years ended August 31, 2013 and 2012 and had remaining authorization to purchase 8,259,647 shares of its common stock at August 31, 2013. | |
Preferred Stock Preferred stock has a par value of $1.00 a share, with 2,000,000 shares authorized. It may be issued in series, and the shares of each series have such rights and preferences as may be fixed by CMC's Board of Directors when authorizing the issuance of that particular series. There are no shares of preferred stock outstanding. | |
Stockholder Rights Plan On July 30, 2011, CMC's Board of Directors adopted a stockholder rights plan ("Rights Plan") pursuant to which the Board declared a dividend to stockholders of record as of August 11, 2011, of one Preferred Stock Purchase Right ("Right") on each outstanding share of CMC common stock. On December 6, 2012, the Company terminated the Rights Plan. No Rights were exercised, traded or redeemed under the Rights Plan for the years ended August 31, 2013 and 2012, respectively. |
Employees_Retirement_Plans
Employees' Retirement Plans | 12 Months Ended |
Aug. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |
Employees’ retirement plans | NOTE 17. EMPLOYEES' RETIREMENT PLANS |
Substantially all employees in the U.S. are covered by a defined contribution profit sharing and savings plan. This tax qualified plan is maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Company also provides certain eligible executives' benefits pursuant to a nonqualified benefit restoration plan ("BRP Plan") equal to amounts that would have been available under the tax qualified ERISA plans, but were subject to the limitations of ERISA, tax laws and regulations. Company expenses, which are discretionary, for these plans were $15.9 million, $13.0 million and $14.1 million for the years ended August 31, 2013, 2012 and 2011, respectively. | |
The deferred compensation liability under the BRP Plan was $78.8 million and $77.0 million at August 31, 2013 and 2012, respectively, and recorded in other long-term liabilities. Though under no obligation to fund the plan, the Company has segregated assets in a trust with a current value at August 31, 2013 and 2012 of $59.4 million and $52.9 million, respectively, recorded in other long-term assets. The net holding gain on these segregated assets was $9.9 million, $5.3 million and $6.5 million for the years ended August 31, 2013, 2012 and 2011, respectively. | |
A certain number of employees, primarily outside of the U.S., participate in defined benefit plans maintained in accordance with local regulations. Company expenses for these plans were $3.6 million, $2.2 million and $3.2 million for the years ended August 31, 2013, 2012 and 2011, respectively. The Company provides post retirement defined benefits to employees at certain divisions and recognizes the unfunded status of defined benefit plans as a liability with a corresponding reduction to accumulated other comprehensive income, net of taxes. At August 31, 2013 and 2012, the Company's liability related to the unfunded status of the defined benefit plans was $3.5 million and $5.1 million, respectively. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||
Aug. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and contingencies | NOTE 18. COMMITMENTS AND CONTINGENCIES | ||||
Minimum lease commitments payable by the Company for noncancelable operating leases are as follows: | |||||
Year Ending August 31, | (in thousands) | ||||
2014 | $ | 35,430 | |||
2015 | 28,600 | ||||
2016 | 22,943 | ||||
2017 | 15,576 | ||||
2018 | 9,030 | ||||
Thereafter | 11,918 | ||||
Total | $ | 123,497 | |||
Total rental expense was $46.6 million, $43.9 million and $45.9 million in 2013, 2012 and 2011, respectively. | |||||
Legal and Environmental Matters | |||||
In the ordinary course of conducting its business, the Company becomes involved in litigation, administrative proceedings and governmental investigations, including environmental matters. | |||||
On September 18, 2008, the Company was served with a purported class action antitrust lawsuit alleging violations of Section 1 of the Sherman Act, brought by Standard Iron Works of Scranton, Pennsylvania, against nine steel manufacturing companies, including Commercial Metals Company. The lawsuit, filed in the United States District Court for the Northern District of Illinois, alleges that the defendants conspired to fix, raise, maintain and stabilize the price at which steel products were sold in the United States by artificially restricting the supply of such steel products. The lawsuit, which purports to be brought on behalf of a class consisting of all parties who purchased of steel products directly from the defendants between January 1, 2005 and September 2008, seeks treble damages and costs, including reasonable attorney fees and pre- and post-judgment interest. Motions for and against class certification have been filed. Oral arguments related to class certification are pending. Discovery on the case merits remains pending. The Company believes the case is without merit and intends to defend it vigorously. | |||||
Since the filing of the direct purchaser lawsuit, a case has been filed in federal court in the Northern District of Illinois on behalf of a purported class of indirect purchasers in approximately 28 states naming the same defendants and containing allegations substantially identical to those of the Standard Iron Works complaint. That case has in effect been stayed. Another indirect purchaser action was filed in Tennessee state court, again naming the same defendants but contending that the conspiracy continued through 2010. The case has been removed to federal court, and plaintiffs have moved to remand. The motion to remand has not yet been decided, and no motion practice or discovery has taken place. The Company believes that the lawsuits are without merit and plans to defend them vigorously. Due to the uncertainty and the information available as of the date of these financial statements, we cannot reasonably estimate a range of loss relating to these cases. | |||||
The Company has received notices from the U.S. Environmental Protection Agency ("EPA") or state agencies with similar responsibility that it is considered a potentially responsible party ("PRP") at several sites, none owned by the Company, and may be obligated under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ("CERCLA") or similar state statute to conduct remedial investigations, feasibility studies, remediation and/or removal of alleged releases of hazardous substances or to reimburse the EPA for such activities. The Company is involved in litigation or administrative proceedings with regard to several of these sites in which the Company is contesting, or at the appropriate time may contest, its liability at the sites. In addition, the Company has received information requests with regard to other sites which may be under consideration by the EPA as potential CERCLA sites. Some of these environmental matters or other proceedings may result in fines, penalties or judgments being assessed against the Company. At August 31, 2013 and 2012, the Company had $0.9 million and $1.0 million, respectively, accrued for cleanup and remediation costs in connection with CERCLA sites. The estimation process is based on currently available information, which is in many cases preliminary and incomplete. Total environmental liabilities, including CERCLA sites, were $9.0 million at August 31, 2013 and 2012, respectively, of which $5.0 million and $4.9 million were classified as other long-term liabilities at August 31, 2013 and 2012, respectively. Due to evolving remediation technology, changing regulations, possible third-party contributions, the inherent shortcomings of the estimation process and other factors, amounts accrued could vary significantly from amounts paid. Historically, the amounts the Company has ultimately paid for such remediation activities have not been material. | |||||
Management believes that adequate provisions have been made in the Company's consolidated financial statements for the potential impact of these contingencies, and that the outcomes of the suits and proceedings described above, and other miscellaneous litigation and proceedings now pending, will not have a material adverse effect on the business, results of operations, or financial condition of the Company. | |||||
Guarantees | |||||
During 2012, the Company entered into a guarantee agreement with a bank in connection with a credit facility granted by the bank to a supplier of the Company. The fair value of the guarantee is negligible. The maximum credit facility with the bank was $4.0 million, and the Company's maximum exposure was $3.5 million as of August 31, 2013. |
Earnings_Loss_Per_Share_Attrib
Earnings (Loss)Â Per Share Attributable To CMC | 12 Months Ended | |||||||||
Aug. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings (loss) per share attributable to CMC | NOTE 19. EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO CMC | |||||||||
In calculating earnings per share, there were no adjustments to net earnings to arrive at earnings for any periods presented. The reconciliation of the denominators of the earnings per share calculations is as follows: | ||||||||||
August 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Shares outstanding for basic earnings (loss) per share | 116,677,836 | 115,861,986 | 114,995,616 | |||||||
Effect of dilutive securities: | ||||||||||
Stock-based incentive/purchase plans | 875,116 | 921,174 | 1,115,507 | |||||||
Shares outstanding for diluted earnings (loss) per share | 117,552,952 | 116,783,160 | 116,111,123 | |||||||
For the years ended August 31, 2013, 2012 and 2011 SARs with total share commitments of 1.5 million, 2.8 million and 2.3 million respectively, were antidilutive and therefore excluded from the calculation of diluted earnings per share. All stock options and SARs expire by 2020. | ||||||||||
The Company's restricted stock is included in the number of shares of common stock issued and outstanding, but omitted from the basic earnings per share calculation until the shares vest. |
Accrued_Expenses_And_Other_Pay
Accrued Expenses And Other Payables | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued expenses and other payables | NOTE 20. ACCRUED EXPENSES AND OTHER PAYABLES | ||||||||
Significant accrued expenses and other payables were as follows: | |||||||||
August 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Salaries and incentive compensation | $ | 77,849 | $ | 88,717 | |||||
Advance billings on contracts | 53,089 | 65,241 | |||||||
Taxes other than income taxes | 46,480 | 38,024 | |||||||
Insurance | 24,911 | 27,646 | |||||||
Contract losses | 5,621 | 3,784 | |||||||
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
Business segments | NOTE 21. BUSINESS SEGMENTS | ||||||||||||||||||||||||||||||||
The Company's reporting segments are based on strategic business areas, which offer different products and services. These segments have different lines of management responsibility as each business requires different marketing strategies and management expertise. | |||||||||||||||||||||||||||||||||
The Company structures the business into the following five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill and International Marketing and Distribution. The Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment manufactures finished long steel products including rebar, merchant bar, light structural, some special bar quality (SBQ) and other special sections as well as semi-finished billets for re-rolling and forging applications. The Americas Fabrication segment consists of the Company's rebar and structural fabrication operations, fence post manufacturing plants, construction-related product facilities and plants that heat-treat steel to strengthen and provide flexibility. The International Mill segment includes the Company's minimill and the Company's recycling and fabrication operations in Poland. The International Marketing and Distribution segment includes international operations for the sale, distribution and processing of steel products, ferrous and nonferrous metals and other industrial products. Additionally, this segment includes the Company's U.S.-based marketing and distribution divisions and also operates a recycling facility in Singapore. Corporate contains expenses of the Company's corporate headquarters and interest expense related to its long-term public debt. | |||||||||||||||||||||||||||||||||
The financial information presented for the International Mill segment excludes CMCS operations. Additionally, the financial information presented for the Americas Mills segment excludes Howell. These operations have been classified as discontinued operations in the consolidated statements of operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions for more information. | |||||||||||||||||||||||||||||||||
The Company uses adjusted operating profit (loss) to measure the financial performance of its segments. Intersegment sales are generally priced at prevailing market prices. Certain corporate administrative expenses are allocated to segments based upon the nature of the expense. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. | |||||||||||||||||||||||||||||||||
The following is a summary of certain financial information from continuing operations by reportable segment: | |||||||||||||||||||||||||||||||||
Americas | International | ||||||||||||||||||||||||||||||||
(in thousands) | Recycling | Mills | Fabrication | Mill | Marketing and Distribution | Corporate | Eliminations | Continuing Operations | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Net sales-unaffiliated customers | $ | 1,225,604 | $ | 1,060,337 | $ | 1,427,785 | $ | 819,889 | $ | 2,344,128 | $ | 11,832 | $ | — | $ | 6,889,575 | |||||||||||||||||
Intersegment sales | 166,145 | 759,183 | 14,906 | 6,155 | 11,444 | — | (957,833 | ) | — | ||||||||||||||||||||||||
Net sales | 1,391,749 | 1,819,520 | 1,442,691 | 826,044 | 2,355,572 | 11,832 | (957,833 | ) | 6,889,575 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 3,170 | 204,333 | 28,033 | 890 | 35,617 | (66,453 | ) | 848 | 206,438 | ||||||||||||||||||||||||
Interest expense* | 9 | (101 | ) | 83 | 992 | 4,369 | 64,256 | — | 69,608 | ||||||||||||||||||||||||
Capital expenditures** | 21,261 | 37,216 | 5,605 | 15,155 | 1,015 | 7,552 | — | 87,804 | |||||||||||||||||||||||||
Depreciation and amortization*** | 13,453 | 42,925 | 22,302 | 33,238 | 17,988 | 21,096 | — | 151,002 | |||||||||||||||||||||||||
Total assets**** | 309,599 | 598,478 | 631,510 | 487,613 | 838,413 | 1,075,594 | (496,946 | ) | 3,444,261 | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Net sales-unaffiliated customers | $ | 1,418,717 | $ | 1,206,651 | $ | 1,366,944 | $ | 955,730 | $ | 2,700,300 | $ | 8,033 | $ | — | $ | 7,656,375 | |||||||||||||||||
Intersegment sales | 187,444 | 777,070 | 14,694 | 77,627 | 27,019 | — | (1,083,854 | ) | — | ||||||||||||||||||||||||
Net sales | 1,606,161 | 1,983,721 | 1,381,638 | 1,033,357 | 2,727,319 | 8,033 | (1,083,854 | ) | 7,656,375 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 39,446 | 235,918 | (15,697 | ) | 23,044 | 47,287 | (83,035 | ) | (6,251 | ) | 240,712 | ||||||||||||||||||||||
Interest expense* | 1,933 | 12,995 | 10,809 | 10,090 | 6,548 | 27,112 | — | 69,487 | |||||||||||||||||||||||||
Capital expenditures** | 40,329 | 38,140 | 4,389 | 14,016 | 3,314 | 8,197 | — | 108,385 | |||||||||||||||||||||||||
Depreciation and amortization*** | 13,260 | 40,704 | 22,056 | 32,306 | 5,821 | 20,295 | — | 134,442 | |||||||||||||||||||||||||
Total assets**** | 285,136 | 615,070 | 629,970 | 529,160 | 870,933 | 961,654 | (494,053 | ) | 3,397,870 | ||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Net sales-unaffiliated customers | $ | 1,692,824 | $ | 1,111,483 | $ | 1,208,823 | $ | 1,043,267 | $ | 2,603,494 | $ | 6,882 | $ | — | $ | 7,666,773 | |||||||||||||||||
Intersegment sales | 136,713 | 728,235 | 16,899 | 2,966 | 47,405 | — | (932,218 | ) | — | ||||||||||||||||||||||||
Net sales | 1,829,537 | 1,839,718 | 1,225,722 | 1,046,233 | 2,650,899 | 6,882 | (932,218 | ) | 7,666,773 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 43,059 | 149,213 | (129,141 | ) | 47,594 | 76,337 | (84,729 | ) | (1,275 | ) | 101,058 | ||||||||||||||||||||||
Interest expense* | 246 | 12,894 | 9,717 | 18,251 | 2,173 | 26,533 | — | 69,814 | |||||||||||||||||||||||||
Capital expenditures** | 7,666 | 24,169 | 2,029 | 14,278 | 2,873 | 7,896 | — | 58,911 | |||||||||||||||||||||||||
Depreciation and amortization*** | 12,860 | 49,264 | 48,299 | 36,528 | 4,600 | 23,916 | — | 175,467 | |||||||||||||||||||||||||
Total assets**** | 278,120 | 587,053 | 590,278 | 643,748 | 990,111 | 1,505,672 | (1,047,716 | ) | 3,547,266 | ||||||||||||||||||||||||
________________________ | |||||||||||||||||||||||||||||||||
* Includes intercompany interest expense (income) in the segments and is all eliminated within Corporate. | |||||||||||||||||||||||||||||||||
** Excludes capital expenditures from discontinued operations of $1.2 million, $5.5 million and $14.3 million for the years ended August 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||
*** Includes asset impairment charges. | |||||||||||||||||||||||||||||||||
**** Excludes total assets from discontinued operations of $50.5 million at August 31, 2013, $43.4 million at August 31, 2012 and $135.9 million at August 31, 2011. | |||||||||||||||||||||||||||||||||
The following table provides a reconciliation of consolidated adjusted operating profit to net earnings from continuing operations attributable to CMC: | |||||||||||||||||||||||||||||||||
Year Ended August 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Earnings from continuing operations | $ | 74,957 | $ | 210,549 | $ | 11,539 | |||||||||||||||||||||||||||
Income taxes (benefit) | 57,979 | (45,762 | ) | 14,592 | |||||||||||||||||||||||||||||
Interest expense | 69,608 | 69,487 | 69,814 | ||||||||||||||||||||||||||||||
Discounts on sales of accounts receivable | 3,894 | 6,438 | 5,113 | ||||||||||||||||||||||||||||||
Adjusted operating profit from continuing operations | $ | 206,438 | $ | 240,712 | $ | 101,058 | |||||||||||||||||||||||||||
Adjusted operating profit (loss) from discontinued operations for the years ended August 31, 2013, 2012 and 2011 was $3.7 million, $(10.7) million and $(138.2) million, respectively. | |||||||||||||||||||||||||||||||||
The following represents the Company's external net sales from continuing operations by major product and geographic area: | |||||||||||||||||||||||||||||||||
Year Ended August 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Major product information: | |||||||||||||||||||||||||||||||||
Steel products | $ | 4,318,072 | $ | 4,699,226 | $ | 4,412,810 | |||||||||||||||||||||||||||
Industrial materials | 928,472 | 1,147,386 | 1,134,819 | ||||||||||||||||||||||||||||||
Nonferrous scrap | 682,611 | 765,349 | 997,717 | ||||||||||||||||||||||||||||||
Ferrous scrap | 646,263 | 763,772 | 805,067 | ||||||||||||||||||||||||||||||
Construction materials | 189,046 | 177,827 | 217,741 | ||||||||||||||||||||||||||||||
Nonferrous products | 5,674 | 2,689 | 2,573 | ||||||||||||||||||||||||||||||
Other | 119,437 | 100,126 | 96,046 | ||||||||||||||||||||||||||||||
Net sales | $ | 6,889,575 | $ | 7,656,375 | $ | 7,666,773 | |||||||||||||||||||||||||||
Year Ended August 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Geographic area: | |||||||||||||||||||||||||||||||||
United States | $ | 4,107,231 | $ | 4,503,786 | $ | 4,166,960 | |||||||||||||||||||||||||||
Europe | 1,108,196 | 1,313,611 | 1,581,688 | ||||||||||||||||||||||||||||||
Asia | 1,094,458 | 1,018,675 | 1,131,332 | ||||||||||||||||||||||||||||||
Australia/New Zealand | 488,108 | 617,919 | 564,084 | ||||||||||||||||||||||||||||||
Other | 91,582 | 202,384 | 222,709 | ||||||||||||||||||||||||||||||
Net sales | $ | 6,889,575 | $ | 7,656,375 | $ | 7,666,773 | |||||||||||||||||||||||||||
The following table represents long-lived assets by geographic area: | |||||||||||||||||||||||||||||||||
August 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
United States | $ | 868,643 | $ | 907,009 | $ | 944,851 | |||||||||||||||||||||||||||
Europe | 239,899 | 250,392 | 364,207 | ||||||||||||||||||||||||||||||
Australia/New Zealand | 12,446 | 36,097 | 38,973 | ||||||||||||||||||||||||||||||
Other | 7,618 | 7,917 | 8,847 | ||||||||||||||||||||||||||||||
Total long-lived assets | $ | 1,128,606 | $ | 1,201,415 | $ | 1,356,878 | |||||||||||||||||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly financial data (unaudited) | NOTE 22. QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
Summarized quarterly financial data for fiscal 2013 and 2012 are as follows (in thousands except per share data): | |||||||||||||||||
Three Months Ended 2013 | |||||||||||||||||
Nov. 30 | Feb. 28 | 31-May | Aug. 31 | ||||||||||||||
Net sales* | $ | 1,749,515 | $ | 1,688,665 | $ | 1,752,534 | $ | 1,698,861 | |||||||||
Gross profit* | 186,665 | 139,365 | 175,519 | 160,788 | |||||||||||||
Net earnings attributable to CMC | 49,717 | 4,577 | 18,964 | 4,057 | |||||||||||||
Basic EPS attributable to CMC | 0.43 | 0.04 | 0.16 | 0.03 | |||||||||||||
Diluted EPS attributable to CMC | 0.42 | 0.04 | 0.16 | 0.03 | |||||||||||||
Three Months Ended 2012 | |||||||||||||||||
Nov. 30 | Feb. 29 | 31-May | Aug. 31 | ||||||||||||||
Net sales* | $ | 1,947,473 | $ | 1,918,049 | $ | 1,957,827 | $ | 1,833,026 | |||||||||
Gross profit* | 171,641 | 179,058 | 186,490 | 179,438 | |||||||||||||
Net earnings attributable to CMC | 107,734 | 28,853 | 40,682 | 30,215 | |||||||||||||
Basic EPS attributable to CMC | 0.93 | 0.25 | 0.35 | 0.26 | |||||||||||||
Diluted EPS attributable to CMC | 0.93 | 0.25 | 0.35 | 0.26 | |||||||||||||
_________________________ | |||||||||||||||||
* Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2013 | |
Related Party Transactions [Abstract] | |
Related party transactions | NOTE 23. RELATED PARTY TRANSACTIONS |
The Company had no significant related party transactions for the years ended August 31, 2013 and 2012, respectively. | |
During the first quarter of fiscal 2013, the Company completed the sale of its 11% ownership interest in Trinecke. See Note 10, Businesses Held for Sale, Discontinued Operations and Disposals. | |
During 2011, the Company sold two joint ventures for approximately $8.3 million, resulting in a minimal gain. Net sales from related party transactions were $135.3 million and total purchases were $150.9 million for the year ended August 31, 2011. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Aug. 31, 2013 | |
Subsequent Events [Abstract] | |
Subsequent events | NOTE 24. SUBSEQUENT EVENTS |
On October 17, 2013, the Company sold all of the stock of Howell, its wholly-owned copper tube manufacturing operation, for $58.5 million, subject to customary purchase price adjustments. See Note 10, Businesses Held for Sale, Discontinued Operations and Disposals for additional information. |
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts And Reserves | 12 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||
Valuation and qualifying accounts and reserves | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||||||||
Additions | Deductions | |||||||||||||||||||||||
Description (in thousands) | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts | Charged to Costs and Expenses | Charged to Other Accounts | Balance at End of Period | ||||||||||||||||||
Year Ended August 31, 2013 | ||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 9,480 | 4,980 | 193 | -1 | (550 | ) | (4,061 | ) | -2 | $ | 10,042 | ||||||||||||
Deferred tax valuation allowance | 25,779 | 25,119 | (2,061 | ) | 48,837 | |||||||||||||||||||
Year ended August 31, 2012 | ||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 16,095 | 2,017 | (3,423 | ) | -1 | (4,480 | ) | (729 | ) | -2 | $ | 9,480 | |||||||||||
Deferred tax valuation allowance | 75,289 | 11,855 | (356 | ) | (61,009 | ) | 25,779 | |||||||||||||||||
Year ended August 31, 2011 | ||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 29,721 | 4,037 | 2,756 | -1 | (3,727 | ) | (16,692 | ) | -2 | $ | 16,095 | ||||||||||||
Deferred tax valuation allowance | $ | 53,860 | 28,139 | (6,710 | ) | $ | 75,289 | |||||||||||||||||
-1 | Recoveries and translation adjustments. | |||||||||||||||||||||||
-2 | Uncollectable accounts charged to the allowance. For the years ended August 31, 2013, 2012 and 2011, $(1,163), $(5,864) and $12,238 were reclassified to the fair value of the deferred purchase price under our sale of receivables program, respectively. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Aug. 31, 2013 | |||||
Accounting Policies [Abstract] | |||||
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. The equity method of accounting is used for investments in affiliates in which the Company has the ability to exert significant influence, but does not have effective control. Investments in affiliates which are 20% or less owned are accounted for using the cost method of accounting. The Company currently does not have any investments in affiliates accounted for under the equity method. All significant intercompany transactions and balances are eliminated. | ||||
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the financial statements. Actual results could significantly differ from those estimates. | ||||
Revenue Recognition | Revenue Recognition The Company recognizes sales when title passes to the customer either when goods are shipped or when they are delivered based upon the terms of the sale, there is persuasive evidence of an agreement, the price is fixed or determinable and collectability is reasonably assured. When the Company estimates that a firm purchase commitment will result in a loss, the Company accrues the entire loss as soon as it is probable and estimable. The Company accounts for fabrication projects based on the percentage of completion accounting method, based primarily on contract cost incurred to date compared to total estimated contract cost. Changes to total estimated contract cost, or loss, if any, are recognized in the period in which they are determined. As of August 31, 2013 and 2012, the Company recorded in its accounts receivable unbilled revenue related to fabrication projects of $24.3 million and $19.2 million, respectively. | ||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts to reflect its estimate of the uncollectability of accounts receivable. These reserves are based on historical trends, current market conditions and customers' financial condition. | ||||
Credit Risk | Credit Risk The Company maintains both corporate and divisional credit departments. Credit limits are set for each customer. Some of the Company's divisions use credit insurance or letters of credit to ensure prompt payment in accordance with the terms of sale. Generally, collateral is not required. Approximately 49% and 60% of total receivables at August 31, 2013 and 2012, respectively, were secured by credit insurance or letters of credit. | ||||
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers temporary investments that are short-term (with original maturities of three months or less) and highly liquid to be cash equivalents. The Company had restricted cash of $18.0 million serving as collateral for letters of credit obligations for its Australian subsidiary as of August 31, 2013. Restricted cash balances are included in other current assets on the Company's consolidated balance sheets. | ||||
Inventory Costs | Inventory Costs The Company records all inventories at the lower of their cost or market value. Inventory cost for most domestic inventories is determined by the last-in, first-out ("LIFO") method; cost of international and remaining inventories is determined by the first-in, first-out ("FIFO") method. | ||||
Elements of cost in finished goods inventory in addition to the cost of material include depreciation, amortization, utilities, consumable production supplies, maintenance, production, wages and transportation costs. Additionally, the costs of departments that support production, including materials management and quality control, are allocated to inventory. | |||||
Property, Plant and Equipment | At August 31, 2013, the useful lives used for depreciation and amortization were as follows: | ||||
Buildings | 7 | to | 40 | years | |
Land improvements | 3 | to | 25 | years | |
Leasehold improvements | 3 | to | 15 | years | |
Equipment | 3 | to | 25 | years | |
Goodwill | Goodwill The Company performs its goodwill impairment test during the fourth quarter of each fiscal year or when changes in circumstances indicate an impairment event may have occurred by estimating the fair value of each reporting unit compared to its carrying value. The Company's reporting units represent an operating segment or a reporting level below an operating segment. | ||||
Additionally, the reporting units are aggregated based on similar economic characteristics, nature of products and services, nature of production processes, type of customers and distribution methods. The Company uses a discounted cash flow model and a market approach to calculate the fair value of its reporting units. The model includes a number of significant assumptions and estimates regarding future cash flows including discount rates, volumes, prices, capital expenditures and the impact of current market conditions. These estimates could be materially impacted by adverse changes in market conditions. | |||||
As a result of the goodwill impairment tests in 2013, the Company recorded goodwill impairment charges of $6.4 million, including foreign currency translation gains of $0.6 million, related to its Australian subsidiaries. The annual goodwill impairment analysis did not result in any impairment charges at any of the Company's other reporting units. As of August 31, 2013 and 2012, one of the Company's reporting units within the Americas Fabrication reporting segment comprised $51.3 million of the Company's total goodwill. Goodwill at other reporting units is not material. See Note 7, Goodwill and Other Intangible Assets, for additional details of this impairment. | |||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates the carrying value of property, plant and equipment and finite-lived intangible assets whenever a change in circumstances indicates that the carrying value may not be recoverable from the undiscounted future cash flows from operations. If an impairment exists, the net book values are reduced to fair values as warranted. | ||||
Environmental Costs | Environmental Costs The Company accrues liabilities for environmental investigation and remediation costs when they are both probable and the amount can be reasonably estimated. Environmental costs are based upon estimates regarding the sites for which the Company will be responsible, the scope and cost of work to be performed at each site, the portion of costs that will be shared with other parties and the timing of remediation. Where timing and amounts cannot be reasonably determined, a range is estimated and the lower end of the range is recorded. | ||||
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based equity awards and liability awards at fair value in the financial statements. The fair value of each stock-based equity award is estimated at the date of grant using the Black-Scholes or Monte Carlo pricing model. Total compensation cost of the stock-based equity award is amortized over the requisite service period using the accelerated method of amortization for grants with graded vesting or using the straight-line method for grants with cliff vesting. Stock-based liability awards are measured at fair value at the end of each reporting period and will fluctuate based on the price of CMC common stock and performance relative to the targets. | ||||
Accounts Payable - Documentary Letters of Credit | Accounts Payable — Documentary Letters of Credit In order to facilitate certain trade transactions, the Company utilizes documentary letters of credit to provide assurance of payment to its suppliers. These letters of credit are typically for payment at a future date conditional upon the bank determining the documentation presented to be in strict compliance with all terms and conditions of the letter of credit. Banks issue these letters of credit under uncommitted lines of credit, which are in addition to and separate from the Company's contractually committed revolving credit agreement. In some cases, if the Company's suppliers choose to discount the future dated obligation, the Company may pay the discount cost. | ||||
Income Taxes | Income Taxes CMC and its U.S. subsidiaries file a consolidated Federal income tax return. Deferred income taxes are provided for temporary differences between financial statement and tax bases of asset and liabilities. The principal differences are described in Note 14, Income Tax. Benefits from tax credits are reflected currently in earnings. The Company intends to indefinitely reinvest all undistributed earnings of non-U.S. subsidiaries. The Company records income tax positions based on a more likely than not threshold that the tax positions will be sustained on examination by the taxing authorities having full knowledge of all relevant information. | ||||
Foreign Currencies | Foreign Currencies The functional currency of most of the Company's European marketing and distribution operations is the euro. The functional currencies of the Company's Australian, Polish, United Kingdom and certain Chinese, Singaporean and Thai operations are their local currencies. The Company's remaining international subsidiaries' functional currency is the U.S. dollar. Translation adjustments are reported as a component of accumulated other comprehensive income (loss). Transaction gains (losses) from transactions denominated in currencies other than the functional currencies, recorded as a component of selling, general and administrative expenses, were $(5.8) million, $2.2 million and $7.1 million for the years ended August 31, 2013, 2012 and 2011, respectively. | ||||
Derivative Financial Instruments | Derivative Financial Instruments The Company records derivative instruments on the balance sheet as assets or liabilities, measured at fair value. Gains or losses from the changes in the values of the derivative instruments and hedged items are recorded in the statements of operations, or are deferred if they are designated for hedge accounting and are highly effective in achieving offsetting changes in fair values or cash flows of the hedged items during the term of the hedge. | ||||
Fair Value | Fair Value The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Level 1 represents unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 represents quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable, either directly or indirectly. Level 3 represents valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company reports comprehensive income (loss) in its consolidated statements of comprehensive income (loss). Comprehensive income (loss) consists of net earnings (loss) plus gains and losses affecting stockholders' equity that, under generally accepted accounting principles, are excluded from net earnings (loss), such as gains and losses related to certain derivative instruments, defined benefit plan obligations, and the translation effect of foreign currency assets and liabilities, net of taxes. | ||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements In the fourth quarter of 2013, the Company adopted guidance issued by the Financial Accounting Standards Board ("FASB") requiring an entity to disclose additional information about reclassifications out of accumulated other comprehensive income (loss), including (1) changes in accumulated other comprehensive income (loss) balances by component and (2) significant items reclassified out of accumulated other comprehensive income (loss) and the effect on the respective line items in net income if the amounts are required to be reclassified in their entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. The adoption of this guidance only impacts the Company's disclosures and has no impact on its consolidated financial position, results of operations or cash flows. As a result of the adoption of the new guidance, the Company has disclosed this information within the notes to the consolidated financial statements. | ||||
In the first quarter of 2013, the Company adopted guidance issued by the FASB on disclosure requirements for the presentation of comprehensive income (loss). This guidance requires entities to report total comprehensive income (loss), the components of net income (loss), and the components of comprehensive income (loss) in either (1) a continuous statement of comprehensive income (loss) or (2) two separate but consecutive statements. As a result of the adoption, the Company's financial statements now include a separate consolidated statement of comprehensive income (loss) immediately following the consolidated statements of operations. | |||||
In the first quarter of 2013, the Company adopted guidance that simplifies how entities test indefinite-lived intangible assets for impairment and improves consistency in impairment testing guidance among long-lived asset categories. The guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with U.S. generally accepted accounting principles. An entity will have an option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more likely than not that the asset is impaired. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. The Company did not elect the qualitative option in testing goodwill in 2013. | |||||
In July 2013, the FASB issued guidance requiring entities to net an unrecognized tax benefit with a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The new guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on its consolidated financial statements. | |||||
In July 2013, the FASB issued guidance permitting the Fed Funds Effective Swap Rate ("Overnight Index Swap Rate" or OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes in addition to interest rates on direct obligations of the U.S. Treasury (UST) and the London Interbank Offered Rate (LIBOR) swap rate. The guidance also removed the restriction on using different benchmark rates for similar hedges. The new guidance is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company had no new or redesignated interest rate hedging transactions during the period from July 17, 2013 to August 31, 2013. The Company will evaluate the impact of this guidance on its consolidated financial statements when applicable. | |||||
In April 2013, the FASB issued guidance requiring an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The new guidance is effective prospectively for entities that determine liquidation is imminent during fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on its consolidated financial statements. | |||||
In March 2013, the FASB issued guidance requiring an entity to release any related cumulative translation adjustment into net income when it either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, the guidance resolves the diversity in practice for the treatment of business combinations achieved in stages involving a foreign entity. The new guidance is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |||||
In February 2013, the FASB issued guidance requiring an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The guidance also requires entities to disclose the nature and amount of the obligation as well as other information about the obligation. The new guidance is effective retrospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |||||
In December 2011, the FASB issued guidance requiring an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective is to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosures will give financial statement users information about both gross and net exposures. In January 2013, the FASB issued an update and clarified the scope of transactions that are subject to disclosures concerning offsetting. These disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods, and should be applied retrospectively for all comparative periods presented. The Company does not expect the adoption of these disclosure requirements to have a material impact on its consolidated financial statements. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Aug. 31, 2013 | |||||
Accounting Policies [Abstract] | |||||
Useful lives used for depreciation and amortization | At August 31, 2013, the useful lives used for depreciation and amortization were as follows: | ||||
Buildings | 7 | to | 40 | years | |
Land improvements | 3 | to | 25 | years | |
Leasehold improvements | 3 | to | 15 | years | |
Equipment | 3 | to | 25 | years |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss), net of taxes, is comprised of the following: | ||||||||||||||||
(in thousands) | Foreign Currency Translation | Unrealized Gain (Loss) on Derivatives | Defined Benefit Obligation | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Balance at August 31, 2012 | $ | (17,369 | ) | $ | 3,710 | $ | (4,477 | ) | $ | (18,136 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (10,108 | ) | 221 | 1,147 | (8,740 | ) | |||||||||||
Amounts reclassified from AOCI | — | (337 | ) | 37 | (300 | ) | |||||||||||
Net other comprehensive income (loss) | (10,108 | ) | (116 | ) | 1,184 | (9,040 | ) | ||||||||||
Balance at August 31, 2013 | $ | (27,477 | ) | $ | 3,594 | $ | (3,293 | ) | $ | (27,176 | ) | ||||||
Schedule of reclassification out of accumulated other comprehensive income (loss) | The significant items reclassified out of accumulated other comprehensive income (loss) and the corresponding line items in the consolidated statements of operations to which the items were reclassified were as follows for the year ended August 31, 2013: | ||||||||||||||||
Components of AOCI | Location | (in thousands) | |||||||||||||||
Unrealized gain (loss) on derivatives: | |||||||||||||||||
Commodity | Cost of goods sold | $ | (260 | ) | |||||||||||||
Foreign exchange | Net sales | 60 | |||||||||||||||
Foreign exchange | SG&A expenses | 48 | |||||||||||||||
Interest rate | Interest expense | 617 | |||||||||||||||
465 | |||||||||||||||||
Income tax effect | Income tax (expense) benefit | (128 | ) | ||||||||||||||
Net of income taxes | $ | 337 | |||||||||||||||
Defined benefit obligation: | |||||||||||||||||
Amortization of net gain (loss) | SG&A expenses | $ | (252 | ) | |||||||||||||
Amortization of prior service credit (cost) | SG&A expenses | 208 | |||||||||||||||
(44 | ) | ||||||||||||||||
Income tax effect | Income tax (expense) benefit | 7 | |||||||||||||||
Net of income taxes | $ | (37 | ) | ||||||||||||||
Amounts in parentheses reduce income. |
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Changes in the carrying amount of goodwill | The following table details the changes in the carrying amount of goodwill by reportable segment: | |||||||||||||||||||||||
Americas | International | |||||||||||||||||||||||
(in thousands) | Recycling | Mills | Fabrication | Mill | Marketing and Distribution | Consolidated | ||||||||||||||||||
Balance at September 1, 2011 | $ | 7,267 | $ | 295 | $ | 57,144 | $ | 3,092 | $ | 9,840 | $ | 77,638 | ||||||||||||
Translation | — | — | — | (407 | ) | (334 | ) | (741 | ) | |||||||||||||||
Balance at August 31, 2012 | $ | 7,267 | $ | 295 | $ | 57,144 | $ | 2,685 | $ | 9,506 | $ | 76,897 | ||||||||||||
Impairment | — | — | — | — | (6,331 | ) | (6,331 | ) | ||||||||||||||||
Translation | — | — | — | 70 | (1,057 | ) | (987 | ) | ||||||||||||||||
Balance at August 31, 2013 | $ | 7,267 | $ | 295 | $ | 57,144 | $ | 2,755 | $ | 2,118 | $ | 69,579 | ||||||||||||
Intangible assets subject to amortization | The following intangible assets subject to amortization are included in other noncurrent assets on the Company's consolidated balance sheets: | |||||||||||||||||||||||
August 31, 2013 | August 31, 2012 | |||||||||||||||||||||||
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Carrying Amount | Carrying Amount | |||||||||||||||||||||||
Customer base | $ | 33,625 | $ | 21,408 | $ | 12,217 | $ | 33,928 | $ | 17,133 | $ | 16,795 | ||||||||||||
Favorable land leases | 6,257 | 612 | 5,645 | 6,133 | 527 | 5,606 | ||||||||||||||||||
Brand name | 2,942 | 946 | 1,996 | 4,113 | 1,394 | 2,719 | ||||||||||||||||||
Other | 101 | 38 | 63 | 101 | 31 | 70 | ||||||||||||||||||
Total | $ | 42,925 | $ | 23,004 | $ | 19,921 | $ | 44,275 | $ | 19,085 | $ | 25,190 | ||||||||||||
Estimated future amortization expense of intangible assets | Estimated amounts of amortization expense for the next five years are as follows: | |||||||||||||||||||||||
Year Ended August 31, | (in thousands) | |||||||||||||||||||||||
2014 | $ | 4,801 | ||||||||||||||||||||||
2015 | 4,748 | |||||||||||||||||||||||
2016 | 3,110 | |||||||||||||||||||||||
2017 | 663 | |||||||||||||||||||||||
2018 | 523 | |||||||||||||||||||||||
Impairment_And_Facility_Closur1
Impairment And Facility Closure Costs (Tables) | 12 Months Ended | ||||
Aug. 31, 2013 | |||||
Restructuring and Related Activities [Abstract] | |||||
Pre-tax charges | In connection with these actions, the following pre-tax charges were recorded in 2011: | ||||
(in thousands) | |||||
Impairment of property, plant and equipment and other assets | $ | 106,655 | |||
Impairment of customer list intangible asset | 12,140 | ||||
Write-down of inventory | 8,500 | ||||
Severance costs | 5,051 | ||||
Lease termination costs | 2,196 | ||||
Other closure costs | 7,700 | ||||
Businesses_Held_For_Sale_Disco1
Businesses Held For Sale, Discontinued Operations And Dispositions (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Components of assets and liabilities of businesses held for sale | The components of assets and liabilities of businesses held for sale are as follows. | ||||||||||||
August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Assets: | |||||||||||||
Accounts receivable | $ | 20,313 | $ | — | |||||||||
Inventories, net | 8,713 | — | |||||||||||
Other current assets | 3,683 | — | |||||||||||
Property, plant and equipment, net of accumulated depreciation and amortization | 10,459 | 6,601 | |||||||||||
Assets of businesses held for sale | $ | 43,168 | $ | 6,601 | |||||||||
Liabilities: | |||||||||||||
Accounts payable-trade | $ | 7,615 | $ | — | |||||||||
Accrued expenses and other payables | 3,251 | — | |||||||||||
Liabilities of businesses held for sale | $ | 10,866 | $ | — | |||||||||
Financial information for discontinued operations | Financial information for discontinued operations was as follows: | ||||||||||||
Year Ended August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Revenue | $ | 157,780 | $ | 202,632 | $ | 253,426 | |||||||
Earnings (loss) before taxes | 3,672 | (11,906 | ) | (139,195 | ) | ||||||||
Credit_Arrangements_Tables
Credit Arrangements (Tables) | 12 Months Ended | |||||||||
Aug. 31, 2013 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Long-term debt, including the deferred gain from the termination of the interest rate swaps | Long-term debt, including the deferred gain from the termination of the interest rate swaps, was as follows as of August 31: | |||||||||
(in thousands) | Weighted Average | 2013 | 2012 | |||||||
Interest Rate as of August 31, 2013 | ||||||||||
$200 million notes at 5.625% due November 2013 | —% | $ | — | $ | 204,873 | |||||
$400 million notes at 6.50% due July 2017 | 5.70% | 411,518 | 414,491 | |||||||
$500 million notes at 7.35% due August 2018 | 6.40% | 522,930 | 527,554 | |||||||
$330 million notes at 4.875% due May 2023 | 4.90% | 330,000 | — | |||||||
Other, including equipment notes | 19,594 | 14,407 | ||||||||
1,284,042 | 1,161,325 | |||||||||
Less current maturities | 5,228 | 4,252 | ||||||||
$ | 1,278,814 | $ | 1,157,073 | |||||||
Scheduled maturities of the Company's long-term debt | The scheduled maturities of the Company's long-term debt are as follows: | |||||||||
Year Ending August 31, | (in thousands) | |||||||||
2014 | $ | 5,228 | ||||||||
2015 | 4,948 | |||||||||
2016 | 3,496 | |||||||||
2017 | 402,969 | |||||||||
2018 | 502,195 | |||||||||
Thereafter | 330,758 | |||||||||
Total excluding deferred gain of interest rate swaps | 1,249,594 | |||||||||
Deferred gain of interest rate swaps | 34,448 | |||||||||
Total long-term debt including current maturities | $ | 1,284,042 | ||||||||
Derivatives_And_Risk_Managemen1
Derivatives And Risk Management (Tables) | 12 Months Ended | ||||||||||||||
Aug. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Derivatives not designated as hedging instruments | The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the consolidated statements of operations: | ||||||||||||||
Year Ended August 31, | |||||||||||||||
Derivatives Not Designated as Hedging Instruments (in thousands) | Location | 2013 | 2012 | 2011 | |||||||||||
Commodity | Cost of goods sold | $ | 2,456 | $ | 4,496 | $ | (10,857 | ) | |||||||
Foreign exchange | Net sales | — | (199 | ) | 38 | ||||||||||
Foreign exchange | Cost of goods sold | — | (537 | ) | 1,412 | ||||||||||
Foreign exchange | SG&A expenses | 5,089 | (872 | ) | (8,025 | ) | |||||||||
Other | Cost of goods sold | 9 | — | — | |||||||||||
Gain (loss) before taxes | $ | 7,554 | $ | 2,888 | $ | (17,432 | ) | ||||||||
Derivatives designated as fair value hedging instruments | |||||||||||||||
Derivatives Designated as Fair Value | Year Ended August 31, | ||||||||||||||
Hedging Instruments (in thousands) | Location | 2013 | 2012 | 2011 | |||||||||||
Foreign exchange | Net sales | $ | (151 | ) | $ | — | $ | — | |||||||
Foreign exchange | Cost of goods sold | 2,241 | — | — | |||||||||||
Foreign exchange | SG&A expenses | — | 383 | (15,053 | ) | ||||||||||
Interest rate | Interest expense | — | 10,561 | 33,485 | |||||||||||
Gain before taxes | $ | 2,090 | $ | 10,944 | $ | 18,432 | |||||||||
Hedged items designated as fair value hedging instruments | |||||||||||||||
Hedged Items Designated as Fair Value | Year Ended August 31, | ||||||||||||||
Hedging Instruments (in thousands) | Location | 2013 | 2012 | 2011 | |||||||||||
Foreign exchange | Net sales | $ | 153 | $ | — | $ | 91 | ||||||||
Foreign exchange | Cost of goods sold | (2,241 | ) | — | — | ||||||||||
Foreign exchange | SG&A expenses | — | (383 | ) | 14,955 | ||||||||||
Interest rate | Interest expense | — | (10,561 | ) | (33,485 | ) | |||||||||
Loss before taxes | $ | (2,088 | ) | $ | (10,944 | ) | $ | (18,439 | ) | ||||||
Effective portion of derivatives designated as cash flow hedging instruments recognized In accumulated other comprehensive income (loss) | |||||||||||||||
Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss) (in thousands) | August 31, | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Commodity | $ | (218 | ) | $ | — | $ | 26 | ||||||||
Foreign exchange | 439 | (1,545 | ) | 797 | |||||||||||
Gain (loss), net of taxes | $ | 221 | $ | (1,545 | ) | $ | 823 | ||||||||
Effective portion of derivatives designated as cash flow hedging instruments reclassified from accumulated other comprehensive income (loss) | |||||||||||||||
Effective Portion of Derivatives Designated as Cash Flow | Year Ended August 31, | ||||||||||||||
Hedging Instruments Reclassified from | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) (in thousands) | Location | 2013 | 2012 | 2011 | |||||||||||
Commodity | Cost of goods sold | $ | (169 | ) | $ | 27 | $ | 195 | |||||||
Foreign exchange | Net sales | 46 | (826 | ) | — | ||||||||||
Foreign exchange | Cost of goods sold | 20 | — | — | |||||||||||
Foreign exchange | SG&A expenses | 39 | (300 | ) | 365 | ||||||||||
Interest rate | Interest expense | 401 | 521 | 458 | |||||||||||
Gain (loss), net of taxes | $ | 337 | $ | (578 | ) | $ | 1,018 | ||||||||
Derivative assets | The Company's derivative instruments were recorded at their respective fair values as follows on the consolidated balance sheets: | ||||||||||||||
Derivative Assets (in thousands) | August 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Commodity — not designated for hedge accounting | $ | 1,066 | $ | 407 | |||||||||||
Foreign exchange — designated for hedge accounting | 1,626 | 670 | |||||||||||||
Foreign exchange — not designated for hedge accounting | 1,238 | 798 | |||||||||||||
Derivative assets (other current assets and other assets)* | $ | 3,930 | $ | 1,875 | |||||||||||
Derivative liabilities | |||||||||||||||
Derivative Liabilities (in thousands) | August 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Commodity — designated for hedge accounting | $ | 129 | $ | 2 | |||||||||||
Commodity — not designated for hedge accounting | 1,268 | 993 | |||||||||||||
Foreign exchange — designated for hedge accounting | 432 | 1,272 | |||||||||||||
Foreign exchange — not designated for hedge accounting | 1,738 | 1,248 | |||||||||||||
Other — not designated for hedge accounting | — | 32 | |||||||||||||
Derivative liabilities (accrued expenses, other payables and long-term liabilities)* | $ | 3,567 | $ | 3,547 | |||||||||||
_________________________ | |||||||||||||||
* Derivative assets and liabilities do not include the hedged items designated as fair value hedges. |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||
Financial assets and financial liabilities measured at fair value on recurring basis | The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||
(in thousands) | August 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2013 | Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Money market investments (1) | $ | 236,727 | $ | 236,727 | $ | — | $ | — | ||||||||||
Commodity derivative assets (2) | 1,066 | 1,066 | — | — | ||||||||||||||
Foreign exchange derivative assets (2) | 2,864 | — | 2,864 | — | ||||||||||||||
Liabilities: | ||||||||||||||||||
Commodity derivative liabilities (2) | 1,397 | 1,268 | 129 | — | ||||||||||||||
Foreign exchange derivative liabilities (2) | 2,170 | — | 2,170 | — | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||
(in thousands) | August 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2012 | Active Markets for | Observable Inputs | Unobservable Inputs | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Money market investments (1) | $ | 172,462 | $ | 172,462 | $ | — | $ | — | ||||||||||
Commodity derivative assets (2) | 407 | 407 | — | — | ||||||||||||||
Foreign exchange derivative assets (2) | 1,468 | — | 1,468 | — | ||||||||||||||
Liabilities: | ||||||||||||||||||
Commodity derivative liabilities (2) | 995 | 993 | 2 | — | ||||||||||||||
Foreign exchange derivative liabilities (2) | 2,520 | — | 2,520 | — | ||||||||||||||
Other derivative liabilities (2) | 32 | — | 32 | — | ||||||||||||||
_________________ | ||||||||||||||||||
(1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options. | ||||||||||||||||||
(2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivatives and the classification of the assets and liabilities is included in Note 12, Derivatives and Risk Management. | ||||||||||||||||||
Financial assets and liabilities that are not required to be measured at fair value | The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value on the consolidated balance sheets are as follows: | |||||||||||||||||
August 31, 2013 | August 31, 2012 | |||||||||||||||||
(in thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
$200 million notes at 5.625% due November 2013 (1) | Level 2 | $ | — | $ | — | $ | 204,873 | $ | 212,413 | |||||||||
$400 million notes at 6.50% due July 2017 (1) | Level 2 | 411,518 | 443,646 | 414,491 | 434,991 | |||||||||||||
$500 million notes at 7.35% due August 2018 (1) | Level 2 | 522,930 | 570,429 | 527,554 | 559,894 | |||||||||||||
$330 million notes at 4.875% due May 2023 (1) | Level 2 | 330,000 | 298,650 | — | — | |||||||||||||
_________________ | ||||||||||||||||||
(1) The fair value of the notes is calculated based on indicated market values. |
Income_Tax_Tables
Income Tax (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of earnings (loss) from continuing operations before income taxes (benefit) | The components of earnings (loss) from continuing operations before income taxes (benefit) are as follows: | ||||||||||||
Year Ended August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 147,204 | $ | 116,400 | $ | (33,769 | ) | ||||||
Foreign | (14,268 | ) | 48,387 | 59,900 | |||||||||
Total | $ | 132,936 | $ | 164,787 | $ | 26,131 | |||||||
Income taxes (benefit) included in the consolidated statements of operations | The income taxes (benefit) included in the consolidated statements of operations is as follows: | ||||||||||||
Year Ended August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
United States | $ | 849 | $ | 1,560 | $ | 23,452 | |||||||
Foreign | 1,970 | 419 | 352 | ||||||||||
State and local | 1,815 | 3,411 | 5,226 | ||||||||||
Current taxes (benefit) | $ | 4,634 | $ | 5,390 | $ | 29,030 | |||||||
Deferred: | |||||||||||||
United States | $ | 45,908 | $ | (65,710 | ) | $ | (28,048 | ) | |||||
Foreign | 4,980 | 7,130 | 9,742 | ||||||||||
State and local | 3,767 | (1,419 | ) | 5,616 | |||||||||
Deferred taxes (benefit) | $ | 54,655 | $ | (59,999 | ) | $ | (12,690 | ) | |||||
Total taxes (benefit) on income | $ | 59,289 | $ | (54,609 | ) | $ | 16,340 | ||||||
Taxes (benefit) on discontinued operations | 1,310 | (8,847 | ) | 1,748 | |||||||||
Taxes (benefit) on continuing operations | $ | 57,979 | $ | (45,762 | ) | $ | 14,592 | ||||||
Reconciliation of the federal statutory rate to effective tax rate from continuing operations | A reconciliation of the federal statutory rate to the Company's effective tax rate from continuing operations is as follows: | ||||||||||||
Year Ended August 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Tax expense (benefit) at statutory rate of 35% | $ | 46,528 | $ | 57,675 | $ | 9,146 | |||||||
State and local taxes | 3,460 | 4,596 | 6,958 | ||||||||||
Section 199 manufacturing deduction | — | — | (1,105 | ) | |||||||||
Foreign rate differential | (3,295 | ) | (9,909 | ) | (9,617 | ) | |||||||
Change in valuation allowance | 14,264 | 10,033 | — | ||||||||||
Liability for non-US earnings | — | — | 8,848 | ||||||||||
Disposition of CMCS | 6,292 | (102,104 | ) | — | |||||||||
Australian reorganization | (7,245 | ) | — | — | |||||||||
Research and experimentation tax credits | — | (11,500 | ) | — | |||||||||
Other | (2,025 | ) | 5,447 | 362 | |||||||||
Tax expense (benefit) on continuing operations | $ | 57,979 | $ | (45,762 | ) | $ | 14,592 | ||||||
Effective tax rates from continuing operations | 43.6 | % | (27.8 | )% | 55.8 | % | |||||||
Tax effects of significant temporary differences giving rise to deferred tax assets and liabilities | The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows: | ||||||||||||
August 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Deferred compensation and employee benefits | $ | 56,504 | $ | 52,113 | |||||||||
Net operating losses and credits | 99,200 | 110,553 | |||||||||||
Reserves and other accrued expenses | 34,375 | 41,516 | |||||||||||
Allowance for doubtful accounts | 5,020 | 5,816 | |||||||||||
Inventory | — | 1,881 | |||||||||||
Intangibles | 8,153 | 9,668 | |||||||||||
Other | 12,879 | 15,062 | |||||||||||
Total deferred tax assets | 216,131 | 236,609 | |||||||||||
Valuation allowance for deferred tax assets | (48,837 | ) | (25,779 | ) | |||||||||
Deferred tax assets, net | $ | 167,294 | $ | 210,830 | |||||||||
Deferred tax liabilities: | |||||||||||||
Fixed assets | $ | 113,547 | $ | 111,777 | |||||||||
Inventory | 10,219 | — | |||||||||||
Other | 5,354 | 5,012 | |||||||||||
Total deferred tax liabilities | $ | 129,120 | $ | 116,789 | |||||||||
Deferred tax assets, net of deferred tax liabilities | $ | 38,174 | $ | 94,041 | |||||||||
Reconciliation of the beginning and ending amounts of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Balance at September 1 | $ | 27,384 | $ | 10,762 | $ | 20,367 | |||||||
Change in tax positions of current year | 1,255 | — | 2,440 | ||||||||||
Change for tax positions of prior years | — | 18,006 | (12,045 | ) | |||||||||
Reductions due to settlements with taxing authorities | (88 | ) | (600 | ) | — | ||||||||
Reductions due to statute of limitations lapse | — | (784 | ) | — | |||||||||
Balance at August 31 | $ | 28,551 | $ | 27,384 | $ | 10,762 | |||||||
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||
Total awards granted | The following table summarizes the total awards granted: | |||||||||||||||||||
Stock | Restricted Stock | Performance | ||||||||||||||||||
Options/SARs | Awards/Units | Awards | ||||||||||||||||||
2013 Grants | 244,403 | 1,149,696 | 640,002 | |||||||||||||||||
2012 Grants | 927,312 | 829,001 | 693,472 | |||||||||||||||||
2011 Grants | 112,000 | 690,180 | 686,548 | |||||||||||||||||
Restricted stock awards and PSUs excluding the cash component of PSUs | Information for restricted stock units and performance stock units, excluding the cash component, is as follows: | |||||||||||||||||||
Number | Weighted Average | |||||||||||||||||||
Grant-Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Outstanding as of August 31, 2012 | 1,683,572 | $ | 13.16 | |||||||||||||||||
Granted | 1,159,451 | 13.6 | ||||||||||||||||||
Vested | (537,303 | ) | 13.35 | |||||||||||||||||
Forfeited | (398,302 | ) | 12.22 | |||||||||||||||||
Outstanding as of August 31, 2013 | 1,907,418 | $ | 13.57 | |||||||||||||||||
Valuation assumptions for stock options and SARs | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Risk-free interest rate | 0.41 | % | 0.43 | % | 0.59 | % | ||||||||||||||
Expected life, years | 3 | 3 | 2 | |||||||||||||||||
Expected volatility | 43 | % | 59 | % | 56 | % | ||||||||||||||
Expected dividend yield | 3.4 | % | 4.14 | % | 2.85 | % | ||||||||||||||
Weighted average grant-date fair value per share | $ | 3.38 | $ | 3.67 | $ | 4.63 | ||||||||||||||
Combined activity for stock appreciation rights and stock options | Combined activity for the Company’s stock appreciation rights and stock options, excluding the cash component, is as follows: | |||||||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||||||||
Average | Average | Intrinsic Value | ||||||||||||||||||
Exercise | Remaining | |||||||||||||||||||
Price | Contractual Life | |||||||||||||||||||
(Years) | ||||||||||||||||||||
Outstanding as of September 1, 2010 | 3,922,016 | $ | 23.67 | |||||||||||||||||
Granted | 112,000 | 16.83 | ||||||||||||||||||
Exercised | (854,023 | ) | 8.03 | |||||||||||||||||
Forfeited/Expired | (372,495 | ) | 28.96 | |||||||||||||||||
Outstanding as of August 31, 2011 | 2,807,498 | $ | 27.45 | 2.8 | $ | 94,500 | ||||||||||||||
Granted | 828,463 | 11.63 | ||||||||||||||||||
Exercised | (361,478 | ) | 12.34 | |||||||||||||||||
Forfeited/Expired | (343,991 | ) | 27.78 | |||||||||||||||||
Outstanding as of August 31, 2012 | 2,930,492 | $ | 24.81 | 3.3 | $ | 1,104,590 | ||||||||||||||
Granted | 185,004 | 14.25 | ||||||||||||||||||
Exercised | (4,105 | ) | 11.6 | |||||||||||||||||
Forfeited/Expired | (457,961 | ) | 24.91 | |||||||||||||||||
Outstanding as of August 31, 2013 | 2,653,430 | $ | 24.07 | 2.8 | $ | 2,867,175 | ||||||||||||||
Exercisable at August 31, 2013 | 1,756,862 | $ | 30.15 | 1.5 | $ | 666,807 | ||||||||||||||
Remaining unvested stock appreciation rights and stock options expected to vest | 851,740 | 12.18 | ||||||||||||||||||
Information related to stock appreciation rights and stock options | Information related to stock appreciation rights and stock options as of August 31, 2013 is summarized below: | |||||||||||||||||||
Stock Appreciation Rights and Stock Options Outstanding | Stock Appreciation Rights and Stock Options Exercisable | |||||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life (In Years) | Weighted | Number Exercisable | Weighted Average Remaining Contractual Life (In Years) | Weighted | ||||||||||||||
Average | Average | |||||||||||||||||||
Exercise | Exercise | |||||||||||||||||||
Price | Price | |||||||||||||||||||
$11.00 | - | 14.68 | 1,161,224 | 4.8 | $ | 12.2 | 274,362 | 3.1 | $ | 12.45 | ||||||||||
$16.54 | - | 16.83 | 121,706 | 4.5 | $ | 16.81 | 112,000 | 4.4 | $ | 16.83 | ||||||||||
$31.75 | - | 35.38 | 1,370,500 | 1 | $ | 34.78 | 1,370,500 | 1 | $ | 34.78 | ||||||||||
2,653,430 | 2.8 | $ | 24.07 | 1,756,862 | 1.5 | $ | 30.15 | |||||||||||||
Yearly activity of the stock purchase plan | Yearly activity of the stock purchase plan is as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares subscribed | 281,460 | 299,210 | 339,620 | |||||||||||||||||
Price per share | $ | 12.61 | $ | 11.85 | $ | 14.34 | ||||||||||||||
Shares purchased | 211,580 | 198,300 | 357,180 | |||||||||||||||||
Price per share | $ | 11.85 | $ | 11.76 | $ | 13.63 | ||||||||||||||
Shares available for future issuance | 4,134,634 | |||||||||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||
Aug. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Minimum lease commitments payable for noncancelable operating leases | Minimum lease commitments payable by the Company for noncancelable operating leases are as follows: | ||||
Year Ending August 31, | (in thousands) | ||||
2014 | $ | 35,430 | |||
2015 | 28,600 | ||||
2016 | 22,943 | ||||
2017 | 15,576 | ||||
2018 | 9,030 | ||||
Thereafter | 11,918 | ||||
Total | $ | 123,497 | |||
Earnings_Loss_Per_Share_Attrib1
Earnings (Loss)Â Per Share Attributable To CMC (Tables) | 12 Months Ended | |||||||||
Aug. 31, 2013 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Reconciliation of the denominators of the earnings per share calculations | The reconciliation of the denominators of the earnings per share calculations is as follows: | |||||||||
August 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Shares outstanding for basic earnings (loss) per share | 116,677,836 | 115,861,986 | 114,995,616 | |||||||
Effect of dilutive securities: | ||||||||||
Stock-based incentive/purchase plans | 875,116 | 921,174 | 1,115,507 | |||||||
Shares outstanding for diluted earnings (loss) per share | 117,552,952 | 116,783,160 | 116,111,123 | |||||||
Accrued_Expenses_And_Other_Pay1
Accrued Expenses And Other Payables (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued expenses and other payables | Significant accrued expenses and other payables were as follows: | ||||||||
August 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Salaries and incentive compensation | $ | 77,849 | $ | 88,717 | |||||
Advance billings on contracts | 53,089 | 65,241 | |||||||
Taxes other than income taxes | 46,480 | 38,024 | |||||||
Insurance | 24,911 | 27,646 | |||||||
Contract losses | 5,621 | 3,784 | |||||||
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
Summary of certain financial information from continuing operations by reportable segment | The following is a summary of certain financial information from continuing operations by reportable segment: | ||||||||||||||||||||||||||||||||
Americas | International | ||||||||||||||||||||||||||||||||
(in thousands) | Recycling | Mills | Fabrication | Mill | Marketing and Distribution | Corporate | Eliminations | Continuing Operations | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Net sales-unaffiliated customers | $ | 1,225,604 | $ | 1,060,337 | $ | 1,427,785 | $ | 819,889 | $ | 2,344,128 | $ | 11,832 | $ | — | $ | 6,889,575 | |||||||||||||||||
Intersegment sales | 166,145 | 759,183 | 14,906 | 6,155 | 11,444 | — | (957,833 | ) | — | ||||||||||||||||||||||||
Net sales | 1,391,749 | 1,819,520 | 1,442,691 | 826,044 | 2,355,572 | 11,832 | (957,833 | ) | 6,889,575 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 3,170 | 204,333 | 28,033 | 890 | 35,617 | (66,453 | ) | 848 | 206,438 | ||||||||||||||||||||||||
Interest expense* | 9 | (101 | ) | 83 | 992 | 4,369 | 64,256 | — | 69,608 | ||||||||||||||||||||||||
Capital expenditures** | 21,261 | 37,216 | 5,605 | 15,155 | 1,015 | 7,552 | — | 87,804 | |||||||||||||||||||||||||
Depreciation and amortization*** | 13,453 | 42,925 | 22,302 | 33,238 | 17,988 | 21,096 | — | 151,002 | |||||||||||||||||||||||||
Total assets**** | 309,599 | 598,478 | 631,510 | 487,613 | 838,413 | 1,075,594 | (496,946 | ) | 3,444,261 | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Net sales-unaffiliated customers | $ | 1,418,717 | $ | 1,206,651 | $ | 1,366,944 | $ | 955,730 | $ | 2,700,300 | $ | 8,033 | $ | — | $ | 7,656,375 | |||||||||||||||||
Intersegment sales | 187,444 | 777,070 | 14,694 | 77,627 | 27,019 | — | (1,083,854 | ) | — | ||||||||||||||||||||||||
Net sales | 1,606,161 | 1,983,721 | 1,381,638 | 1,033,357 | 2,727,319 | 8,033 | (1,083,854 | ) | 7,656,375 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 39,446 | 235,918 | (15,697 | ) | 23,044 | 47,287 | (83,035 | ) | (6,251 | ) | 240,712 | ||||||||||||||||||||||
Interest expense* | 1,933 | 12,995 | 10,809 | 10,090 | 6,548 | 27,112 | — | 69,487 | |||||||||||||||||||||||||
Capital expenditures** | 40,329 | 38,140 | 4,389 | 14,016 | 3,314 | 8,197 | — | 108,385 | |||||||||||||||||||||||||
Depreciation and amortization*** | 13,260 | 40,704 | 22,056 | 32,306 | 5,821 | 20,295 | — | 134,442 | |||||||||||||||||||||||||
Total assets**** | 285,136 | 615,070 | 629,970 | 529,160 | 870,933 | 961,654 | (494,053 | ) | 3,397,870 | ||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Net sales-unaffiliated customers | $ | 1,692,824 | $ | 1,111,483 | $ | 1,208,823 | $ | 1,043,267 | $ | 2,603,494 | $ | 6,882 | $ | — | $ | 7,666,773 | |||||||||||||||||
Intersegment sales | 136,713 | 728,235 | 16,899 | 2,966 | 47,405 | — | (932,218 | ) | — | ||||||||||||||||||||||||
Net sales | 1,829,537 | 1,839,718 | 1,225,722 | 1,046,233 | 2,650,899 | 6,882 | (932,218 | ) | 7,666,773 | ||||||||||||||||||||||||
Adjusted operating profit (loss) | 43,059 | 149,213 | (129,141 | ) | 47,594 | 76,337 | (84,729 | ) | (1,275 | ) | 101,058 | ||||||||||||||||||||||
Interest expense* | 246 | 12,894 | 9,717 | 18,251 | 2,173 | 26,533 | — | 69,814 | |||||||||||||||||||||||||
Capital expenditures** | 7,666 | 24,169 | 2,029 | 14,278 | 2,873 | 7,896 | — | 58,911 | |||||||||||||||||||||||||
Depreciation and amortization*** | 12,860 | 49,264 | 48,299 | 36,528 | 4,600 | 23,916 | — | 175,467 | |||||||||||||||||||||||||
Total assets**** | 278,120 | 587,053 | 590,278 | 643,748 | 990,111 | 1,505,672 | (1,047,716 | ) | 3,547,266 | ||||||||||||||||||||||||
________________________ | |||||||||||||||||||||||||||||||||
* Includes intercompany interest expense (income) in the segments and is all eliminated within Corporate. | |||||||||||||||||||||||||||||||||
** Excludes capital expenditures from discontinued operations of $1.2 million, $5.5 million and $14.3 million for the years ended August 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||
*** Includes asset impairment charges. | |||||||||||||||||||||||||||||||||
**** Excludes total assets from discontinued operations of $50.5 million at August 31, 2013, $43.4 million at August 31, 2012 and $135.9 million at August 31, 2011. | |||||||||||||||||||||||||||||||||
Reconciliation of consolidated adjusted operating profit to net earnings from continuing operations attributable to CMC | The following table provides a reconciliation of consolidated adjusted operating profit to net earnings from continuing operations attributable to CMC: | ||||||||||||||||||||||||||||||||
Year Ended August 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Earnings from continuing operations | $ | 74,957 | $ | 210,549 | $ | 11,539 | |||||||||||||||||||||||||||
Income taxes (benefit) | 57,979 | (45,762 | ) | 14,592 | |||||||||||||||||||||||||||||
Interest expense | 69,608 | 69,487 | 69,814 | ||||||||||||||||||||||||||||||
Discounts on sales of accounts receivable | 3,894 | 6,438 | 5,113 | ||||||||||||||||||||||||||||||
Adjusted operating profit from continuing operations | $ | 206,438 | $ | 240,712 | $ | 101,058 | |||||||||||||||||||||||||||
External net sales from continuing operations by major product | |||||||||||||||||||||||||||||||||
Year Ended August 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Major product information: | |||||||||||||||||||||||||||||||||
Steel products | $ | 4,318,072 | $ | 4,699,226 | $ | 4,412,810 | |||||||||||||||||||||||||||
Industrial materials | 928,472 | 1,147,386 | 1,134,819 | ||||||||||||||||||||||||||||||
Nonferrous scrap | 682,611 | 765,349 | 997,717 | ||||||||||||||||||||||||||||||
Ferrous scrap | 646,263 | 763,772 | 805,067 | ||||||||||||||||||||||||||||||
Construction materials | 189,046 | 177,827 | 217,741 | ||||||||||||||||||||||||||||||
Nonferrous products | 5,674 | 2,689 | 2,573 | ||||||||||||||||||||||||||||||
Other | 119,437 | 100,126 | 96,046 | ||||||||||||||||||||||||||||||
Net sales | $ | 6,889,575 | $ | 7,656,375 | $ | 7,666,773 | |||||||||||||||||||||||||||
External net sales from continuing operations by geographic area | |||||||||||||||||||||||||||||||||
Year Ended August 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Geographic area: | |||||||||||||||||||||||||||||||||
United States | $ | 4,107,231 | $ | 4,503,786 | $ | 4,166,960 | |||||||||||||||||||||||||||
Europe | 1,108,196 | 1,313,611 | 1,581,688 | ||||||||||||||||||||||||||||||
Asia | 1,094,458 | 1,018,675 | 1,131,332 | ||||||||||||||||||||||||||||||
Australia/New Zealand | 488,108 | 617,919 | 564,084 | ||||||||||||||||||||||||||||||
Other | 91,582 | 202,384 | 222,709 | ||||||||||||||||||||||||||||||
Net sales | $ | 6,889,575 | $ | 7,656,375 | $ | 7,666,773 | |||||||||||||||||||||||||||
Long-lived assets by geographic area | The following table represents long-lived assets by geographic area: | ||||||||||||||||||||||||||||||||
August 31, | |||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
United States | $ | 868,643 | $ | 907,009 | $ | 944,851 | |||||||||||||||||||||||||||
Europe | 239,899 | 250,392 | 364,207 | ||||||||||||||||||||||||||||||
Australia/New Zealand | 12,446 | 36,097 | 38,973 | ||||||||||||||||||||||||||||||
Other | 7,618 | 7,917 | 8,847 | ||||||||||||||||||||||||||||||
Total long-lived assets | $ | 1,128,606 | $ | 1,201,415 | $ | 1,356,878 | |||||||||||||||||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) ( (Tables) | 12 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Summarized quarterly financial data for fiscal 2013 and 2012 are as follows (in thousands except per share data): | ||||||||||||||||
Three Months Ended 2013 | |||||||||||||||||
Nov. 30 | Feb. 28 | 31-May | Aug. 31 | ||||||||||||||
Net sales* | $ | 1,749,515 | $ | 1,688,665 | $ | 1,752,534 | $ | 1,698,861 | |||||||||
Gross profit* | 186,665 | 139,365 | 175,519 | 160,788 | |||||||||||||
Net earnings attributable to CMC | 49,717 | 4,577 | 18,964 | 4,057 | |||||||||||||
Basic EPS attributable to CMC | 0.43 | 0.04 | 0.16 | 0.03 | |||||||||||||
Diluted EPS attributable to CMC | 0.42 | 0.04 | 0.16 | 0.03 | |||||||||||||
Three Months Ended 2012 | |||||||||||||||||
Nov. 30 | Feb. 29 | 31-May | Aug. 31 | ||||||||||||||
Net sales* | $ | 1,947,473 | $ | 1,918,049 | $ | 1,957,827 | $ | 1,833,026 | |||||||||
Gross profit* | 171,641 | 179,058 | 186,490 | 179,438 | |||||||||||||
Net earnings attributable to CMC | 107,734 | 28,853 | 40,682 | 30,215 | |||||||||||||
Basic EPS attributable to CMC | 0.93 | 0.25 | 0.35 | 0.26 | |||||||||||||
Diluted EPS attributable to CMC | 0.93 | 0.25 | 0.35 | 0.26 | |||||||||||||
_________________________ | |||||||||||||||||
* Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions. |
Nature_of_Operations_Narrative
Nature of Operations (Narrative) (Details) | 12 Months Ended |
Aug. 31, 2013 | |
Components | |
segments | |
Number of Operating Segments | 5 |
Number of Geographic Divisions | 2 |
CMC Americas [Member] | |
Number of Operating Segments | 3 |
CMC International [Member] | |
Number of Operating Segments | 2 |
International Mill [Member] | |
Number of Steel Mills | 1 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
levels | |||
Impairment | $6,331,000 | ||
Goodwill | 69,579,000 | 76,897,000 | 77,638,000 |
Stand by letters of credit outstanding amount | 28,300,000 | ||
Restricted cash | 18,000,000 | ||
Foreign Currency Transaction Gain (Loss), before Tax | -5,800,000 | 2,200,000 | 7,100,000 |
Number of Fair Value Hierarchy | 3 | ||
Americas Fabrication excluding construction services [Member] | |||
Goodwill | 51,300,000 | 51,300,000 | |
Australia | |||
Impairment | 6,400,000 | ||
Foreign currency translation gain related to goodwill impairment | 600,000 | ||
Secured Accounts Receivable [Member] | |||
Percentage of accounts receivable secured by credit insurance or letters of credit | 49.00% | 60.00% | |
Fabrication Projects [Member] | |||
Unbilled revenue | $24,300,000 | $19,200,000 | |
Maximum [Member] | |||
Cost method investment ownership percentage | 20.00% |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Asset Useful Life) (Details) | 12 Months Ended |
Aug. 31, 2013 | |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 7 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 40 years |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 25 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 15 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 25 years |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (AOCI by Components) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at August 31, 2012 | ($18,136) | ||
Other comprehensive income (loss) before reclassifications | -8,740 | ||
Amounts reclassified from AOCI | -300 | ||
Other comprehensive income (loss) | -9,040 | -77,609 | 71,999 |
Balance at August 31, 2013 | -27,176 | -18,136 | |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at August 31, 2012 | -17,369 | ||
Other comprehensive income (loss) before reclassifications | -10,108 | ||
Amounts reclassified from AOCI | 0 | ||
Other comprehensive income (loss) | -10,108 | ||
Balance at August 31, 2013 | -27,477 | ||
Unrealized Gain (Loss) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at August 31, 2012 | 3,710 | ||
Other comprehensive income (loss) before reclassifications | 221 | ||
Amounts reclassified from AOCI | -337 | ||
Other comprehensive income (loss) | -116 | ||
Balance at August 31, 2013 | 3,594 | ||
Defined Benefit Obligation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at August 31, 2012 | -4,477 | ||
Other comprehensive income (loss) before reclassifications | 1,147 | ||
Amounts reclassified from AOCI | 37 | ||
Other comprehensive income (loss) | 1,184 | ||
Balance at August 31, 2013 | ($3,293) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Reclassification from AOCI) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Unrealized gain (loss) on derivatives: | |||
Income tax (expense) benefit | $128 | ($132) | $254 |
Net of income taxes | 337 | -578 | 1,018 |
Unrealized Gain (Loss) on Derivatives | |||
Unrealized gain (loss) on derivatives: | |||
Reclassification adjustments from AOCI on derivatives, before Tax | 465 | ||
Income tax (expense) benefit | -128 | ||
Net of income taxes | 337 | ||
Unrealized Gain (Loss) on Derivatives | Commodity | Cost of goods sold | |||
Unrealized gain (loss) on derivatives: | |||
Reclassification adjustments from AOCI on derivatives, before Tax | -260 | ||
Unrealized Gain (Loss) on Derivatives | Foreign exchange | Net sales | |||
Unrealized gain (loss) on derivatives: | |||
Reclassification adjustments from AOCI on derivatives, before Tax | 60 | ||
Unrealized Gain (Loss) on Derivatives | Foreign exchange | SG&A expenses | |||
Unrealized gain (loss) on derivatives: | |||
Reclassification adjustments from AOCI on derivatives, before Tax | 48 | ||
Unrealized Gain (Loss) on Derivatives | Interest rate | Interest expense | |||
Unrealized gain (loss) on derivatives: | |||
Reclassification adjustments from AOCI on derivatives, before Tax | 617 | ||
Defined Benefit Obligation | |||
Defined benefit obligation: | |||
Reclassification adjustments from AOCI, pension and other postretirement benefit plans, before tax | -44 | ||
Income tax (expense) benefit | 7 | ||
Net of income taxes | -37 | ||
Defined Benefit Obligation | SG&A expenses | |||
Defined benefit obligation: | |||
Amortization of net gain (loss) | -252 | ||
Amortization of prior service credit (cost) | $208 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (G.A.M. [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2011 |
G.A.M. [Member] | |
Business Acquisition [Line Items] | |
Purchase Price | $48.40 |
Sales_Of_Accounts_Receivable_N
Sales Of Accounts Receivable (Narrative) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceed from sales of receivables | $1,000,000,000 | $1,900,000,000 | $1,300,000,000 |
Cash payment to owners of receivables | 1,100,000,000 | 1,900,000,000 | 1,200,000,000 |
Discount on domestic and international sales of accounts receivables | 3,900,000 | 6,400,000 | 5,100,000 |
Domestic Sale Of Accounts Receivable [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Number of financial institutions | 2 | ||
Maximum advance limit for receivables sold | 200,000,000 | ||
Accounts receivable sold | 358,800,000 | 406,900,000 | |
Advance payment received on sale of account receivable | 0 | 10,000,000 | |
Outstanding deferred purchase price of receivables sold | 358,800,000 | 396,900,000 | |
International [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Accounts receivable sold | $24,500,000 | $95,100,000 |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2011 | Aug. 31, 2012 |
Inventory Disclosure [Abstract] | |||
LIFO inventory reserves | $185.50 | $261.80 | |
Percentage of total inventories valued at LIFO | 43.00% | 55.00% | |
Raw materials | 66.7 | 68 | |
Effect of LIFO Inventory Liquidation on Income | $3.50 | $0 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Impairment | $6,331,000 | ||
Goodwill | 69,579,000 | 76,897,000 | 77,638,000 |
Amortization expense for intangible assets | 4,900,000 | 5,900,000 | 9,900,000 |
Favorable land leases | |||
Weighted average remaining useful lives | 76 years | ||
Intangible assets excluding favorable land leases [Member] | |||
Weighted average remaining useful lives | 4 years | ||
Australia | |||
Impairment | 6,400,000 | ||
Foreign currency translation gain related to goodwill impairment | 600,000 | ||
Americas Fabrication excluding construction services [Member] | |||
Goodwill | $51,300,000 | $51,300,000 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Changes in the Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $76,897 | $77,638 |
Translation | -987 | -741 |
Impairment | -6,331 | |
Goodwill, ending balance | 69,579 | 76,897 |
Americas Recycling [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 7,267 | 7,267 |
Translation | 0 | 0 |
Impairment | 0 | |
Goodwill, ending balance | 7,267 | 7,267 |
Americas Mills [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 295 | 295 |
Translation | 0 | 0 |
Impairment | 0 | |
Goodwill, ending balance | 295 | 295 |
Americas Fabrication [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 57,144 | 57,144 |
Translation | 0 | 0 |
Impairment | 0 | |
Goodwill, ending balance | 57,144 | 57,144 |
International Mill [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 2,685 | 3,092 |
Translation | 70 | -407 |
Impairment | 0 | |
Goodwill, ending balance | 2,755 | 2,685 |
International Marketing and Distribution [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 9,506 | 9,840 |
Translation | -1,057 | -334 |
Impairment | -6,331 | |
Goodwill, ending balance | $2,118 | $9,506 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Intangible Assets) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $42,925 | $44,275 |
Accumulated Amortization | 23,004 | 19,085 |
Net | 19,921 | 25,190 |
Customer base | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 33,625 | 33,928 |
Accumulated Amortization | 21,408 | 17,133 |
Net | 12,217 | 16,795 |
Favorable land leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,257 | 6,133 |
Accumulated Amortization | 612 | 527 |
Net | 5,645 | 5,606 |
Brand name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,942 | 4,113 |
Accumulated Amortization | 946 | 1,394 |
Net | 1,996 | 2,719 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | 38 | 31 |
Net | $63 | $70 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Estimated Future Amortization) (Details) (USD $) | Aug. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2014 | $4,801 |
2015 | 4,748 |
2016 | 3,110 |
2017 | 663 |
2018 | $523 |
Impairment_And_Facility_Closur2
Impairment And Facility Closure Costs (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2011 | Aug. 31, 2013 | |
International Marketing and Distribution [Member] | Australia | CMCS [Member] | Other operating units [Member] | ||||
Asset Impairment Charges | $17,270,000 | $3,316,000 | $120,145,000 | $110,600,000 | $4,600,000 | ||
Impairment of Long-Lived Assets Held-for-use | 6,300,000 | ||||||
Plant, property and equipment | $20,400,000 |
Impairment_And_Facility_Closur3
Impairment And Facility Closure Costs (Pretax Charges)(Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2011 | Aug. 31, 2011 |
Pretax charges relating to asset impairment and facility closure [Member] | CMCS [Member] | ||||
Restructuring and Related Activities [Abstract] | |||||
Asset Impairment Charges | $17,270 | $3,316 | $120,145 | $110,600 | |
Pre-tax charges relating to impairment and closure | |||||
Impairment of property, plant and equipment and other assets | 106,655 | ||||
Impairment of customer list intangible asset | 12,140 | ||||
Write-down of inventory | 3,003 | 13,917 | 25,503 | 8,500 | |
Severance costs | 6,100 | 25,600 | 8,200 | 5,051 | |
Lease termination costs | 2,196 | ||||
Other closure costs | $7,700 |
Severance_Narrative_Details
Severance (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Restructuring and Related Activities [Abstract] | |||
Severance costs | $6.10 | $25.60 | $8.20 |
Termination benefits liability | $2.80 | $2.70 |
Businesses_Held_For_Sale_Disco2
Businesses Held For Sale, Discontinued Operations And Dispositions (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Oct. 17, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Aug. 31, 2011 | Nov. 30, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2011 | |
Howell [Member] | CMCS [Member] | CMCS [Member] | CMCS [Member] | Trinecke Zelezarny [Member] | Fabrication [Member] | Joist And Deck Operations [Member] | Joist Operations [Member] | Construction Services [Member] | ||||
properties | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Business Divestiture Disposal Price | $58,500,000 | $3,900,000 | $29,000,000 | $11,300,000 | ||||||||
Asset Impairment Charges | 17,270,000 | 3,316,000 | 120,145,000 | 110,600,000 | ||||||||
Severance expense | 6,100,000 | 25,600,000 | 8,200,000 | 18,000,000 | ||||||||
Discontinued Operation, Gain from Disposal of Discontinued Operation, before Income Tax | 13,800,000 | 1,900,000 | ||||||||||
Percentage of ownership before transaction | 11.00% | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 26,100,000 | -3,800,000 | ||||||||||
Number of Properties Sold During Period | 2 | |||||||||||
Proceeds from Sale of Machinery and Equipment | $35,000,000 |
Businesses_Held_For_Sale_Disco3
Businesses Held For Sale, Discontinued Operations And Dispositions (Components Of Assets And Liabilities For Businesses Held For Sale) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Accounts receivable | $20,313 | $0 |
Inventories, net | 8,713 | 0 |
Other current assets | 3,683 | 0 |
Property, plant and equipment, net of accumulated depreciation and amortization | 10,459 | 6,601 |
Assets of businesses held for sale | 43,168 | 6,601 |
Liabilities: | ||
Accounts payable-trade | 7,615 | 0 |
Accrued expenses and other payables | 3,251 | 0 |
Liabilities of businesses held for sale | $10,866 | $0 |
Businesses_Held_For_Sale_Disco4
Businesses Held For Sale, Discontinued Operations And Dispositions (Financial Information For Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Earnings (loss) before taxes | $3,672 | ($11,906) | ($139,195) |
Segment, Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue | 157,780 | 202,632 | 253,426 |
Earnings (loss) before taxes | $3,672 | ($11,906) | ($139,195) |
Credit_Arrangements_Narrative_
Credit Arrangements (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | 31-May-13 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
CMCP [Member] | Revolving credit facility [Member] | Letter of Credit [Member] | $330 million notes at 4.875% due May 2023 | $330 million notes at 4.875% due May 2023 | Change of control triggering event | $200 million notes at 5.625% due November 2013 | $200 million notes at 5.625% due November 2013 | $400 million notes at 6.50% due July 2017 | $400 million notes at 6.50% due July 2017 | $500 million notes at 7.35% due August 2018 | $500 million notes at 7.35% due August 2018 | ||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $330,000,000 | $330,000,000 | $200,000,000 | $200,000,000 | $400,000,000 | $400,000,000 | $500,000,000 | $500,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | 4.88% | 5.63% | 5.63% | 6.50% | 6.50% | 7.35% | 7.35% | |||||||
Debt Instrument, Maturity Date | 15-May-23 | ||||||||||||||
Proceeds from Debt, Net of Issuance Costs | 325,000,000 | ||||||||||||||
Debt Extinguishment Total Cash Outflow | 205,300,000 | ||||||||||||||
Redemption purchase price to principal amount, percentage | 100.00% | 101.00% | |||||||||||||
Loss on debt extinguishment | 4,758,000 | 0 | 0 | ||||||||||||
Line of credit facility, current borrowing capacity | 75,900,000 | 300,000,000 | 50,000,000 | ||||||||||||
Revolving credit facility, maturity date | 27-Dec-16 | ||||||||||||||
Revolving credit facility, maximum borrowing capacity | 400,000,000 | ||||||||||||||
Stand by letters of credit outstanding amount | 28,300,000 | ||||||||||||||
Minimum Interest Coverage Ratio | 300.00% | ||||||||||||||
Actual interest coverage ratio | 517.00% | ||||||||||||||
Maximum debt to capitalization ratio | 60.00% | ||||||||||||||
Actual debt to capitalization ratio | 51.00% | ||||||||||||||
Net proceeds from termination of interest rate swaps | 0 | 52,733,000 | 0 | ||||||||||||
Deferred gain of interest rate swaps | 34,448,000 | 46,900,000 | |||||||||||||
Amortization of interest rate swaps termination gain | 12,470,000 | 5,815,000 | 0 | ||||||||||||
Annual total borrowing | 229,400,000 | ||||||||||||||
Annual total payments | 254,000,000 | ||||||||||||||
Line of credit facility, amount outstanding | 0 | ||||||||||||||
Interest costs capitalized | 1,000,000 | 1,300,000 | 800,000 | ||||||||||||
Interest paid | $82,500,000 | $74,100,000 | $71,400,000 |
Credit_Arrangements_Longterm_d
Credit Arrangements (Long-term debt, including the deferred gain from the termination of the interest rate swaps) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | 31-May-13 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
$200 million notes at 5.625% due November 2013 | $200 million notes at 5.625% due November 2013 | $400 million notes at 6.50% due July 2017 | $400 million notes at 6.50% due July 2017 | $500 million notes at 7.35% due August 2018 | $500 million notes at 7.35% due August 2018 | $330 million notes at 4.875% due May 2023 | $330 million notes at 4.875% due May 2023 | $330 million notes at 4.875% due May 2023 | Other, including equipment notes [Member] | Other, including equipment notes [Member] | |||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $200,000,000 | $200,000,000 | $400,000,000 | $400,000,000 | $500,000,000 | $500,000,000 | $330,000,000 | $330,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | 5.63% | 6.50% | 6.50% | 7.35% | 7.35% | 4.88% | 4.88% | |||||
Debt instrument, maturity date | Nov-13 | Jul-17 | Jul-17 | Aug-18 | Aug-18 | 15-May-23 | |||||||
Weighted average interest rate | 0.00% | 5.70% | 6.40% | 4.90% | |||||||||
Total long-term debt including current maturities | 1,284,042,000 | 1,161,325,000 | 204,873,000 | 0 | 411,518,000 | 414,491,000 | 522,930,000 | 527,554,000 | 330,000,000 | 0 | 19,594,000 | 14,407,000 | |
Current maturities of long-term debt | 5,228,000 | 4,252,000 | |||||||||||
Long-term debt | $1,278,814,000 | $1,157,073,000 |
Credit_Arrangements_Credit_Arr
Credit Arrangements Credit Arrangements (Scheduled Maturities of Long-term Debt) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2014 | $5,228 | $4,252 |
2015 | 4,948 | |
2016 | 3,496 | |
2017 | 402,969 | |
2018 | 502,195 | |
Thereafter | 330,758 | |
Total excluding deferred gain of interest rate swaps | 1,249,594 | |
Deferred gain of interest rate swaps | 34,448 | 46,900 |
Total long-term debt including current maturities | $1,284,042 | $1,161,325 |
Derivatives_And_Risk_Managemen2
Derivatives And Risk Management (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2013 |
Foreign currency contract commitments | Commodity contract commitments | |||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $331 | $49.30 | ||
Notional amount of interest rate derivatives terminated | 800 | |||
Reduction in interest expense related to interest rate swaps | $6.50 | $15.70 |
Derivatives_And_Risk_Managemen3
Derivatives And Risk Management (Derivatives Not Designated As Hedging Instruments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for derivatives not designated as hedges | $7,554 | $2,888 | ($17,432) |
Commodity | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for derivatives not designated as hedges | 2,456 | 4,496 | -10,857 |
Foreign exchange | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for derivatives not designated as hedges | 0 | -537 | 1,412 |
Foreign exchange | Net sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for derivatives not designated as hedges | 0 | -199 | 38 |
Foreign exchange | SG&A expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for derivatives not designated as hedges | 5,089 | -872 | -8,025 |
Other | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for derivatives not designated as hedges | $9 | $0 | $0 |
Derivatives_And_Risk_Managemen4
Derivatives And Risk Management (Derivatives Designated As Fair Value Hedging Instruments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for fair value hedges | $2,090 | $10,944 | $18,432 |
Foreign exchange | Net sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for fair value hedges | -151 | 0 | 0 |
Foreign exchange | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for fair value hedges | 2,241 | 0 | 0 |
Foreign exchange | SG&A expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for fair value hedges | 0 | 383 | -15,053 |
Interest rate | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for fair value hedges | $0 | $10,561 | $33,485 |
Derivatives_And_Risk_Managemen5
Derivatives And Risk Management (Hedged Items Designated As Fair Value Hedging Instruments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for underlying items of fair value hedges | ($2,088) | ($10,944) | ($18,439) |
Net sales | Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for underlying items of fair value hedges | 153 | 0 | 91 |
Cost of goods sold | Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for underlying items of fair value hedges | -2,241 | 0 | 0 |
SG&A expenses | Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for underlying items of fair value hedges | 0 | -383 | 14,955 |
Interest expense | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) before taxes for underlying items of fair value hedges | $0 | ($10,561) | ($33,485) |
Derivatives_And_Risk_Managemen6
Derivatives And Risk Management (Effective Portion Of Derivatives Designated As Cash Flow Hedging Instruments Recognized In Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain, (loss), net of taxes for cash flow hedges recognized in AOCI | $221 | ($1,545) | $823 |
Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain, (loss), net of taxes for cash flow hedges recognized in AOCI | -218 | 0 | 26 |
Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain, (loss), net of taxes for cash flow hedges recognized in AOCI | $439 | ($1,545) | $797 |
Derivatives_And_Risk_Managemen7
Derivatives And Risk Management (Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Reclassified from Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss), net of taxes for cash flow hedges reclassified from AOCI | $337 | ($578) | $1,018 |
Cost of goods sold | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss), net of taxes for cash flow hedges reclassified from AOCI | -169 | 27 | 195 |
Cost of goods sold | Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss), net of taxes for cash flow hedges reclassified from AOCI | 20 | 0 | 0 |
Net sales | Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss), net of taxes for cash flow hedges reclassified from AOCI | 46 | -826 | 0 |
SG&A expenses [Member] | Foreign exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss), net of taxes for cash flow hedges reclassified from AOCI | 39 | -300 | 365 |
Interest expense | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss), net of taxes for cash flow hedges reclassified from AOCI | $401 | $521 | $458 |
Derivatives_And_Risk_Managemen8
Derivatives And Risk Management (Derivative Assets) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets (other current assets and other assets) | $3,930 | [1] | $1,875 | [1] |
Commodity [Member] | Not designated [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets (other current assets and other assets) | 1,066 | 407 | ||
Foreign exchange [Member] | Designated [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets (other current assets and other assets) | 1,626 | 670 | ||
Foreign exchange [Member] | Not designated [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets (other current assets and other assets) | $1,238 | $798 | ||
[1] | * Derivative assets and liabilities do not include the hedged items designated as fair value hedges. |
Derivatives_And_Risk_Managemen9
Derivatives And Risk Management (Derivative Liabilities) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities (accrued expenses, other payables and long-term liabilities) | $3,567 | [1] | $3,547 | [1] |
Commodity [Member] | Designated [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities (accrued expenses, other payables and long-term liabilities) | 129 | 2 | ||
Commodity [Member] | Not designated [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities (accrued expenses, other payables and long-term liabilities) | 1,268 | 993 | ||
Foreign exchange [Member] | Designated [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities (accrued expenses, other payables and long-term liabilities) | 432 | 1,272 | ||
Foreign exchange [Member] | Not designated [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities (accrued expenses, other payables and long-term liabilities) | 1,738 | 1,248 | ||
Other | Not designated [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities (accrued expenses, other payables and long-term liabilities) | $0 | $32 | ||
[1] | * Derivative assets and liabilities do not include the hedged items designated as fair value hedges. |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 |
levels | International Marketing and Distribution [Member] | Australia | Fair value, inputs, level 3 [Member] | Fair value, inputs, level 3 [Member] | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of Fair Value Hierarchy | 3 | ||||
Plant, property and equipment | $20.40 | $3.80 | $9 | ||
Impairment of Long-Lived Assets Held-for-use | $6.30 |
Fair_Value_Financial_Assets_an
Fair Value (Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis) (Details) (Fair value, measurements, recurring [Member], USD $) | Aug. 31, 2013 | Aug. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money market investments | $236,727 | [1] | $172,462 | [1] |
Commodity derivative assets | 1,066 | [2] | 407 | [2] |
Foreign exchange derivative assets | 2,864 | [2] | 1,468 | [2] |
Commodity derivative liabilities | 1,397 | [2] | 995 | [2] |
Foreign exchange derivative liabilities | 2,170 | [2] | 2,520 | [2] |
Other derivative liabilities | 32 | |||
Fair value, inputs, level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money market investments | 236,727 | [1] | 172,462 | [1] |
Commodity derivative assets | 1,066 | [2] | 407 | [2] |
Foreign exchange derivative assets | 0 | [2] | 0 | [2] |
Commodity derivative liabilities | 1,268 | [2] | 993 | [2] |
Foreign exchange derivative liabilities | 0 | [2] | 0 | [2] |
Other derivative liabilities | 0 | |||
Fair value, inputs, level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money market investments | 0 | [1] | 0 | [1] |
Commodity derivative assets | 0 | [2] | 0 | [2] |
Foreign exchange derivative assets | 2,864 | [2] | 1,468 | [2] |
Commodity derivative liabilities | 129 | [2] | 2 | [2] |
Foreign exchange derivative liabilities | 2,170 | [2] | 2,520 | [2] |
Other derivative liabilities | 32 | |||
Fair value, inputs, level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money market investments | 0 | [1] | 0 | [1] |
Commodity derivative assets | 0 | [2] | 0 | [2] |
Foreign exchange derivative assets | 0 | [2] | 0 | [2] |
Commodity derivative liabilities | 0 | [2] | 0 | [2] |
Foreign exchange derivative liabilities | 0 | [2] | 0 | [2] |
Other derivative liabilities | $0 | |||
[1] | (1) Money market investments are short-term in nature, and the value is determined by broker quoted prices in active markets. The investment portfolio mix can change each period based on the Company's assessment of investment options. | |||
[2] | (2) Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or the New York Mercantile Exchange. Amounts in Level 2 are based on broker quotes in the over-the-counter market. Further discussion regarding the Company's use of derivatives and the classification of the assets and liabilities is included in Note 12, Derivatives and Risk Management. |
Fair_Value_Fair_Value_Financia
Fair Value Fair Value (Financial Assets And Liabilities Not Required To Be Measured At Fair Value) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | $1,284,042 | $1,161,325 | ||
$200 million notes at 5.625% due November 2013 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 0 | 204,873 | ||
$200 million notes at 5.625% due November 2013 | Fair value, inputs, level 2 [Member] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 0 | [1] | 204,873 | [1] |
$200 million notes at 5.625% due November 2013 | Fair value, inputs, level 2 [Member] | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 0 | [1] | 212,413 | [1] |
$400 million notes at 6.50% due July 2017 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 411,518 | 414,491 | ||
$400 million notes at 6.50% due July 2017 | Fair value, inputs, level 2 [Member] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 411,518 | [1] | 414,491 | [1] |
$400 million notes at 6.50% due July 2017 | Fair value, inputs, level 2 [Member] | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 443,646 | [1] | 434,991 | [1] |
$500 million notes at 7.35% due August 2018 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 522,930 | 527,554 | ||
$500 million notes at 7.35% due August 2018 | Fair value, inputs, level 2 [Member] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 522,930 | [1] | 527,554 | [1] |
$500 million notes at 7.35% due August 2018 | Fair value, inputs, level 2 [Member] | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 570,429 | [1] | 559,894 | [1] |
$330 million notes at 4.875% due May 2023 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 330,000 | 0 | ||
$330 million notes at 4.875% due May 2023 | Fair value, inputs, level 2 [Member] | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | 330,000 | [1] | 0 | [1] |
$330 million notes at 4.875% due May 2023 | Fair value, inputs, level 2 [Member] | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial liabilities | $298,650 | [1] | $0 | [1] |
[1] | (1) The fair value of the notes is calculated based on indicated market values. |
Income_Tax_Narrative_Details
Income Tax (Narrative) (Details) (USD $) | 12 Months Ended | |||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2010 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate from discontinued operations | 35.70% | 74.30% | -1.30% | |
Effective tax rates from continuing operations | 43.60% | -27.80% | 55.80% | |
Statutory tax rate | 35.00% | |||
Net Income tax payments (refunds) | ($7,600,000) | $17,200,000 | ($79,900,000) | |
Federal net operating losses carry forward | 140,700,000 | |||
State net operating losses carry forward | 319,800,000 | |||
Foreign net operating losses carry forward | 119,900,000 | |||
Valuation allowance against deferred tax assets | 23,100,000 | -49,500,000 | ||
Temporary difference from indefinitely reinvested foreign subsidiaries | 489,000,000 | |||
Gross unrecognized tax benefits | 28,551,000 | 27,384,000 | 10,762,000 | 20,367,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 13,300,000 | 10,100,000 | ||
Accrued interest and penalties on unrecognized tax benefits | 2,800,000 | 2,000,000 | ||
Possible unrecognized tax benefit reversal in next 12 months | 17,900,000 | |||
Statement [Line Items] | ||||
Tax benefit related to investment in subsidiary | -6,292,000 | 102,104,000 | 0 | |
CMCS [Member] | ||||
Statement [Line Items] | ||||
Tax loss related to investment in subsidiary | 291,000,000 | |||
Tax benefit related to investment in subsidiary | $102,100,000 |
Income_Tax_Components_Of_Earni
Income Tax (Components Of Earnings From Continuing Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Tax Disclosure [Abstract] | |||
United States | $147,204 | $116,400 | ($33,769) |
Foreign | -14,268 | 48,387 | 59,900 |
Earnings from continuing operations before income taxes | $132,936 | $164,787 | $26,131 |
Income_Tax_Income_Taxes_Includ
Income Tax (Income Taxes Included In The Consolidated Statements Of Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Current: | |||
United States | $849 | $1,560 | $23,452 |
Foreign | 1,970 | 419 | 352 |
State and local | 1,815 | 3,411 | 5,226 |
Current taxes (benefit) | 4,634 | 5,390 | 29,030 |
Deferred: | |||
United States | 45,908 | -65,710 | -28,048 |
Foreign | 4,980 | 7,130 | 9,742 |
State and local | 3,767 | -1,419 | 5,616 |
Deferred taxes (benefit) | 54,655 | -59,999 | -12,690 |
Total taxes (benefit) on income | 59,289 | -54,609 | 16,340 |
Taxes (benefit) on discontinued operations | 1,310 | -8,847 | 1,748 |
Taxes (benefit) on continuing operations | $57,979 | ($45,762) | $14,592 |
Income_Tax_Reconciliation_Of_F
Income Tax (Reconciliation Of Federal Statutory Rate To Effective Tax Rate From Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Reconciliation Of Statutory Federal Tax Rate [Line Items] | |||
Tax expense (benefit) at statutory rate of 35% | $46,528 | $57,675 | $9,146 |
State and local taxes | 3,460 | 4,596 | 6,958 |
Section 199 manufacturing deduction | 0 | 0 | -1,105 |
Foreign rate differential | -3,295 | -9,909 | -9,617 |
Change in valuation allowance | 14,264 | 10,033 | 0 |
Liability for non-US earnings | 0 | 0 | 8,848 |
Disposition of CMCS | 6,292 | -102,104 | 0 |
Australian reorganization | -7,245 | 0 | 0 |
Research and experimentation tax credits | 0 | -11,500 | 0 |
Other | -2,025 | 5,447 | 362 |
Tax expense (benefit) on continuing operations | $57,979 | ($45,762) | $14,592 |
Effective tax rates from continuing operations | 43.60% | -27.80% | 55.80% |
Income_Tax_Deferred_Tax_Assets
Income Tax (Deferred Tax Assets And Liabilities) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Deferred compensation and employee benefits | $56,504 | $52,113 |
Net operating losses and credits | 99,200 | 110,553 |
Reserves and other accrued expenses | 34,375 | 41,516 |
Allowance for doubtful accounts | 5,020 | 5,816 |
Inventory | 0 | 1,881 |
Intangibles | 8,153 | 9,668 |
Other | 12,879 | 15,062 |
Total deferred tax assets | 216,131 | 236,609 |
Valuation allowance for deferred tax assets | -48,837 | -25,779 |
Deferred tax assets, net | 167,294 | 210,830 |
Deferred tax liabilities: | ||
Fixed assets | 113,547 | 111,777 |
Inventory | 10,219 | 0 |
Other | 5,354 | 5,012 |
Total deferred tax liabilities | 129,120 | 116,789 |
Deferred tax assets, net of deferred tax liabilities | $38,174 | $94,041 |
Income_Tax_Unrecognized_Tax_Be
Income Tax (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Beginning Balance | $27,384 | $10,762 | $20,367 |
Change in tax positions of current year | 1,255 | 0 | 2,440 |
Change for tax positions of prior years | 0 | 18,006 | -12,045 |
Reductions due to settlements with taxing authorities | -88 | -600 | 0 |
Reductions due to statute of limitations lapse | 0 | -784 | 0 |
Unrecognized Tax Benefits, Ending Balance | $28,551 | $27,384 | $10,762 |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $18,700,000 | $13,100,000 | $12,900,000 |
Unrecognized pre-tax compensation cost | 26,500,000 | ||
Period of unrecognized pre-tax compensation to be recognized | 3 years | ||
Maximum number of shares available for awards | 19,581,278 | ||
Shares available for future grants | 17,781,754 | ||
Fair value of shares vested | 7,200,000 | 10,700,000 | 2,900,000 |
2013 PSU [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout percentage | 50.00% | ||
2013 PSU [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout percentage | 200.00% | ||
2013 PSU [Member] | EBITDA [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that performance targets are weighted | 75.00% | ||
2013 PSU [Member] | Relative Total Shareholder Return [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that performance targets are weighted | 25.00% | ||
2012 PSU [Member] | EBITDA [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that performance targets are weighted | 50.00% | ||
2012 PSU [Member] | RONA [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that performance targets are weighted | 50.00% | ||
2011 PSU [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payment of award upon achievement of performance goals in share of common stock | 50.00% | ||
Payment of award upon achievement of performance goals in Cash | 50.00% | ||
2011 PSU [Member] | EBITDA [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that performance targets are weighted | 50.00% | ||
2011 PSU [Member] | RONA [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that performance targets are weighted | 50.00% | ||
2010 PSU [Member] | Performance Condition One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Condition Vesting Percentage | 50.00% | ||
Percentile on Stockholders Return in Peer Group | 50th | ||
2010 PSU [Member] | Performance Condition Second [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Condition Vesting Percentage | 100.00% | ||
Percentile on Stockholders Return in Peer Group | 60th | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares available for awards | 281,460 | 299,210 | 339,620 |
Shares available for future grants | 4,134,634 | ||
Maximum number of shares per employee | 400 | ||
Purchase discount from market price | 15.00% | 15.00% | 15.00% |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards and PSUs, granted, shares | 1,149,696 | 829,001 | 690,180 |
Restricted Stock Units (RSUs) [Member] | United States [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Frequency | 3 | ||
Restricted Stock Units (RSUs) [Member] | International [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Frequency | 3 | ||
Stock Options and SARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Share Based Compensation Arrangement By Share Based Payment Award Option Expiration Date | 7 years | ||
Intrinsic value of options and SARs exercised | 0 | 400,000 | 7,400,000 |
Options and SARs, granted, number | 244,403 | 927,312 | 112,000 |
Fair value of award granted | $600,000 | $3,000,000 | $1,900,000 |
Restricted Stock Awards And Psus [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards and PSUs Weighted Average Grant-Date Fair Value | $13.60 | $10.68 | $15.55 |
Restricted stock awards and PSUs, granted, shares | 1,159,451 | ||
Cash-settled RSUs and PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards and PSUs, granted, shares | 174,710 | ||
Equivelant number of shares outstanding | 1,670,113 | ||
Equivalent number of shares expected to vest | 1,378,779 | ||
Cash-settled SARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options and SARs, granted, number | 59,399 | ||
Equivelant number of shares outstanding | 141,340 | ||
Equivalent number of shares expected to vest | 134,273 |
ShareBased_Compensation_Plans_2
Share-Based Compensation Plans (Stock Based Awards Granted) (Details) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Stock Options and SARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options and SARs, granted, number | 244,403 | 927,312 | 112,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards and PSUs, granted, shares | 1,149,696 | 829,001 | 690,180 |
Performanc-based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards and PSUs, granted, shares | 640,002 | 693,472 | 686,548 |
ShareBased_Compensation_Plans_3
Share-Based Compensation Plans (Restricted Stock Awards And PSUs Excluding the Cash Component) (Details) (Restricted Stock Awards And Psus [Member], USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Restricted Stock Awards And Psus [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards and PSUs, outstanding shares, beginning balance | 1,683,572 | ||
Restricted stock awards and PSUs, granted, shares | 1,159,451 | ||
Restricted stock awards and PSUs, vested, shares | -537,303 | ||
Restricted stock awards and PSUs, forfeited, shares | -398,302 | ||
Restricted stock awards and PSUs, outstanding shares, ending balance | 1,907,418 | 1,683,572 | |
Restricted stock awards and PSUs, outstanding, weighted average grant-date fair value, beginning balance | $13.16 | ||
Restricted stock awards and PSUs, granted, weighted average grant-date fair value | $13.60 | $10.68 | $15.55 |
Restricted stock awards and PSUs, vested, weighted average grant-date fair value | $13.35 | ||
Restricted stock awards and PSUs, forfeited, weighted average grant-date fair value | $12.22 | ||
Restricted stock awards and PSUs, outstanding, weighted average grant-date fair value, ending balance | $13.57 | $13.16 |
ShareBased_Compensation_Plans_4
Share-Based Compensation Plans (Shares Subject to Options and SARs Excluding the Cash Component) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options and SARs, outstanding, number outstanding, ending balance | 2,653,430 | ||
Options and SARs, exercisable, number outstanding | 1,756,862 | ||
Options and SARs, outstanding, weighted average exercise price, ending balance | $24.07 | ||
Options and SARs, exercisable, weighted average exercise price | $30.15 | ||
Options and SARs, outstanding, weighted average remaining contractual life (in years) | 2 years 9 months 18 days | ||
Options and SARs, exercisable, weighted average remaining contractual life (in years) | 1 year 6 months | ||
Options and SARs excluding cash component [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options and SARs, outstanding, number outstanding, beginning balance | 2,930,492 | 2,807,498 | 3,922,016 |
Options and SARs, granted, number | 185,004 | 828,463 | 112,000 |
Options and SARs, exercised, number | -4,105 | -361,478 | -854,023 |
Options and SARs, forfeited / expired, number | -457,961 | -343,991 | -372,495 |
Options and SARs, outstanding, number outstanding, ending balance | 2,653,430 | 2,930,492 | 2,807,498 |
Options and SARs, exercisable, number outstanding | 1,756,862 | ||
Options and SARs, outstanding, weighted average exercise price, beginning balance | $24.81 | $27.45 | $23.67 |
Options and SARs, granted, weighted average exercise price | $14.25 | $11.63 | $16.83 |
Options and SARs, exercised, weighted average exercise price | $11.60 | $12.34 | $8.03 |
Options and SARs, forfeited / expired, weighted average exercise price | $24.91 | $27.78 | $28.96 |
Options and SARs, outstanding, weighted average exercise price, ending balance | $24.07 | $24.81 | $27.45 |
Options and SARs, exercisable, weighted average exercise price | $30.15 | ||
Options and SARs, outstanding, weighted average remaining contractual life (in years) | 2 years 9 months 18 days | 3 years 3 months 18 days | 2 years 9 months 18 days |
Options and SARs, exercisable, weighted average remaining contractual life (in years) | 1 year 6 months | ||
Options and SARs, outstanding, aggregated intrinsic value | $2,867,175 | $1,104,590 | $94,500 |
Options and SARs, exercisable, aggregated intrinsic value | $666,807 | ||
Remaining unvested options and SARs expected to vest, shares | 851,740 | ||
Remaining unvested options and SARs expected to vest, weighted average exercise price | $12.18 |
ShareBased_Compensation_Plans_5
Share-Based Compensation Plans (Assumptions Used in Estimating Fair Value of Stock Options and SARs) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.41% | 0.43% | 0.59% |
Expected life, years | 3 years | 3 years | 2 years |
Expected volatility | 43.00% | 59.00% | 56.00% |
Expected dividend yield | 3.40% | 4.14% | 2.85% |
Weighted average grant-date fair value per share | $3.38 | $3.67 | $4.63 |
ShareBased_Compensation_Plans_6
Share-Based Compensation Plans (Information Related To Stock Appreciation Rights And Stock Options) (Details) (USD $) | 12 Months Ended |
Aug. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options and SARs, outstanding, number outstanding | 2,653,430 |
Options and SARs, outstanding, weighted average remaining contractual life (in years) | 2 years 9 months 18 days |
Options and SARs, outstanding, weighted average exercise price | $24.07 |
Options and SARs, exercisable, number outstanding | 1,756,862 |
Options and SARs, exercisable, weighted average remaining contractual life (in years) | 1 year 6 months |
Options and SARs, exercisable, weighted average exercise price | $30.15 |
$11.00-14.68 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower range limit | $11 |
Range of exercise prices, upper range limit | $14.68 |
Options and SARs, outstanding, number outstanding | 1,161,224 |
Options and SARs, outstanding, weighted average remaining contractual life (in years) | 4 years 9 months 18 days |
Options and SARs, outstanding, weighted average exercise price | $12.20 |
Options and SARs, exercisable, number outstanding | 274,362 |
Options and SARs, exercisable, weighted average remaining contractual life (in years) | 3 years 1 month 6 days |
Options and SARs, exercisable, weighted average exercise price | $12.45 |
$16.54-16.83 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower range limit | $16.54 |
Range of exercise prices, upper range limit | $16.83 |
Options and SARs, outstanding, number outstanding | 121,706 |
Options and SARs, outstanding, weighted average remaining contractual life (in years) | 4 years 6 months |
Options and SARs, outstanding, weighted average exercise price | $16.81 |
Options and SARs, exercisable, number outstanding | 112,000 |
Options and SARs, exercisable, weighted average remaining contractual life (in years) | 4 years 4 months 24 days |
Options and SARs, exercisable, weighted average exercise price | $16.83 |
$31.75-35.38 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower range limit | $31.75 |
Range of exercise prices, upper range limit | $35.38 |
Options and SARs, outstanding, number outstanding | 1,370,500 |
Options and SARs, outstanding, weighted average remaining contractual life (in years) | 1 year |
Options and SARs, outstanding, weighted average exercise price | $34.78 |
Options and SARs, exercisable, number outstanding | 1,370,500 |
Options and SARs, exercisable, weighted average remaining contractual life (in years) | 1 year |
Options and SARs, exercisable, weighted average exercise price | $34.78 |
ShareBased_Compensation_Plans_7
Share-Based Compensation Plans (Yearly Activity Of Stock Purchase Plan) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares subscribed | 19,581,278 | ||
Shares available for future issuance | 17,781,754 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares subscribed | 281,460 | 299,210 | 339,620 |
Price per share | $12.61 | $11.85 | $14.34 |
Shares purchased | 211,580 | 198,300 | 357,180 |
Price per share | $11.85 | $11.76 | $13.63 |
Shares available for future issuance | 4,134,634 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Aug. 11, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | |
right | |||
Stockholders' Equity Note [Abstract] | |||
Treasury Stock, Shares, Acquired | 0 | 0 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 8,259,647 | ||
Preferred Stock, Par or Stated Value Per Share | $1 | ||
Preferred Stock, Shares Authorized | 2,000,000 | ||
Preferred Stock, Shares Outstanding | 0 | ||
Unit of right per each common stock | 1 |
Employees_Retirement_Plans_Nar
Employees' Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | |||
Compensation expense under defined contribution profit sharing and savings plan and BRP Plan | $15.90 | $13 | $14.10 |
Benefit restoration plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation liability | 78.8 | 77 | |
Current value of segregated assets | 59.4 | 52.9 | |
Net holding gain (loss) on segregated assets | 9.9 | 5.3 | 6.5 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Liability related to unfunded status of defined benefit plans | 3.5 | 5.1 | |
Foreign Postretirement Benefit Plans, Defined Benefit [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Company expenses for international plans | $3.60 | $2.20 | $3.20 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Aug. 31, 2013 | Aug. 31, 2013 | Sep. 18, 2008 | Aug. 31, 2013 | Aug. 31, 2012 |
Guarantee of Indebtedness of Others [Member] | Class Action Antitrust Lawsuit [Member] | Class Action Antitrust Lawsuit [Member] | CERCLA sites [Member] | CERCLA sites [Member] | ||||
states | entities | |||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Operating leases, rent Expense | $46.60 | $43.90 | $45.90 | |||||
Accrual for Environmental Loss Contingencies | 9 | 9 | ||||||
Accrued Environmental Loss Contingencies, Noncurrent | 5 | 4.9 | ||||||
Loss Contingencies [Line Items] | ||||||||
Number of steel manufacturing companies | 9 | |||||||
Number of States | 28 | |||||||
Environmental Remediation Expense | 0.9 | 1 | ||||||
Maximum credit facility | 4 | |||||||
Guarantor obligations, maximum exposure | $3.50 |
Commitments_And_Contigencies_M
Commitments And Contigencies (Minimum Lease Commitments Payable For Noncancelable Operating Leases) (Details) (USD $) | Aug. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2014 | $35,430 |
2015 | 28,600 |
2016 | 22,943 |
2017 | 15,576 |
2018 | 9,030 |
Thereafter | 11,918 |
Total | $123,497 |
Earnings_Loss_Per_Share_Attrib2
Earnings (Loss)Â Per Share Attributable To CMC (Reconciliation of the Denominators of the Earnings Per Share Calculations) (Details) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Reconciliation of the denominators of the earnings per share | |||
Shares outstanding for basic earnings (loss) per share | 116,677,836 | 115,861,986 | 114,995,616 |
Stock-based incentive/purchase plans | 875,116 | 921,174 | 1,115,507 |
Shares outstanding for diluted earnings (loss) per share | 117,552,952 | 116,783,160 | 116,111,123 |
Earnings_Loss_Per_Share_Attrib3
Earnings (Loss)Â Per Share Attributable To CMC (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Earnings Per Share [Abstract] | |||
Number of antidilutive securities excluded from computation of diluted earnings per share | 1.5 | 2.8 | 2.3 |
Accrued_Expenses_And_Other_Pay2
Accrued Expenses And Other Payables (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Salaries and incentive compensation | $77,849 | $88,717 |
Advance billings on contracts | 53,089 | 65,241 |
Taxes other than income taxes | 46,480 | 38,024 |
Insurance | 24,911 | 27,646 |
Contract losses | $5,621 | $3,784 |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
segments | |||
Segment Reporting [Abstract] | |||
Number of Operating Segments | 5 | ||
Statement [Line Items] | |||
Capital expenditures | $89,035,000 | $113,853,000 | $73,215,000 |
Segment, Discontinued Operations [Member] | |||
Statement [Line Items] | |||
Capital expenditures | 1,200,000 | 5,500,000 | 14,300,000 |
Total assets | 50,500,000 | 43,400,000 | 135,900,000 |
Adjusted Segment Reporting Operating Profit Loss | $3,700,000 | ($10,700,000) | ($138,200,000) |
Business_Segments_Summary_of_C
Business Segments (Summary of Certain Financial Information from Continuing Operations by Reportable Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales-unaffiliated customers | $1,698,861 | $1,752,534 | [1] | $1,688,665 | [1] | $1,749,515 | [1] | $1,833,026 | [1] | $1,957,827 | [1] | $1,918,049 | [1] | $1,947,473 | [1] | $6,889,575 | $7,656,375 | $7,666,773 | ||||
Adjusted operating profit (loss) | 206,438 | 240,712 | 101,058 | |||||||||||||||||||
Capital expenditures | 89,035 | 113,853 | 73,215 | |||||||||||||||||||
Segment, Continuing Operations [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales-unaffiliated customers | 6,889,575 | 7,656,375 | 7,666,773 | |||||||||||||||||||
Intersegment sales | 0 | 0 | 0 | |||||||||||||||||||
Net sales | 6,889,575 | 7,656,375 | 7,666,773 | |||||||||||||||||||
Adjusted operating profit (loss) | 206,438 | 240,712 | 101,058 | |||||||||||||||||||
Interest expense | 69,608 | [2] | 69,487 | [2] | 69,814 | [2] | ||||||||||||||||
Capital expenditures | 87,804 | [3] | 108,385 | [3] | 58,911 | [3] | ||||||||||||||||
Depreciation and amortization | 151,002 | [4] | 134,442 | [4] | 175,467 | [4] | ||||||||||||||||
Total assets | 3,444,261 | [5] | 3,397,870 | [5] | 3,444,261 | [5] | 3,397,870 | [5] | 3,547,266 | [5] | ||||||||||||
Americas Recycling [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales-unaffiliated customers | 1,225,604 | 1,418,717 | 1,692,824 | |||||||||||||||||||
Intersegment sales | 166,145 | 187,444 | 136,713 | |||||||||||||||||||
Net sales | 1,391,749 | 1,606,161 | 1,829,537 | |||||||||||||||||||
Adjusted operating profit (loss) | 3,170 | 39,446 | 43,059 | |||||||||||||||||||
Interest expense | 9 | [2] | 1,933 | [2] | 246 | [2] | ||||||||||||||||
Capital expenditures | 21,261 | [3] | 40,329 | [3] | 7,666 | [3] | ||||||||||||||||
Depreciation and amortization | 13,453 | [4] | 13,260 | [4] | 12,860 | [4] | ||||||||||||||||
Total assets | 309,599 | [5] | 285,136 | [5] | 309,599 | [5] | 285,136 | [5] | 278,120 | [5] | ||||||||||||
Americas Mills [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales-unaffiliated customers | 1,060,337 | 1,206,651 | 1,111,483 | |||||||||||||||||||
Intersegment sales | 759,183 | 777,070 | 728,235 | |||||||||||||||||||
Net sales | 1,819,520 | 1,983,721 | 1,839,718 | |||||||||||||||||||
Adjusted operating profit (loss) | 204,333 | 235,918 | 149,213 | |||||||||||||||||||
Interest expense | -101 | [2] | 12,995 | [2] | 12,894 | [2] | ||||||||||||||||
Capital expenditures | 37,216 | [3] | 38,140 | [3] | 24,169 | [3] | ||||||||||||||||
Depreciation and amortization | 42,925 | [4] | 40,704 | [4] | 49,264 | [4] | ||||||||||||||||
Total assets | 598,478 | [5] | 615,070 | [5] | 598,478 | [5] | 615,070 | [5] | 587,053 | [5] | ||||||||||||
Americas Fabrication [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales-unaffiliated customers | 1,427,785 | 1,366,944 | 1,208,823 | |||||||||||||||||||
Intersegment sales | 14,906 | 14,694 | 16,899 | |||||||||||||||||||
Net sales | 1,442,691 | 1,381,638 | 1,225,722 | |||||||||||||||||||
Adjusted operating profit (loss) | 28,033 | -15,697 | -129,141 | |||||||||||||||||||
Interest expense | 83 | [2] | 10,809 | [2] | 9,717 | [2] | ||||||||||||||||
Capital expenditures | 5,605 | [3] | 4,389 | [3] | 2,029 | [3] | ||||||||||||||||
Depreciation and amortization | 22,302 | [4] | 22,056 | [4] | 48,299 | [4] | ||||||||||||||||
Total assets | 631,510 | [5] | 629,970 | [5] | 631,510 | [5] | 629,970 | [5] | 590,278 | [5] | ||||||||||||
International Mill [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales-unaffiliated customers | 819,889 | 955,730 | 1,043,267 | |||||||||||||||||||
Intersegment sales | 6,155 | 77,627 | 2,966 | |||||||||||||||||||
Net sales | 826,044 | 1,033,357 | 1,046,233 | |||||||||||||||||||
Adjusted operating profit (loss) | 890 | 23,044 | 47,594 | |||||||||||||||||||
Interest expense | 992 | [2] | 10,090 | [2] | 18,251 | [2] | ||||||||||||||||
Capital expenditures | 15,155 | [3] | 14,016 | [3] | 14,278 | [3] | ||||||||||||||||
Depreciation and amortization | 33,238 | [4] | 32,306 | [4] | 36,528 | [4] | ||||||||||||||||
Total assets | 487,613 | [5] | 529,160 | [5] | 487,613 | [5] | 529,160 | [5] | 643,748 | [5] | ||||||||||||
International Marketing and Distribution [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales-unaffiliated customers | 2,344,128 | 2,700,300 | 2,603,494 | |||||||||||||||||||
Intersegment sales | 11,444 | 27,019 | 47,405 | |||||||||||||||||||
Net sales | 2,355,572 | 2,727,319 | 2,650,899 | |||||||||||||||||||
Adjusted operating profit (loss) | 35,617 | 47,287 | 76,337 | |||||||||||||||||||
Interest expense | 4,369 | [2] | 6,548 | [2] | 2,173 | [2] | ||||||||||||||||
Capital expenditures | 1,015 | [3] | 3,314 | [3] | 2,873 | [3] | ||||||||||||||||
Depreciation and amortization | 17,988 | [4] | 5,821 | [4] | 4,600 | [4] | ||||||||||||||||
Total assets | 838,413 | [5] | 870,933 | [5] | 838,413 | [5] | 870,933 | [5] | 990,111 | [5] | ||||||||||||
Corporate [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales-unaffiliated customers | 11,832 | 8,033 | 6,882 | |||||||||||||||||||
Intersegment sales | 0 | 0 | 0 | |||||||||||||||||||
Net sales | 11,832 | 8,033 | 6,882 | |||||||||||||||||||
Adjusted operating profit (loss) | -66,453 | -83,035 | -84,729 | |||||||||||||||||||
Interest expense | 64,256 | [2] | 27,112 | [2] | 26,533 | [2] | ||||||||||||||||
Capital expenditures | 7,552 | [3] | 8,197 | [3] | 7,896 | [3] | ||||||||||||||||
Depreciation and amortization | 21,096 | [4] | 20,295 | [4] | 23,916 | [4] | ||||||||||||||||
Total assets | 1,075,594 | [5] | 961,654 | [5] | 1,075,594 | [5] | 961,654 | [5] | 1,505,672 | [5] | ||||||||||||
Eliminations [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net sales-unaffiliated customers | 0 | 0 | 0 | |||||||||||||||||||
Intersegment sales | -957,833 | -1,083,854 | -932,218 | |||||||||||||||||||
Net sales | -957,833 | -1,083,854 | -932,218 | |||||||||||||||||||
Adjusted operating profit (loss) | 848 | -6,251 | -1,275 | |||||||||||||||||||
Interest expense | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||||||||||
Capital expenditures | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||
Depreciation and amortization | 0 | [4] | 0 | [4] | 0 | [4] | ||||||||||||||||
Total assets | ($496,946) | [5] | ($494,053) | [5] | ($496,946) | [5] | ($494,053) | [5] | ($1,047,716) | [5] | ||||||||||||
[1] | Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions. | |||||||||||||||||||||
[2] | Includes intercompany interest expense (income)Â in the segments and is all eliminated within Corporate. | |||||||||||||||||||||
[3] | xcludes capital expenditures from discontinued operations of $1.2 million, $5.5 million and $14.3 million for the years ended August 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
[4] | Includes asset impairment charges. | |||||||||||||||||||||
[5] | xcludes total assets from discontinued operations of $50.5 million at August 31, 2013, $43.4 million at August 31, 2012 and $135.9 million at August 31, 2011. |
Business_Segments_Reconciliati
Business Segments (Reconciliation Of Consolidated Adjusted Operating Profit To Net Earnings From Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
Earnings from continuing operations | $74,957 | $210,549 | $11,539 |
Income taxes (benefit) | 57,979 | -45,762 | 14,592 |
Interest expense | 69,608 | 69,487 | 69,814 |
Discounts on sales of accounts receivable | 3,900 | 6,400 | 5,100 |
Adjusted operating profit (loss) from continuing operations | 206,438 | 240,712 | 101,058 |
Segment, Continuing Operations [Member] | |||
Discounts on sales of accounts receivable | $3,894 | $6,438 | $5,113 |
Business_Segments_External_Net
Business Segments (External Net Sales from Continuing Operations by Major Product) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |||||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||||||||||||||||
Net sales | $1,698,861 | $1,752,534 | [1] | $1,688,665 | [1] | $1,749,515 | [1] | $1,833,026 | [1] | $1,957,827 | [1] | $1,918,049 | [1] | $1,947,473 | [1] | $6,889,575 | $7,656,375 | $7,666,773 |
Steel products [Member] | ||||||||||||||||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||||||||||||||||
Net sales | 4,318,072 | 4,699,226 | 4,412,810 | |||||||||||||||
Industrial materials [Member] | ||||||||||||||||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||||||||||||||||
Net sales | 928,472 | 1,147,386 | 1,134,819 | |||||||||||||||
Nonferrous scrap [Member] | ||||||||||||||||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||||||||||||||||
Net sales | 682,611 | 765,349 | 997,717 | |||||||||||||||
Ferrous scrap [Member] | ||||||||||||||||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||||||||||||||||
Net sales | 646,263 | 763,772 | 805,067 | |||||||||||||||
Construction materials [Member] | ||||||||||||||||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||||||||||||||||
Net sales | 189,046 | 177,827 | 217,741 | |||||||||||||||
Nonferrous products [Member] | ||||||||||||||||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||||||||||||||||
Net sales | 5,674 | 2,689 | 2,573 | |||||||||||||||
Other [Member] | ||||||||||||||||||
Entity-Wide Information, Revenue from External Customer [Line Items] | ||||||||||||||||||
Net sales | $119,437 | $100,126 | $96,046 | |||||||||||||||
[1] | Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions. |
Business_Segments_External_Net1
Business Segments (External Net Sales from Continuing Operations by Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net sales | $1,698,861 | $1,752,534 | [1] | $1,688,665 | [1] | $1,749,515 | [1] | $1,833,026 | [1] | $1,957,827 | [1] | $1,918,049 | [1] | $1,947,473 | [1] | $6,889,575 | $7,656,375 | $7,666,773 |
United States [Member] | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net sales | 4,107,231 | 4,503,786 | 4,166,960 | |||||||||||||||
Europe [Member] | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net sales | 1,108,196 | 1,313,611 | 1,581,688 | |||||||||||||||
Asia [Member] | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net sales | 1,094,458 | 1,018,675 | 1,131,332 | |||||||||||||||
Australia/New Zealand [Member] | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net sales | 488,108 | 617,919 | 564,084 | |||||||||||||||
Other [Member] | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net sales | $91,582 | $202,384 | $222,709 | |||||||||||||||
[1] | Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions. |
Business_Segments_Business_Seg
Business Segments Business Segments (Long-Lived Assets By Geographic Area) (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 |
In Thousands, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $1,128,606 | $1,201,415 | $1,356,878 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 868,643 | 907,009 | 944,851 |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 239,899 | 250,392 | 364,207 |
Australia/New Zealand [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | 12,446 | 36,097 | 38,973 |
Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets | $7,618 | $7,917 | $8,847 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | ||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Net sales | $1,698,861 | $1,752,534 | [1] | $1,688,665 | [1] | $1,749,515 | [1] | $1,833,026 | [1] | $1,957,827 | [1] | $1,918,049 | [1] | $1,947,473 | [1] | $6,889,575 | $7,656,375 | $7,666,773 | |
Gross profit | 160,788 | [1] | 175,519 | [1] | 139,365 | [1] | 186,665 | [1] | 179,438 | [1] | 186,490 | [1] | 179,058 | [1] | 171,641 | [1] | |||
Net earnings attributable to CMC | $4,057 | $18,964 | $4,577 | $49,717 | $30,215 | $40,682 | $28,853 | $107,734 | $77,315 | $207,484 | ($129,617) | ||||||||
Basic EPS attributable to CMC | $0.03 | $0.16 | $0.04 | $0.43 | $0.26 | $0.35 | $0.25 | $0.93 | $0.66 | $1.79 | ($1.13) | ||||||||
Diluted EPS attributable to CMC | $0.03 | $0.16 | $0.04 | $0.42 | $0.26 | $0.35 | $0.25 | $0.93 | $0.66 | $1.78 | ($1.12) | ||||||||
[1] | Excludes divisions classified as discontinued operations. See Note 10, Businesses Held for Sale, Discontinued Operations and Dispositions. |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | Nov. 30, 2012 | Aug. 31, 2011 | |
Trinecke Zelezarny [Member] | Corporate Joint Venture [Member] | ||||
entities | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership before transaction | 11.00% | ||||
Number Of Entities Owned | 2 | ||||
Proceeds from the sale of equity method investments | $0 | $0 | $10,802,000 | $8,300,000 | |
Sales | 135,300,000 | ||||
Purchases | $150,900,000 |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (Howell [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 17, 2013 |
Howell [Member] | |
Subsequent Event [Line Items] | |
Business Divestiture Disposal Price | $58.50 |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts And Reserves (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance | $9,480 | $16,095 | $29,721 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 4,980 | 2,017 | 4,037 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | 193 | [1] | -3,423 | [1] | 2,756 | [1] |
Valuation Allowances and Reserves, Deductions, Charged to Cost and Expense | -550 | -4,480 | -3,727 | |||
Valuation Allowances and Reserves, Deductions, Charged to Other Accounts | -4,061 | [2] | -729 | [2] | -16,692 | [2] |
Valuation Allowances and Reserves, Balance | 10,042 | 9,480 | 16,095 | |||
Valuation Allowances and Reserves, Reclassified to Fair Value of Deferred Purchase Price | -1,163 | -5,864 | 12,238 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Balance | 25,779 | 75,289 | 53,860 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 25,119 | 11,855 | 28,139 | |||
Valuation Allowances and Reserves, Charged to Other Accounts | ||||||
Valuation Allowances and Reserves, Deductions, Charged to Cost and Expense | -2,061 | -356 | -6,710 | |||
Valuation Allowances and Reserves, Deductions, Charged to Other Accounts | -61,009 | |||||
Valuation Allowances and Reserves, Balance | $48,837 | $25,779 | $75,289 | |||
[1] | Recoveries and translation adjustments. | |||||
[2] | Uncollectable accounts charged to the allowance. For the years ended August 31, 2013, 2012 and 2011, $(1,163), $(5,864) and $12,238 were reclassified to the fair value of the deferred purchase price under our sale of receivables program, respectively. |