Commercial Metals (CMC) 10-Q 8 Jan 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 30, 2018	Jan. 07, 2019
Document And Entity Information [Abstract]
Trading Symbol	CMC
Entity Registrant Name	COMMERCIAL METALS CO
Entity Central Index Key	22,444
Document Type	10-Q
Document Period End Date	Nov. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--08-31
Entity Tax Identification Number	750,725,338
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		117,639,213

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Income Statement [Abstract]
Net sales	$ 1,277,342	$ 1,076,533
Costs and expenses:
Cost of goods sold	1,118,433	933,515
Selling, general and administrative expenses	117,217	96,111
Interest expense	16,663	6,611
Total costs and expenses	1,252,313	1,036,237
Earnings from continuing operations before income taxes	25,029	40,296
Income taxes	5,609	8,425
Earnings from continuing operations	19,420	31,871
Earnings from discontinued operations before income taxes	457	8,120
Income taxes	135	3,181
Earnings from discontinued operations	322	4,939
Net earnings	$ 19,742	$ 36,810
Basic earnings per share
Earnings from continuing operations (in USD per share)	$ 0.17	$ 0.27
Earnings (loss) from discontinued operations (in USD per share)	0	0.04
Net earnings (in USD per share)	0.17	0.32
Diluted earnings per share
Earnings from continuing operations (in USD per share)	0.16	0.27
Earnings (loss) from discontinued operations (in USD per share)	0	0.04
Net earnings (in USD per share)	0.17	0.31
Cash dividends per share (in USD per share)	$ 0.12	$ 0.12
Average basic shares outstanding	117,387,038	116,243,545
Average diluted shares outstanding	118,682,473	117,857,911

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Statement of Comprehensive Income [Abstract]
Net earnings	$ 19,742	$ 36,810
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustment	(9,657)	2,835
Reclassification for translation loss realized upon liquidation of investment in foreign entity	(99)	0
Foreign currency translation adjustment	(9,756)	2,835
Net unrealized gain (loss) on derivatives:
Unrealized holding gain (loss)	(35)	11
Reclassification for gain included in net earnings	(42)	(106)
Net unrealized loss on derivatives	(77)	(95)
Defined benefit obligation:
Amortization of prior services	(7)	(6)
Reclassification for settlement losses	1,316	437
Defined benefit obligation	1,309	431
Other comprehensive income (loss)	(8,524)	3,171
Comprehensive income	$ 11,218	$ 39,981

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Nov. 30, 2018	Aug. 31, 2018
Current assets:
Cash and cash equivalents	$ 52,352	$ 622,473
Accounts receivable (less allowance for doubtful accounts of $7,301 and $4,489)	1,018,000	749,484
Inventories, net	828,559	589,005
Other current assets	130,013	116,243
Total current assets	2,028,924	2,077,205
Property, plant and equipment, Net	1,492,228	1,075,038
Goodwill	64,252	64,310
Other noncurrent assets	123,246	111,751
Total assets	3,708,650	3,328,304
Current liabilities:
Accounts payable-trade	319,637	261,258
Accrued expenses and other payables	287,467	260,939
Acquired unfavorable contract backlog	122,268	0
Current maturities of long-term debt	29,083	19,746
Total current liabilities	758,455	541,943
Deferred income taxes	27,182	37,834
Other long-term liabilities	126,162	116,325
Long-term debt	1,307,824	1,138,619
Total liabilities	2,219,623	1,834,721
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 117,634,201 and 117,015,558 shares	1,290	1,290
Additional paid-in capital	342,893	352,674
Accumulated other comprehensive loss	(102,201)	(93,677)
Retained earnings	1,449,374	1,446,495
Less treasury stock, 11,426,463 and 12,045,106 shares at cost	(202,515)	(213,385)
Stockholders' equity	1,488,841	1,493,397
Stockholders' equity attributable to noncontrolling interests	186	186
Total stockholders' equity	1,489,027	1,493,583
Commitments and contingencies (Note 16)
Total liabilities and stockholders' equity	$ 3,708,650	$ 3,328,304

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2018	Aug. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 7,301	$ 4,489
Common stock, par value (in USD per share)	$ 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	117,634,201	117,015,558
Treasury stock, shares	11,426,463	12,045,106

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Cash flows from (used by) operating activities:
Net earnings	$ 19,742	$ 36,810
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	35,182	32,193
Amortization of acquired unfavorable contract backlog	(11,332)	0
Stock-based compensation	4,217	4,780
Net gain on disposals of subsidiaries, assets and other	(1,271)	(228)
Deferred income taxes and other long-term taxes	(352)	9,312
Write-down of inventories	45	87
Provision for losses on receivables, net	0	1,901
Asset impairment	0	1,480
Changes in operating assets and liabilities	(36,333)	(30,537)
Beneficial interest in securitized accounts receivable	(367,521)	(175,957)
Net cash flows used by operating activities	(357,623)	(120,159)
Cash flows from (used by) investing activities:
Acquisitions, net of cash acquired	(694,802)	(6,980)
Capital expenditures	(37,914)	(59,681)
Proceeds from settlement of life insurance policies	1,905	0
Insurance proceeds	2,000	0
Proceeds from the sale of property, plant and equipment and other	1,953	560
Proceeds from the sale of subsidiaries	1,893	2,260
Repayments under accounts receivable programs	0	(90,000)
Beneficial interest in securitized accounts receivable	367,521	175,957
Net cash flows from (used by) investing activities	(357,444)	22,116
Cash flows from (used by) financing activities:
Proceeds from issuance of long-term debt	180,000	0
Repayments of long-term debt	(7,175)	(2,979)
Proceeds from the accounts receivable programs	33,439	0
Repayments under accounts receivable programs	(45,586)	0
Dividends	(14,116)	(13,993)
Stock issued under incentive and purchase plans, net of forfeitures	(6,220)	(9,520)
Increase in documentary letters of credit, net	0	2,141
Net cash flows from (used by) financing activities	140,342	(24,351)
Effect of exchange rate changes on cash	(353)	(235)
Decrease in cash, restricted cash and cash equivalents	(575,078)	(122,629)
Cash, restricted cash and cash equivalents at beginning of period	57,537	163,252
Cash, restricted cash and cash equivalents at end of period	57,537	163,252
Supplemental information:
Cash paid for income taxes	4,879	4,310
Cash paid for interest	19,807	9,402
Noncash activities:
Liabilities related to additions of property, plant and equipment	$ 19,676	$ 20,202

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 52,352	$ 130,209
Restricted cash	5,185	33,043
Total cash, restricted cash and cash equivalents	$ 57,537	$ 163,252

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Noncontrolling Interests
Beginning balance at Aug. 31, 2017	$ 1,400,930	$ 1,290	$ 349,258	$ (81,513)	$ 1,363,806	$ (232,084)	$ 173
Beginning balance, shares at Aug. 31, 2017		129,060,664
Beginning balance, treasury stock, shares at Aug. 31, 2017						(13,266,928)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	36,810				36,810
Other comprehensive income (loss)	3,171			3,171
Dividends ($0.12 per share)	(13,993)
Issuance of stock under incentive and purchase plans, net of forfeitures	(9,520)		(22,491)			$ 12,971
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						836,892
Stock-based compensation	2,327		2,327
Reclassification of share-based liability awards	15,248		15,248
Ending balance at Nov. 30, 2017	1,434,973	$ 1,290	344,342	(78,342)	1,386,623	$ (219,113)	173
Ending balance, shares at Nov. 30, 2017		129,060,664
Ending balance, treasury stock, shares at Nov. 30, 2017						(12,430,036)
Beginning balance at Aug. 31, 2018	$ 1,493,583	$ 1,290	352,674	(93,677)	1,446,495	$ (213,385)	186
Beginning balance, shares at Aug. 31, 2018	129,060,664	129,060,664
Beginning balance, treasury stock, shares at Aug. 31, 2018	(12,045,106)					(12,045,106)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 19,742				19,742
Other comprehensive income (loss)	(8,524)			(8,524)
Dividends ($0.12 per share)	(14,116)				(14,116)
Issuance of stock under incentive and purchase plans, net of forfeitures	(6,220)		(17,090)			$ 10,870
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						618,643
Stock-based compensation	7,309		7,309
Adoption of ASC 606 adjustment	(2,747)				(2,747)
Ending balance at Nov. 30, 2018	$ 1,489,027	$ 1,290	$ 342,893	$ (102,201)	$ 1,449,374	$ (202,515)	$ 186
Ending balance, shares at Nov. 30, 2018	129,060,664	129,060,664
Ending balance, treasury stock, shares at Nov. 30, 2018	(11,426,463)					(11,426,463)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in USD per share)	$ 0.12	$ 0.12

ACCOUNTING POLICIES

ACCOUNTING POLICIES	3 Months Ended
	Nov. 30, 2018
Accounting Policies [Abstract]
Accounting policies	NOTE 1. ACCOUNTING POLICIES Accounting Principles The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") on a basis consistent with that used in the Annual Report on Form 10-K for the fiscal year ended August 31, 2018 (" 2018 Form 10-K") filed by Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") with the Securities and Exchange Commission (the "SEC") and include all normal recurring adjustments necessary to present fairly the unaudited condensed consolidated balance sheets and the unaudited condensed consolidated statements of earnings, comprehensive income, cash flows and stockholders' equity for the periods indicated. These notes should be read in conjunction with the audited consolidated financial statements included in the 2018 Form 10-K. The results of operations for the three month period are not necessarily indicative of the results to be expected for the full fiscal year. Recently Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230). ASU 2016-15 is intended to reduce diversity in practice in how certain cash receipts and cash payments are presented in the statement of cash flows. The new standard provides guidance on eight specific cash flow issues, including the statement of cash flows treatment of beneficial interests in securitized financial transactions, which encompasses activities under the Company's accounts receivable programs in the U.S. and Poland. The standard, which requires retrospective application to all periods presented, was adopted in the first quarter of fiscal 2019. As a result of adoption, in the consolidated statements of cash flows for the three months ended November 30, 2018 and 2017, the Company reported reductions in operating cash flows of $367.5 million and $176.0 million , respectively, with offsetting increases in investing cash flows related to the collection of previously sold trade accounts receivable. Additionally, upon adoption, the $90.0 million repayment during the first quarter of fiscal 2018 of advances outstanding at August 31, 2017, originally recorded as an outflow from operating activities, was reclassified to investing activities. On September 1, 2018, the Company adopted Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, including the related amendments ("the new revenue standard"). The Company elected to adopt the new revenue standard under the modified retrospective approach and applied the guidance only to contracts that were not completed as of the date of adoption. The Company recognized a total cumulative effect of $2.7 million , net of tax, as a reduction to the opening balance of retained earnings as of September 1, 2018. There was no impact to the condensed consolidated statement of cash flows or other comprehensive income. In accordance with ASC 606, the disclosure below reflects the impact of adoption to the unaudited condensed consolidated statement of earnings, as compared to what the results would have been under ASC 605. The impact to the unaudited condensed consolidated balance sheet would have been immaterial. Three Months Ended November 30, 2018 (in thousands) As Reported Balances Without Adoption of Topic 606 Effect of Change - Higher (Lower) Net sales $ 1,277,342 $ 1,279,567 $ (2,225 ) Net earnings $ 19,742 $ 21,469 $ (1,727 ) Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require a customer in a hosting arrangement that is a service contract to follow the internal-use software guidance in ASC 250-40 to determine which implementation costs to capitalize or to expense as incurred. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. This ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815). The ASU better aligns accounting rules with a company's risk management activities; better reflects economic results of hedging in financial statements; and simplifies hedge accounting treatment. For public companies, this standard is effective for annual periods beginning after December 15, 2018, including interim periods. The standard must be applied to hedging relationships existing on the date of adoption, and the effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The Company is evaluating the impact of this guidance on its consolidated financial statements and the planned adoption date. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and has modified the standard thereafter. The standard requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for all leases with terms of twelve months or longer. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which provides an additional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2018 and will be effective for the Company beginning September 1, 2019, at which point the Company plans to adopt the standard. Upon adoption, the Company expects an increase in both right of use assets and right of use liabilities in the consolidated balance sheet. The Company continues to review the effects of ASU 2016-02 and any modifications thereafter, including evaluation of the impact of this guidance on internal processes and systems, internal controls, and its consolidated financial statements.

ACQUISITION

ACQUISITION	3 Months Ended
	Nov. 30, 2018
Business Combinations [Abstract]
Acquisition	NOTE 2. ACQUISITION On November 5, 2018 (the " Acquisition Date "), we completed the acquisition of 33 rebar fabrication facilities in the United States, as well as four electric-arc furnace mini mills located in Knoxville, Tennessee; Jacksonville, Florida; Sayreville, New Jersey and Rancho Cucamonga, California from Gerdau S.A., hereinafter collectively referred to as the " Acquired Businesses ". The total cash purchase price, including working capital adjustments, was $701.2 million , subject to customary purchase price adjustments, and was funded through a combination of domestic cash on-hand and borrowings under the 2018 Term Loan , as defined in Note 9, Credit Arrangements . The Company accounts for business combinations by recognizing the assets acquired and liabilities assumed at the Acquisition Date fair value. In valuing acquired assets and liabilities, fair value estimates use Level 3 inputs, including expected future cash flows and discount rates. While the Company uses its best estimates and assumptions as a part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the Acquisition Date , the Company’s estimates are inherently uncertain and subject to refinement. The results of operations of the Acquired Businesses are reflected in the Company’s condensed consolidated financial statements from the Acquisition Date . The purchase price allocation is subject to change as the Company obtains additional information during the allowable one year measurement period (the "Measurement Period") about the facts and circumstances that existed as of the Acquisition Date . The following table summarizes the fair values of the assets acquired and the liabilities assumed on the Acquisition Date . (in thousands) November 5, 2018 Cash and cash equivalents $ 6,399 Accounts receivable 308,074 Inventories 207,648 Other current assets 11,788 Property, plant and equipment 424,541 Intangible assets 10,252 Deferred income taxes 10,567 Accounts payable-trade, accrued expenses and other payables (128,183 ) Acquired unfavorable contract backlog (133,600 ) Other long-term liabilities (9,920 ) Pension and other post retirement employment benefits (6,365 ) Total assets acquired and liabilities assumed $ 701,201 The amortizable intangible assets (liabilities) acquired consisted of: (in thousands, except life in years) Life in Years Preliminary Fair Value Non-compete agreement 5 years $ 7,769 Net unfavorable lease contracts Various (2,516 ) Favorable contract backlog 1 year 2,294 Unfavorable contract backlog 1-2 years* (133,600 ) * Amortization will correspond with completion of the acquired contracts, which is estimated to occur over the next 1 to 2 years. Financial Results The following table summarizes the financial results of the Acquired Businesses from the Acquisition Date through the end of the first quarter of fiscal 2019 that are included in the Company’s condensed consolidated statement of earnings and condensed consolidated statement of comprehensive income. (in thousands) November 30, 2018 Net sales $ 121,499 Earnings before income taxes $ 8,427 Pro Forma Supplemental Information Supplemental information on an unaudited pro forma basis is presented below for the three months ended November 30, 2018 and 2017 as if the acquisition of the Acquired Businesses occurred on September 1, 2017. The pro forma financial information is presented for comparative purposes only, based on certain estimates and assumptions, which the Company believes to be reasonable, but not necessarily indicative of future results of operations or the results that would have been reported if the acquisition of the Acquired Businesses had been completed on September 1, 2017. These results were not used as a part of management analysis of the financial results and performance of the Company’s business. These results are adjusted, where possible, for transaction and integration related costs. These results involve a significant amount of estimates. Three Months Ended November 30, (in thousands) 2018 2017* Pro forma net sales 1,557,032 1,417,583 Pro forma net earnings 38,059 (4,749 ) *Non-recurring acquisition and integration costs of approximately $43.3 million incurred through the first quarter of fiscal 2019 have been included in pro forma net earnings for the three months ended November 30, 2017.

CHANGES IN BUSINESS

CHANGES IN BUSINESS	3 Months Ended
	Nov. 30, 2018
Business Combinations [Abstract]
Changes in Business	NOTE 3. CHANGES IN BUSINESS During fiscal 2018, the Company completed the exit of its trading operations in the U.S., Asia, and Australia. The results of these activities are included in discontinued operations in the unaudited condensed consolidated statements of earnings for all periods presented. The major classes of line items constituting earnings from discontinued operations in the unaudited condensed consolidated statements of earnings are presented in the table below. (in thousands) Three Months Ended November 30, 2017 Net sales $ 162,111 Costs and expenses: Cost of goods sold 141,451 Selling, general and administrative expenses 12,626 Interest expense (86 ) Earnings before income taxes 8,120 Income taxes 3,181 Earnings from discontinued operations $ 4,939 Results for discontinued operations were immaterial for the three months ended November 30, 2018 . There were no material operating or investing non-cash items for discontinued operations for the three months ended November 30, 2018 and 2017 . The assets and liabilities of the businesses classified as held for sale and discontinued operations were immaterial at both November 30, 2018 and August 31, 2018 .

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Nov. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income (loss)	NOTE 4. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables reflect the changes in accumulated other comprehensive income (loss) ("AOCI"): Three Months Ended November 30, 2018 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, August 31, 2018 $ (92,637 ) $ 1,356 $ (2,396 ) $ (93,677 ) Other comprehensive income (loss) before reclassifications (9,657 ) (52 ) (11 ) (9,720 ) Amounts reclassified from AOCI (99 ) (42 ) 1,666 1,525 Income taxes — 17 (346 ) (329 ) Net other comprehensive income (loss) (9,756 ) (77 ) 1,309 (8,524 ) Balance, November 30, 2018 $ (102,393 ) $ 1,279 $ (1,087 ) $ (102,201 ) Three Months Ended November 30, 2017 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, August 31, 2017 $ (80,778 ) $ 1,587 $ (2,322 ) $ (81,513 ) Other comprehensive income before reclassifications 2,835 13 — 2,848 Amounts reclassified from AOCI — (146 ) 665 519 Income taxes — 38 (234 ) (196 ) Net other comprehensive income (loss) 2,835 (95 ) 431 3,171 Balance, November 30, 2017 $ (77,943 ) $ 1,492 $ (1,891 ) $ (78,342 ) Items reclassified out of AOCI were not material for the three months ended November 30, 2018 and 2017 , thus the corresponding line items in the unaudited condensed consolidated statements of earnings to which the items were reclassified are not presented.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Nov. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 5. REVENUE RECOGNITION Revenue from Contracts with Customers Revenues are recognized when control of the promised goods or services is transferred to the customer in an amount that reflects the consideration received or expected to be received in exchange for those goods or services. The Company's performance obligations arise from sales of steel products, ferrous and nonferrous scrap metals, and construction materials; and from services such as steel fabrication and installation. The shipment of products to customers is considered a fulfillment activity and amounts billed to customers for shipping and freight are included in net sales, and the related costs are included in cost of goods sold. Net sales is presented net of taxes. In the Americas Mills, Americas Recycling, and International Mill segments, revenue is recognized at a point in time concurrent with the transfer of control, which usually occurs, depending on shipping terms, upon shipment or customer receipt. In the Americas Fabrication segment, each contract represents a single performance obligation. Revenue from certain contracts is recognized over time and revenue from certain contracts is recognized equal to billing under an available practical expedient. For contracts where the Company provides fabricated product and installation services, revenue is recognized over time using an input method. These contracts represent approximately 29% of total revenue in the Americas Fabrication segment. For these contracts, the measure of progress is based on contract costs incurred to date compared to total estimated contract costs, which provides a reasonable depiction of the Company’s progress toward satisfaction of the performance obligation as there is a direct relationship between costs incurred by the Company and the transfer of the fabricated product and installation services. Revenue from contracts where the Company does not provide installation services is recognized over time using an output method. These contracts represent approximately 21% of total revenue in the Americas Fabrication segment. For these contracts, the Company uses tons shipped compared to total estimated tons, which provides a reasonable depiction of the transfer of contract value to the customer, as there is a direct relationship between the units shipped by the Company and the transfer of the fabricated product. Significant judgment is required to evaluate total estimated costs used in the input method and total estimated tons in the output method. If estimated total costs on any contract are greater than the net contract revenues, the Company recognizes the entire estimated loss in the period the loss becomes known. The cumulative effect of revisions to estimates related to net contract revenues, costs to complete, or total planned quantity is recorded in the period in which such revisions are identified. The Company does not exercise significant judgments in determining the transaction price. The remaining 50% of revenue in the Americas Fabrication segment is recognized as amounts are billed to the customer. The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an asset when revenue is recognized prior to invoicing and a liability when revenue is recognized subsequent to invoicing. Payment terms and conditions vary by contract type, although the Company generally requires customers to pay 30 days after the Company satisfies the performance obligations. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined the contracts generally do not include a significant financing component. The following table provides information about assets and liabilities from contracts with customers. (in thousands) November 30, 2018 August 31, 2018 Contract assets (included in other current assets) $ 70,455 $ 49,221 Contract liabilities (included in accrued expenses and other payables) 23,716 6,679 The amount of revenue reclassified from the August 31, 2018 contract liabilities balance during the three months ended November 30, 2018 was approximately $5.5 million . Remaining Performance Obligations As of November 30, 2018 , a total of $896.1 million has been allocated to remaining performance obligations in the Americas Fabrication segment, excluding those contracts where revenue is recognized equal to billing under an available practical expedient. Of this amount, the Company estimates the remaining performance obligations will be recognized as revenue as follows: 40% in the first twelve months , 49% in the following twelve months , and 11% thereafter . The duration of contracts in the Americas Mills, Americas Recycling, and International Mill segments are typically less than one year. Disaggregation of Revenue The following tables display revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended November 30, 2018 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 239 $ 347,965 $ 374,807 $ 217,770 $ — $ 940,781 Ferrous scrap 111,654 9,142 — 275 — 121,071 Nonferrous scrap 128,075 3,180 — 2,941 — 134,196 Construction materials — — 57,171 — — 57,171 Other 213 13,384 2,580 5,687 2,259 24,123 Total $ 240,181 $ 373,671 $ 434,558 $ 226,673 $ 2,259 $ 1,277,342 Three Months Ended November 30, 2017 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 298 $ 221,562 $ 269,642 $ 209,860 $ — $ 701,362 Ferrous scrap 122,647 9,048 — 321 — 132,016 Nonferrous scrap 150,952 3,981 — 3,683 — 158,616 Construction materials — — 59,031 — — 59,031 Other 440 12,142 1,879 6,348 4,699 25,508 Total $ 274,337 $ 246,733 $ 330,552 $ 220,212 $ 4,699 $ 1,076,533

ACCOUNTS RECEIVABLE PROGRAMS

ACCOUNTS RECEIVABLE PROGRAMS	3 Months Ended
	Nov. 30, 2018
Transfers and Servicing [Abstract]
Accounts Receivable Programs	NOTE 6. ACCOUNTS RECEIVABLE PROGRAMS As an additional source of liquidity, the Company sells certain trade accounts receivable both in the U.S. and Poland (hereinafter referred to as the “Programs”). For years prior to fiscal 2019 , the Company accounted for transfers of trade accounts receivable under the Programs as sales of financial assets, and the trade accounts receivable balances sold were removed from the consolidated balance sheets. On September 1, 2018, the Company amended certain terms of the Programs, disqualifying the sale of such receivables from being accounted for as sales of financial assets. For activity in the Programs occurring prior to the September 1, 2018 amendment, disclosures required under ASC 860-20-50 are provided below. See Note 9, Credit Arrangements , for further details regarding the Programs. Prior to September 1, 2018, in exchange for trade receivables transferred into the Programs, the Company received either cash (referred to as a cash purchase price or “CPP”) or a deferred purchase price (“DPP”). Upon adoption of ASU 2016-15, the CPP received was reflected as cash provided by operating activities in the Company's consolidated statements of cash flows, and cash received to settle the DPP related to the transfer of receivables was included as part of investing activities in the Company's consolidated statement of cash flows. For periods prior to fiscal 2019, DPP on the Programs was included in accounts receivable on the Company's unaudited condensed consolidated balance sheets. Three Months Ended November 30, 2017 (in thousands) Total U.S. Poland Deferred purchase price Balance, August 31, 2017 $ 215,123 $ 135,623 $ 79,500 Transfers of trade receivables 656,642 535,893 120,749 Less: CPP (492,432 ) (404,337 ) (88,095 ) Non-cash increase to DPP 164,210 131,556 32,654 Cash collections of DPP (175,957 ) (136,145 ) (39,812 ) Repayments of advances 90,000 90,000 — Net collections of DPP (85,957 ) (46,145 ) (39,812 ) Balance, November 30, 2017 $ 293,376 $ 221,034 $ 72,342 At November 30, 2017, the Company transferred $294.8 million of trade accounts receivable to the financial institutions and had no advance payments outstanding under the Programs. Discounts related to the Programs were $0.3 million for the three months ended November 30, 2017 and are included in selling, general and administrative expenses in the Company's unaudited condensed consolidated statement of earnings.

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
	Nov. 30, 2018
Inventory Disclosure [Abstract]
Inventories, net	NOTE 7. INVENTORIES, NET The majority of the Company's inventories are in the form of semi-finished and finished goods. Under the Company’s business model, products are sold to external customers in various stages, from semi-finished billets through fabricated steel, leading these categories to be combined. Work in process inventories were not material at November 30, 2018 and August 31, 2018 . At November 30, 2018 and August 31, 2018 , $184.4 million and $177.7 million , respectively, of the Company's inventories were in the form of raw materials.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Nov. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets	NOTE 8. GOODWILL AND OTHER INTANGIBLES The following table details the changes in the carrying amount of goodwill by reportable segment: (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Consolidated Goodwill, gross Balance, August 31, 2018 $ 9,543 $ 4,970 $ 57,428 $ 2,568 $ 74,509 Foreign currency translation — — — (62 ) (62 ) Impairment — — — — — Reclassification to assets of discontinued operations — — — — — Balance, November 30, 2018 $ 9,543 $ 4,970 $ 57,428 $ 2,506 $ 74,447 Accumulated impairment losses Balance, August 31, 2018 $ (9,543 ) $ — $ (493 ) $ (163 ) $ (10,199 ) Foreign currency translation — — — 4 4 Reclassification to assets of discontinued operations — — — — — Balance, November 30, 2018 $ (9,543 ) $ — $ (493 ) $ (159 ) $ (10,195 ) Goodwill, net Balance, August 31, 2018 $ — $ 4,970 $ 56,935 $ 2,405 $ 64,310 Foreign currency translation — — — (58 ) (58 ) Impairment — — — — — Balance, November 30, 2018 $ — $ 4,970 $ 56,935 $ 2,347 $ 64,252 The total gross carrying amounts of the Company's intangible assets subject to amortization, including any intangible assets associated with the Acquired Businesses , were $30.6 million and $20.5 million at November 30, 2018 and August 31, 2018 , respectively, and were included in other noncurrent assets on the Company's unaudited condensed consolidated balance sheets. Intangible amortization expense from continuing operations related to such intangible assets was $0.5 million for the three months ended November 30, 2018 and 2017 . Excluding goodwill, the Company did not have any significant intangible assets with indefinite lives as of November 30, 2018 . In connection with acquisition of the Acquired Businesses , the Company recorded a preliminary unfavorable contract backlog liability of $133.6 million . Amortization of the backlog for the three months ended November 30, 2018 was $11.3 million and was recorded as an increase to net sales in the Company's unaudited condensed consolidated statement of earnings.

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	3 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Credit arrangements	NOTE 9. CREDIT ARRANGEMENTS Long-term debt as of November 30, 2018 and August 31, 2018 was as follows: (in thousands) Weighted Average Interest Rate as of November 30, 2018 November 30, 2018 August 31, 2018 2027 Notes 5.375% $ 300,000 $ 300,000 2026 Notes 5.750% 350,000 350,000 2023 Notes 4.875% 330,000 330,000 Term Loans 3.810% 318,375 142,500 Other, including equipment notes 49,991 47,629 Total debt 1,348,366 1,170,129 Less debt issuance costs 11,459 11,764 Total amounts outstanding 1,336,907 1,158,365 Less current maturities 29,083 19,746 Long-term debt $ 1,307,824 $ 1,138,619 Advances outstanding under the U.S. Program $ — $ — Advances outstanding under the Poland Program — 12,147 In July 2017 , the Company issued $300.0 million of 5.375% Senior Notes due July 2027 (the " 2027 Notes "). Interest on the 2027 Notes is payable semiannually. In May 2018, the Company issued $350.0 million of 5.75% Senior Notes due April 2026 (the "2026 Notes"). Interest on the 2026 Notes is payable semiannually. In May 2013, the Company issued $330.0 million of 4.875% Senior Notes due May 2023 (the "2023 Notes"). Interest on the 2023 Notes is payable semiannually. The Company has a $350.0 million revolving credit facility (the "Revolver") pursuant to the Fourth Amended and Restated Credit Agreement (the "Credit Agreement"), and two senior secured term loans: one drawn on July 13, 2017 with an original principal amount of $150.0 million (the " 2022 Term Loan "), and one drawn on November 1, 2018 with an original principal amount of $180.0 million (the " 2018 Term Loan "). These term loans are hereinafter collectively referred to as the "Term Loans." The Credit Agreement and the Term Loans are coterminous with a maturity date in June 2022 . The Company is required to make quarterly payments on the Term Loans equal to 1.25% of the original principal amount. The maximum availability under the Revolver can be increased to $600.0 million with bank approval. The Company's obligations under the Credit Agreement are collateralized by its U.S. inventory and U.S. fabrication receivables. The Credit Agreement's capacity includes a $50.0 million sub-limit for the issuance of stand-by letters of credit. The Company had no amounts drawn under the Revolver at November 30, 2018 and August 31, 2018 . The Company's availability under the Revolver was reduced by outstanding letters of credit of $3.3 million at November 30, 2018 and August 31, 2018 . Under the Credit Agreement, the Company is required to comply with certain financial and non-financial covenants, including covenants to maintain: (i) an interest coverage ratio (consolidated EBITDA to consolidated interest expense, each as defined in the Credit Agreement) of not less than 2.50 to 1.00 and (ii) a debt to capitalization ratio (consolidated funded debt to total capitalization, each as defined in the Credit Agreement) that does not exceed 0.60 to 1.00. At November 30, 2018 , the Company's interest coverage ratio was 6.55 to 1.00, and the Company's debt to capitalization ratio was 0.48 to 1.00. Loans under the Credit Agreement bear interest based at the Eurocurrency rate, a base rate, or the London Interbank Offered Rate ("LIBOR"). At November 30, 2018 , the Company was in compliance with all covenants contained in its debt agreements. In addition to its committed facilities, the Company has uncommitted credit facilities in Poland, primarily through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP"), available to support global working capital, short-term cash needs, letters of credit, financial assurance and other trade finance-related matters. At November 30, 2018 , CMCP's uncommitted credit facilities totaled Polish zloty ("PLN") 225.0 million , or $59.3 million , with expiration dates ranging from January 2019 to March 2019. At November 30, 2018 and August 31, 2018 , no amounts were outstanding under these facilities. The available balance of these credit facilities was reduced by outstanding stand-by letters of credit, guarantees, and/or other financial assurance instruments, which totaled $1.3 million at November 30, 2018 and $1.1 million at August 31, 2018 . During the three months ended November 30, 2018 and 2017 , CMCP had no borrowings and no repayments under its uncommitted credit facilities. Accounts Receivable Programs CMC has a $200.0 million U.S. trade accounts receivable program (the "U.S. Program"), which expires in August 2020. Under the U.S. Program, CMC contributes, and certain of its subsidiaries transfer 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 formed for the sole purpose of facilitating transfers of trade accounts receivable generated by the Company. CMCRV transfers the trade accounts receivable in their entirety to two financial institutions. Under the U.S. Program, with the consent of both CMCRV and the program's administrative agent, the amount advanced by the financial institutions can be increased to a maximum of $300.0 million for all trade accounts receivable. The remaining portion of the purchase price of the trade accounts receivable takes the form of subordinated notes from the respective financial institutions. These notes will be satisfied from the ultimate collection of the trade accounts receivable after payment of certain fees and other costs. The U.S. 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 Agreement. In addition to the U.S. Program, the Company's international subsidiary in Poland transfers trade accounts receivable to financial institutions without recourse (the "Poland Program"). The Poland Program has a facility limit of PLN 220.0 million ( $58.0 million as of November 30, 2018 ) and allows the Company's Polish subsidiaries to obtain an advance of up to 90% of eligible trade accounts receivable transferred under the terms of the arrangement. The Company had advance payments outstanding of $12.1 million under the Poland Program at August 31, 2018 which were repaid during the first quarter of fiscal 2019. Prior to fiscal 2019, the Company accounted for transfers of trade accounts receivable as sales, and the trade accounts receivable balances transferred were removed from the condensed consolidated balance sheets. On September 1, 2018, the Company amended certain terms of both the U.S. and Poland Programs, disqualifying the accounting of the transfer of such receivables as sales. As a result of the amendments, beginning in fiscal 2019, any advances outstanding under the U.S. and Poland Programs are recorded as debt on the Company's condensed consolidated balance sheets.

DERIVATIVES AND RISK MANAGEMENT

DERIVATIVES AND RISK MANAGEMENT	3 Months Ended
	Nov. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and risk management	NOTE 10. DERIVATIVES AND RISK MANAGEMENT The Company's global 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 (i) metal commodity futures and forward contracts to mitigate the risk of unanticipated changes in gross margin due to the volatility of the commodities' prices, and (ii) foreign currency forward contracts that match the expected settlements for purchases and sales denominated in foreign currencies. At November 30, 2018 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $178.1 million and $37.8 million , respectively. At November 30, 2017 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $289.5 million and $56.7 million , respectively. The following table provides information regarding the Company's commodity contract commitments as of November 30, 2018 : Commodity Long/Short Total Aluminum Long 2,575 MT Aluminum Short 100 MT Copper Long 624 MT Copper Short 4,683 MT _________________ MT = Metric Ton 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 unaudited condensed consolidated statements of earnings, and there were no components excluded from the assessment of hedge effectiveness for the three months ended November 30, 2018 and November 30, 2017 . Certain foreign currency and commodity contracts were not designated as hedges for accounting purposes, although management believes they are essentially economic hedges. The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the unaudited condensed consolidated statements of earnings (amounts in thousands): Three Months Ended November 30, Derivatives Not Designated as Hedging Instruments Location 2018 2017 Commodity Cost of goods sold $ (840 ) $ 575 Foreign exchange Cost of goods sold — (19 ) Foreign exchange SG&A expenses 126 2,380 Gain (loss) before income taxes $ (714 ) $ 2,936 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. Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended November 30, Location of Gain (Loss) Recognized in Income on Related Hedged Items Amount of Gain (Loss) Recognized in Income on Related Hedge Items for the Three Months Ended November 30, 2018 2017 2018 2017 Foreign exchange Net sales $ — $ (237 ) Net sales $ — $ 237 Foreign exchange Cost of goods sold — 3,348 Cost of goods sold — (3,348 ) Gain (loss) before income taxes $ — $ 3,111 $ — $ (3,111 ) Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in AOCI Three Months Ended November 30, 2018 2017 Foreign exchange, net of income taxes $ (35 ) $ 11 Refer to Note 4, Accumulated Other Comprehensive Income (Loss) , for the effective portion of derivatives designated as cash flow hedging instruments reclassified from AOCI. The Company enters into derivative agreements that include provisions to allow the set-off of certain amounts. Derivative instruments are presented on a gross basis on the Company's unaudited condensed consolidated balance sheets. The asset and liability balances in the tables below reflect the gross amounts of derivative instruments at November 30, 2018 and August 31, 2018 . The fair value of the Company's derivative instruments on the unaudited condensed consolidated balance sheets was as follows: Derivative Assets (in thousands) November 30, 2018 August 31, 2018 Commodity — not designated for hedge accounting $ 162 $ 1,881 Foreign exchange — designated for hedge accounting 9 — Foreign exchange — not designated for hedge accounting 257 407 Derivative assets (other current assets)* $ 428 $ 2,288 Derivative Liabilities (in thousands) November 30, 2018 August 31, 2018 Commodity — not designated for hedge accounting $ 417 $ 301 Foreign exchange — designated for hedge accounting 65 — Foreign exchange — not designated for hedge accounting 391 1,095 Derivative liabilities (accrued expenses and other payables)* $ 873 $ 1,396 _________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges. As of November 30, 2018 , most 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 were not entered into for trading purposes.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Nov. 30, 2018
Fair Value Disclosures [Abstract]
Fair value	NOTE 11. 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) November 30, 2018 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 25,183 $ 25,183 $ — $ — Commodity derivative assets (2) 162 162 — — Foreign exchange derivative assets (2) 266 — 266 — Liabilities: Commodity derivative liabilities (2) 417 417 — — Foreign exchange derivative liabilities (2) 456 — 456 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2018 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 541,101 $ 541,101 $ — $ — Commodity derivative assets (2) 1,881 1,881 — — Foreign exchange derivative assets (2) 407 — 407 — Liabilities: Commodity derivative liabilities (2) 301 301 — — Foreign exchange derivative liabilities (2) 1,095 — 1,095 — _________________ (1) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. 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 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 derivative instruments and the classification of the assets and liabilities is included in Note 10, Derivatives and Risk Management . There were no material non-recurring fair value remeasurements during the three months ended November 30, 2018 . The carrying values of the Company's short-term items approximate 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 unaudited condensed consolidated balance sheets were as follows: November 30, 2018 August 31, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 274,755 $ 300,000 $ 281,655 2026 Notes (1) Level 2 350,000 334,985 350,000 339,238 2023 Notes (1) Level 2 330,000 318,273 330,000 326,090 Term Loans (2) Level 2 318,375 318,375 142,500 142,500 _________________ (1) The fair value of the notes was determined based on indicated market values. (2) Contains variable interest rates and carrying value approximates fair value.

INCOME TAX

INCOME TAX	3 Months Ended
	Nov. 30, 2018
Income Tax Disclosure [Abstract]
Income tax	NOTE 12. INCOME TAX For the three months ended November 30, 2018 , the Company's effective tax rate of 22.4% was greater than the U.S. statutory income tax rate of 21.0% . The effective tax rate is determined by computing the estimated annual effective tax rate, which includes provisional estimates for certain components of the Tax Cuts and Jobs Act (“TCJA”), adjusted for discrete items, if any, which are taken into account in the appropriate period. Items that impacted the effective tax rate included: i. non-deductible compensation expense; and ii. state and local taxes. For the three months ended November 30, 2017 , the Company's effective tax rate of 20.9% was lower than the U.S. statutory income tax rate of 35.0% due to: i. the proportion of the Company's global income from operations in jurisdictions with lower statutory tax rates than the U.S., including Poland, which has a statutory income tax rate of 19.0% ; ii. a permanent tax benefit recorded for stock awards that vested during the first quarter of fiscal 2018 ; and iii. a non-taxable gain on assets related to the Company's non-qualified benefits restoration plan. For the three months ended November 30, 2017 , the Company’s effective income tax rate from discontinued operations of 39.2% was greater than the U.S. statutory income tax rate of 35.0% , primarily due to losses from operations in certain jurisdictions in which the Company maintains a valuation allowance, thus providing no benefit for such losses. As of November 30, 2018 and August 31, 2018 , the reserve for unrecognized income tax benefits related to the accounting for uncertainty in income taxes was $3.1 million , which, if recognized, would have decreased the Company’s effective income tax rate at the end of each respective period. The Company's policy classifies interest recognized on an underpayment of income taxes and any statutory penalties recognized on a tax position as income tax expense. For the three months ended November 30, 2018 , the Company recorded immaterial amounts of accrued interest and penalties on unrecognized income tax benefits. The Company files income tax returns in the U.S. and multiple foreign jurisdictions with varying statutes of limitations. In the normal course of business, CMC and its subsidiaries are subject to examination by various taxing authorities. The following is a summary of tax years subject to examination: U.S. Federal — 2015 and forward U.S. States — 2009 and forward Foreign — 2011 and forward In addition, the Company is under examination by certain state revenue authorities for fiscal 2009 and fiscal years 2015 through 2017. Management believes the Company's recorded income tax liabilities as of November 30, 2018 sufficiently reflect the anticipated outcome of these examinations. On December 22, 2017, the President signed the TCJA into law. ASC 740 requires the change in tax law to be accounted for in the period of enactment. Due to complexities involved in accounting for the TCJA, the SEC's Staff Accounting Bulletin ("SAB") 118 provides a measurement period, which should not extend beyond one year from the date of enactment, to complete the accounting under ASC 740. During the first quarter of fiscal 2019 , the impact of the TCJA to the Company’s income tax expense was immaterial. As of November 30, 2018 , the Company has completed its accounting for the remeasurement of the Company’s deferred tax balances. Additionally, the Company has concluded there is minimal to no impact on the Company’s financial statements as a result of the following provisions of the TCJA: deductibility limitations on meal and entertainment-related expenses and base erosion anti-abuse tax. As of November 30, 2018 , the Company continues to evaluate the accounting for the following provisions of the TCJA: (i) recognition of the one-time toll charge on certain undistributed earnings of non-U.S. subsidiaries with associated foreign tax credits; (ii) a new tax on global intangible low-taxed income ("GILTI"); (iii) deductibility limitations on compensation for covered employees; (iv) deductibility limitations on business interest expense; and (v) a new tax on foreign-derived intangible income. The Company has elected to treat the new GILTI tax as a current period cost. The impacts of the legislation on the Company’s tax expense may differ from the estimates recorded through November 30, 2018 and may be adjusted accordingly over the remainder of the SAB 118 measurement period. The Company continues to evaluate the impact of the TCJA and monitor regulatory developments affecting the Company’s assertion to indefinitely reinvest all undistributed foreign earnings. The Company will complete its analysis during the remainder of the SAB 118 measurement period.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	3 Months Ended
	Nov. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation plans	NOTE 13. STOCK-BASED COMPENSATION PLANS The Company's stock-based compensation plans are described, and informational disclosures provided, in Note 15, Stock-Based Compensation Plans , to the audited consolidated financial statements in the 2018 Form 10-K. In general, restricted stock units granted during fiscal 2019 vest ratably over a period of three years . However, certain restricted stock units granted during fiscal 2019 cliff vest after a period of three years. Subject to the achievement of performance targets established by the Compensation Committee of CMC's Board of Directors, performance stock units granted during fiscal 2019 vest after a period of three years. During the three months ended November 30, 2018 and 2017 , the Company granted the following awards under its stock-based compensation plans: November 30, 2018 November 30, 2017 (in thousands, except per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity Method 1,454 $ 17.81 1,167 $ 20.55 Liability Method 374 N/A 317 N/A During the three months ended November 30, 2018 and the three months ended November 30, 2017 , the Company recorded immaterial amounts for mark-to-market adjustments on liability awards. As of November 30, 2018 , the Company had 718,640 equivalent shares accounted for under the liability method outstanding. The Company expects 684,318 equivalent shares to vest. The following table summarizes total stock-based compensation expense, including fair value remeasurements, which was mainly included in selling, general and administrative expenses on the Company's unaudited condensed consolidated statements of earnings: Three Months Ended November 30, (in thousands) 2018 2017 Stock-based compensation expense $ 4,217 $ 4,780

EMPLOYEES' RETIREMENT PLANS

EMPLOYEES' RETIREMENT PLANS	3 Months Ended
	Nov. 30, 2018
Retirement Benefits [Abstract]
Employees' Retirement Plans	NOTE 14. EMPLOYEES' RETIREMENT PLANS Following the acquisition of the Acquired Businesses, the Company sponsors a single employer defined benefit pension plan (“Plan”) covering certain hourly union employees. The Plan is closed to new entrants . The Plan provides benefits based on length of service. The Company’s funding policy for the Plan is to contribute annually the amount necessary to provide for benefits based on accrued service and to contribute at least the minimum required by the Employee Retirement Income Security Act rules. Service cost is recorded in costs of goods sold, while other components of the net periodic benefit costs are recorded as selling, general and administrative expenses. Net periodic pension expense was immaterial for the three months ended November 30, 2018 .

STOCKHOLDERS_ EQUITY AND EARNIN

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC	3 Months Ended
	Nov. 30, 2018
Earnings Per Share [Abstract]
Stockholder's equity and earnings per share attributable to CMC	NOTE 15. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE The calculations of basic and diluted earnings per share from continuing operations for the three months ended November 30, 2018 and 2017 were as follows: Three Months Ended November 30, (in thousands, except share data) 2018 2017 Earnings from continuing operations $ 19,420 $ 31,871 Basic earnings per share: Shares outstanding for basic earnings per share 117,387,038 116,243,545 Basic earnings per share from continuing operations $ 0.17 $ 0.27 Diluted earnings per share: Shares outstanding for basic earnings per share 117,387,038 116,243,545 Effect of dilutive securities: Stock-based incentive/purchase plans 1,295,435 1,614,366 Shares outstanding for diluted earnings per share 118,682,473 117,857,911 Diluted earnings per share from continuing operations $ 0.16 $ 0.27 There are no anti-dilutive shares for the periods presented. CMC's restricted stock is included in the number of shares of common stock issued and outstanding, but is omitted from the basic earnings per share calculation until the shares vest. During the first quarter of fiscal 2015, CMC's Board of Directors authorized a share repurchase program under which CMC may repurchase up to $100.0 million of shares of common stock. The timing and the amount of repurchases, if any, are determined by management based on an evaluation of market conditions, capital allocation alternatives and other factors. The share repurchase program does not require the Company to purchase any dollar amount or number of shares of common stock and may be modified, suspended, extended or terminated at any time without prior notice. During the three months ended November 30, 2018 , CMC did not repurchase any shares of common stock. CMC had remaining authorization to repurchase $27.6 million of shares of common stock at November 30, 2018 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Nov. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	NOTE 16. COMMITMENTS AND CONTINGENCIES 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. See Note 18, Commitments and Contingencies , to the audited consolidated financial statements in the 2018 Form 10-K. 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 of which are 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 both November 30, 2018 and August 31, 2018 , the Company had accrued $0.7 million for estimated 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. As of November 30, 2018 and August 31, 2018 , total environmental liabilities with respect to CERCLA sites, were $4.0 million , of which $1.9 million was classified as other long-term liabilities. These amounts have not been discounted to their present values. 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 unaudited condensed 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.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Nov. 30, 2018
Segment Reporting [Abstract]
Business segments	NOTE 17. BUSINESS SEGMENTS The Company's operating segments earn revenues and incur expenses for which discrete financial information is available. Operating results for the operating segments are regularly reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segments and to assess performance. The Company's chief operating decision maker is identified as the Chief Executive Officer. Operating segments are aggregated for reporting purposes when the operating segments are identified as similar in accordance with the basic principles and aggregation criteria in the accounting standards. The Company's reporting segments are based primarily on product lines and secondarily on geographic area. The reporting segments have different lines of management responsibility as each business requires different marketing strategies and management expertise. The Company structures its business into the following four reporting segments: Americas Recycling , Americas Mills , Americas Fabrication , and International Mill . See Note 1, Nature of Operations , of the audited consolidated financial statements included in the 2018 Form 10-K for more information about the reporting segments, including the types of products and services from which each reporting segment derives its net sales. Corporate and Other contains earnings or losses on assets and liabilities related to the Company's Benefit Restoration Plan assets and short-term investments, expenses of the Company's corporate headquarters, interest expense related to its long-term debt and intercompany eliminations. The Company uses adjusted EBITDA from continuing operations to compare and evaluate the financial performance of its segments. Adjusted EBITDA is the sum of the Company's earnings from continuing operations before interest expense, income taxes, depreciation and amortization, and impairment expense. Intersegment sales are generally priced at prevailing market prices. Certain corporate administrative expenses are allocated to the segments based upon the nature of the expense. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies , of the audited consolidated financial statements included in the 2018 Form 10-K. The following is a summary of certain financial information from continuing operations by reportable segment: Three Months Ended November 30, 2018 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 240,181 $ 373,671 $ 434,558 $ 226,673 $ 2,259 $ 1,277,342 Intersegment sales 61,828 228,182 2,553 351 (292,914 ) — Net sales 302,009 601,853 437,111 227,024 (290,655 ) 1,277,342 Adjusted EBITDA from continuing operations 15,434 113,873 (36,996 ) 32,779 (59,554 ) 65,536 Total assets as of November 30, 2018* 264,142 1,701,353 1,145,705 501,886 95,564 3,708,650 * Total assets listed in Corporate and Other includes assets from discontinued operations. Three Months Ended November 30, 2017 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 274,337 $ 246,733 $ 330,552 $ 220,212 $ 4,699 $ 1,076,533 Intersegment sales 45,004 166,785 2,227 266 (214,282 ) — Net sales 319,341 413,518 332,779 220,478 (209,583 ) 1,076,533 Adjusted EBITDA from continuing operations 15,005 55,166 2,032 30,944 (23,880 ) 79,267 Total assets as of August 31, 2018* 291,838 1,115,339 739,151 485,548 696,428 3,328,304 * Total assets listed in Corporate and Other includes assets from discontinued operations. The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations: Three Months Ended November 30, (in thousands) 2018 2017 Earnings from continuing operations $ 19,420 $ 31,871 Interest expense 16,663 6,611 Income taxes 5,609 8,425 Depreciation and amortization 35,176 31,899 Amortization of acquired unfavorable contract backlog (11,332 ) — Impairment of assets — 461 Adjusted EBITDA from continuing operations $ 65,536 $ 79,267

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Nov. 30, 2018
Accounting Policies [Abstract]
Accounting principles	Accounting Principles The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") on a basis consistent with that used in the Annual Report on Form 10-K for the fiscal year ended August 31, 2018 (" 2018 Form 10-K") filed by Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") with the Securities and Exchange Commission (the "SEC") and include all normal recurring adjustments necessary to present fairly the unaudited condensed consolidated balance sheets and the unaudited condensed consolidated statements of earnings, comprehensive income, cash flows and stockholders' equity for the periods indicated. These notes should be read in conjunction with the audited consolidated financial statements included in the 2018 Form 10-K. The results of operations for the three month period are not necessarily indicative of the results to be expected for the full fiscal year.
Recent accounting pronouncements	Recently Adopted Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (Topic 230). ASU 2016-15 is intended to reduce diversity in practice in how certain cash receipts and cash payments are presented in the statement of cash flows. The new standard provides guidance on eight specific cash flow issues, including the statement of cash flows treatment of beneficial interests in securitized financial transactions, which encompasses activities under the Company's accounts receivable programs in the U.S. and Poland. The standard, which requires retrospective application to all periods presented, was adopted in the first quarter of fiscal 2019. As a result of adoption, in the consolidated statements of cash flows for the three months ended November 30, 2018 and 2017, the Company reported reductions in operating cash flows of $367.5 million and $176.0 million , respectively, with offsetting increases in investing cash flows related to the collection of previously sold trade accounts receivable. Additionally, upon adoption, the $90.0 million repayment during the first quarter of fiscal 2018 of advances outstanding at August 31, 2017, originally recorded as an outflow from operating activities, was reclassified to investing activities. On September 1, 2018, the Company adopted Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, including the related amendments ("the new revenue standard"). The Company elected to adopt the new revenue standard under the modified retrospective approach and applied the guidance only to contracts that were not completed as of the date of adoption. The Company recognized a total cumulative effect of $2.7 million , net of tax, as a reduction to the opening balance of retained earnings as of September 1, 2018. There was no impact to the condensed consolidated statement of cash flows or other comprehensive income. In accordance with ASC 606, the disclosure below reflects the impact of adoption to the unaudited condensed consolidated statement of earnings, as compared to what the results would have been under ASC 605. The impact to the unaudited condensed consolidated balance sheet would have been immaterial. Three Months Ended November 30, 2018 (in thousands) As Reported Balances Without Adoption of Topic 606 Effect of Change - Higher (Lower) Net sales $ 1,277,342 $ 1,279,567 $ (2,225 ) Net earnings $ 19,742 $ 21,469 $ (1,727 ) Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software. The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require a customer in a hosting arrangement that is a service contract to follow the internal-use software guidance in ASC 250-40 to determine which implementation costs to capitalize or to expense as incurred. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. This ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company is evaluating the impact of this ASU on its consolidated financial statements and disclosures. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815). The ASU better aligns accounting rules with a company's risk management activities; better reflects economic results of hedging in financial statements; and simplifies hedge accounting treatment. For public companies, this standard is effective for annual periods beginning after December 15, 2018, including interim periods. The standard must be applied to hedging relationships existing on the date of adoption, and the effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The Company is evaluating the impact of this guidance on its consolidated financial statements and the planned adoption date. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and has modified the standard thereafter. The standard requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for all leases with terms of twelve months or longer. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements, which provides an additional transition method that allows entities to initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. This guidance is effective for fiscal years, and interim reporting periods therein, beginning after December 15, 2018 and will be effective for the Company beginning September 1, 2019, at which point the Company plans to adopt the standard. Upon adoption, the Company expects an increase in both right of use assets and right of use liabilities in the consolidated balance sheet. The Company continues to review the effects of ASU 2016-02 and any modifications thereafter, including evaluation of the impact of this guidance on internal processes and systems, internal controls, and its consolidated financial statements.
Fair value measurement	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.
Uncertain income tax positions	The Company's policy classifies interest recognized on an underpayment of income taxes and any statutory penalties recognized on a tax position as income tax expense.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	3 Months Ended
	Nov. 30, 2018
Accounting Policies [Abstract]
Impact of Adoption of ASC 606	In accordance with ASC 606, the disclosure below reflects the impact of adoption to the unaudited condensed consolidated statement of earnings, as compared to what the results would have been under ASC 605. The impact to the unaudited condensed consolidated balance sheet would have been immaterial. Three Months Ended November 30, 2018 (in thousands) As Reported Balances Without Adoption of Topic 606 Effect of Change - Higher (Lower) Net sales $ 1,277,342 $ 1,279,567 $ (2,225 ) Net earnings $ 19,742 $ 21,469 $ (1,727 )

ACQUISITION (Tables)

ACQUISITION (Tables)	3 Months Ended
	Nov. 30, 2018
Business Combinations [Abstract]
Summary of Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the fair values of the assets acquired and the liabilities assumed on the Acquisition Date . (in thousands) November 5, 2018 Cash and cash equivalents $ 6,399 Accounts receivable 308,074 Inventories 207,648 Other current assets 11,788 Property, plant and equipment 424,541 Intangible assets 10,252 Deferred income taxes 10,567 Accounts payable-trade, accrued expenses and other payables (128,183 ) Acquired unfavorable contract backlog (133,600 ) Other long-term liabilities (9,920 ) Pension and other post retirement employment benefits (6,365 ) Total assets acquired and liabilities assumed $ 701,201
Schedule of Amortizable Intangible Assets (Liabilities) Acquired	The amortizable intangible assets (liabilities) acquired consisted of: (in thousands, except life in years) Life in Years Preliminary Fair Value Non-compete agreement 5 years $ 7,769 Net unfavorable lease contracts Various (2,516 ) Favorable contract backlog 1 year 2,294 Unfavorable contract backlog 1-2 years* (133,600 ) * Amortization will correspond with completion of the acquired contracts, which is estimated to occur over the next 1 to 2 years.
Schedule of Pro Forma Information	The following table summarizes the financial results of the Acquired Businesses from the Acquisition Date through the end of the first quarter of fiscal 2019 that are included in the Company’s condensed consolidated statement of earnings and condensed consolidated statement of comprehensive income. (in thousands) November 30, 2018 Net sales $ 121,499 Earnings before income taxes $ 8,427 Supplemental information on an unaudited pro forma basis is presented below for the three months ended November 30, 2018 and 2017 as if the acquisition of the Acquired Businesses occurred on September 1, 2017. The pro forma financial information is presented for comparative purposes only, based on certain estimates and assumptions, which the Company believes to be reasonable, but not necessarily indicative of future results of operations or the results that would have been reported if the acquisition of the Acquired Businesses had been completed on September 1, 2017. These results were not used as a part of management analysis of the financial results and performance of the Company’s business. These results are adjusted, where possible, for transaction and integration related costs. These results involve a significant amount of estimates. Three Months Ended November 30, (in thousands) 2018 2017* Pro forma net sales 1,557,032 1,417,583 Pro forma net earnings 38,059 (4,749 ) *Non-recurring acquisition and integration costs of approximately $43.3 million incurred through the first quarter of fiscal 2019 have been included in pro forma net earnings for the three months ended November 30, 2017.

CHANGES IN BUSINESS (Tables)

CHANGES IN BUSINESS (Tables)	3 Months Ended
	Nov. 30, 2018
International Marketing and Distribution
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Financial information for discontinued operations	The major classes of line items constituting earnings from discontinued operations in the unaudited condensed consolidated statements of earnings are presented in the table below. (in thousands) Three Months Ended November 30, 2017 Net sales $ 162,111 Costs and expenses: Cost of goods sold 141,451 Selling, general and administrative expenses 12,626 Interest expense (86 ) Earnings before income taxes 8,120 Income taxes 3,181 Earnings from discontinued operations $ 4,939

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Nov. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following tables reflect the changes in accumulated other comprehensive income (loss) ("AOCI"): Three Months Ended November 30, 2018 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, August 31, 2018 $ (92,637 ) $ 1,356 $ (2,396 ) $ (93,677 ) Other comprehensive income (loss) before reclassifications (9,657 ) (52 ) (11 ) (9,720 ) Amounts reclassified from AOCI (99 ) (42 ) 1,666 1,525 Income taxes — 17 (346 ) (329 ) Net other comprehensive income (loss) (9,756 ) (77 ) 1,309 (8,524 ) Balance, November 30, 2018 $ (102,393 ) $ 1,279 $ (1,087 ) $ (102,201 ) Three Months Ended November 30, 2017 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, August 31, 2017 $ (80,778 ) $ 1,587 $ (2,322 ) $ (81,513 ) Other comprehensive income before reclassifications 2,835 13 — 2,848 Amounts reclassified from AOCI — (146 ) 665 519 Income taxes — 38 (234 ) (196 ) Net other comprehensive income (loss) 2,835 (95 ) 431 3,171 Balance, November 30, 2017 $ (77,943 ) $ 1,492 $ (1,891 ) $ (78,342 )

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Nov. 30, 2018
Revenue from Contract with Customer [Abstract]
Information avout Assets and Liabilities from Contracts with Customers	The following table provides information about assets and liabilities from contracts with customers. (in thousands) November 30, 2018 August 31, 2018 Contract assets (included in other current assets) $ 70,455 $ 49,221 Contract liabilities (included in accrued expenses and other payables) 23,716 6,679
Disaggregation of Revenue	The following tables display revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended November 30, 2018 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 239 $ 347,965 $ 374,807 $ 217,770 $ — $ 940,781 Ferrous scrap 111,654 9,142 — 275 — 121,071 Nonferrous scrap 128,075 3,180 — 2,941 — 134,196 Construction materials — — 57,171 — — 57,171 Other 213 13,384 2,580 5,687 2,259 24,123 Total $ 240,181 $ 373,671 $ 434,558 $ 226,673 $ 2,259 $ 1,277,342 Three Months Ended November 30, 2017 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 298 $ 221,562 $ 269,642 $ 209,860 $ — $ 701,362 Ferrous scrap 122,647 9,048 — 321 — 132,016 Nonferrous scrap 150,952 3,981 — 3,683 — 158,616 Construction materials — — 59,031 — — 59,031 Other 440 12,142 1,879 6,348 4,699 25,508 Total $ 274,337 $ 246,733 $ 330,552 $ 220,212 $ 4,699 $ 1,076,533

ACCOUNTS RECEIVABLE PROGRAMS (T

ACCOUNTS RECEIVABLE PROGRAMS (Tables)	3 Months Ended
	Nov. 30, 2018
Transfers and Servicing [Abstract]
Activity of the deferred purchase price receivables	For periods prior to fiscal 2019, DPP on the Programs was included in accounts receivable on the Company's unaudited condensed consolidated balance sheets. Three Months Ended November 30, 2017 (in thousands) Total U.S. Poland Deferred purchase price Balance, August 31, 2017 $ 215,123 $ 135,623 $ 79,500 Transfers of trade receivables 656,642 535,893 120,749 Less: CPP (492,432 ) (404,337 ) (88,095 ) Non-cash increase to DPP 164,210 131,556 32,654 Cash collections of DPP (175,957 ) (136,145 ) (39,812 ) Repayments of advances 90,000 90,000 — Net collections of DPP (85,957 ) (46,145 ) (39,812 ) Balance, November 30, 2017 $ 293,376 $ 221,034 $ 72,342

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Nov. 30, 2018
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: (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Consolidated Goodwill, gross Balance, August 31, 2018 $ 9,543 $ 4,970 $ 57,428 $ 2,568 $ 74,509 Foreign currency translation — — — (62 ) (62 ) Impairment — — — — — Reclassification to assets of discontinued operations — — — — — Balance, November 30, 2018 $ 9,543 $ 4,970 $ 57,428 $ 2,506 $ 74,447 Accumulated impairment losses Balance, August 31, 2018 $ (9,543 ) $ — $ (493 ) $ (163 ) $ (10,199 ) Foreign currency translation — — — 4 4 Reclassification to assets of discontinued operations — — — — — Balance, November 30, 2018 $ (9,543 ) $ — $ (493 ) $ (159 ) $ (10,195 ) Goodwill, net Balance, August 31, 2018 $ — $ 4,970 $ 56,935 $ 2,405 $ 64,310 Foreign currency translation — — — (58 ) (58 ) Impairment — — — — — Balance, November 30, 2018 $ — $ 4,970 $ 56,935 $ 2,347 $ 64,252

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	3 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Long-term debt, including the deferred gain from the termination of the interest rate swaps	Long-term debt as of November 30, 2018 and August 31, 2018 was as follows: (in thousands) Weighted Average Interest Rate as of November 30, 2018 November 30, 2018 August 31, 2018 2027 Notes 5.375% $ 300,000 $ 300,000 2026 Notes 5.750% 350,000 350,000 2023 Notes 4.875% 330,000 330,000 Term Loans 3.810% 318,375 142,500 Other, including equipment notes 49,991 47,629 Total debt 1,348,366 1,170,129 Less debt issuance costs 11,459 11,764 Total amounts outstanding 1,336,907 1,158,365 Less current maturities 29,083 19,746 Long-term debt $ 1,307,824 $ 1,138,619 Advances outstanding under the U.S. Program $ — $ — Advances outstanding under the Poland Program — 12,147

DERIVATIVES AND RISK MANAGEME_2

DERIVATIVES AND RISK MANAGEMENT (Tables)	3 Months Ended
	Nov. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity contract commitments	The following table provides information regarding the Company's commodity contract commitments as of November 30, 2018 : Commodity Long/Short Total Aluminum Long 2,575 MT Aluminum Short 100 MT Copper Long 624 MT Copper Short 4,683 MT _________________ MT = Metric Ton
Derivatives not designated as hedging instruments	The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the unaudited condensed consolidated statements of earnings (amounts in thousands): Three Months Ended November 30, Derivatives Not Designated as Hedging Instruments Location 2018 2017 Commodity Cost of goods sold $ (840 ) $ 575 Foreign exchange Cost of goods sold — (19 ) Foreign exchange SG&A expenses 126 2,380 Gain (loss) before income taxes $ (714 ) $ 2,936
Derivatives designated as fair value hedging instruments	Hedged items relate to firm commitments on commercial sales and purchases and capital expenditures. Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended November 30, Location of Gain (Loss) Recognized in Income on Related Hedged Items Amount of Gain (Loss) Recognized in Income on Related Hedge Items for the Three Months Ended November 30, 2018 2017 2018 2017 Foreign exchange Net sales $ — $ (237 ) Net sales $ — $ 237 Foreign exchange Cost of goods sold — 3,348 Cost of goods sold — (3,348 ) Gain (loss) before income taxes $ — $ 3,111 $ — $ (3,111 )
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 AOCI Three Months Ended November 30, 2018 2017 Foreign exchange, net of income taxes $ (35 ) $ 11
Derivative assets	The fair value of the Company's derivative instruments on the unaudited condensed consolidated balance sheets was as follows: Derivative Assets (in thousands) November 30, 2018 August 31, 2018 Commodity — not designated for hedge accounting $ 162 $ 1,881 Foreign exchange — designated for hedge accounting 9 — Foreign exchange — not designated for hedge accounting 257 407 Derivative assets (other current assets)* $ 428 $ 2,288
Derivative liabilities	Derivative Liabilities (in thousands) November 30, 2018 August 31, 2018 Commodity — not designated for hedge accounting $ 417 $ 301 Foreign exchange — designated for hedge accounting 65 — Foreign exchange — not designated for hedge accounting 391 1,095 Derivative liabilities (accrued expenses and other payables)* $ 873 $ 1,396 _________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Nov. 30, 2018
Fair Value Disclosures [Abstract]
Financial assets and financial liabilities measured at fair value on a 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) November 30, 2018 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 25,183 $ 25,183 $ — $ — Commodity derivative assets (2) 162 162 — — Foreign exchange derivative assets (2) 266 — 266 — Liabilities: Commodity derivative liabilities (2) 417 417 — — Foreign exchange derivative liabilities (2) 456 — 456 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2018 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 541,101 $ 541,101 $ — $ — Commodity derivative assets (2) 1,881 1,881 — — Foreign exchange derivative assets (2) 407 — 407 — Liabilities: Commodity derivative liabilities (2) 301 301 — — Foreign exchange derivative liabilities (2) 1,095 — 1,095 — _________________ (1) Investment deposit accounts are short-term in nature, and the value is determined by principal plus interest. 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 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 derivative instruments and the classification of the assets and liabilities is included in Note 10, Derivatives and Risk Management .
Financial assets and liabilities 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 unaudited condensed consolidated balance sheets were as follows: November 30, 2018 August 31, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 274,755 $ 300,000 $ 281,655 2026 Notes (1) Level 2 350,000 334,985 350,000 339,238 2023 Notes (1) Level 2 330,000 318,273 330,000 326,090 Term Loans (2) Level 2 318,375 318,375 142,500 142,500 _________________ (1) The fair value of the notes was determined based on indicated market values. (2) Contains variable interest rates and carrying value approximates fair value.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Nov. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Based Awards Granted	During the three months ended November 30, 2018 and 2017 , the Company granted the following awards under its stock-based compensation plans: November 30, 2018 November 30, 2017 (in thousands, except per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity Method 1,454 $ 17.81 1,167 $ 20.55 Liability Method 374 N/A 317 N/A
Schedule of Stock-based Compensation Expense	The following table summarizes total stock-based compensation expense, including fair value remeasurements, which was mainly included in selling, general and administrative expenses on the Company's unaudited condensed consolidated statements of earnings: Three Months Ended November 30, (in thousands) 2018 2017 Stock-based compensation expense $ 4,217 $ 4,780

STOCKHOLDERS_ EQUITY AND EARN_2

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC (Tables)	3 Months Ended
	Nov. 30, 2018
Earnings Per Share [Abstract]
Calculations of the basic and diluted earnings per share from continuing operations	The calculations of basic and diluted earnings per share from continuing operations for the three months ended November 30, 2018 and 2017 were as follows: Three Months Ended November 30, (in thousands, except share data) 2018 2017 Earnings from continuing operations $ 19,420 $ 31,871 Basic earnings per share: Shares outstanding for basic earnings per share 117,387,038 116,243,545 Basic earnings per share from continuing operations $ 0.17 $ 0.27 Diluted earnings per share: Shares outstanding for basic earnings per share 117,387,038 116,243,545 Effect of dilutive securities: Stock-based incentive/purchase plans 1,295,435 1,614,366 Shares outstanding for diluted earnings per share 118,682,473 117,857,911 Diluted earnings per share from continuing operations $ 0.16 $ 0.27 There are no anti-dilutive shares for the periods presented. CMC's restricted stock is included in the number of shares of common stock issued and outstanding, but is omitted from the basic earnings per share calculation until the shares vest.

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Nov. 30, 2018
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: Three Months Ended November 30, 2018 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 240,181 $ 373,671 $ 434,558 $ 226,673 $ 2,259 $ 1,277,342 Intersegment sales 61,828 228,182 2,553 351 (292,914 ) — Net sales 302,009 601,853 437,111 227,024 (290,655 ) 1,277,342 Adjusted EBITDA from continuing operations 15,434 113,873 (36,996 ) 32,779 (59,554 ) 65,536 Total assets as of November 30, 2018* 264,142 1,701,353 1,145,705 501,886 95,564 3,708,650 * Total assets listed in Corporate and Other includes assets from discontinued operations. Three Months Ended November 30, 2017 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 274,337 $ 246,733 $ 330,552 $ 220,212 $ 4,699 $ 1,076,533 Intersegment sales 45,004 166,785 2,227 266 (214,282 ) — Net sales 319,341 413,518 332,779 220,478 (209,583 ) 1,076,533 Adjusted EBITDA from continuing operations 15,005 55,166 2,032 30,944 (23,880 ) 79,267 Total assets as of August 31, 2018* 291,838 1,115,339 739,151 485,548 696,428 3,328,304 * Total assets listed in Corporate and Other includes assets from discontinued operations.
Reconciliations of earnings from continuing operations to adjusted operating profit	The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations: Three Months Ended November 30, (in thousands) 2018 2017 Earnings from continuing operations $ 19,420 $ 31,871 Interest expense 16,663 6,611 Income taxes 5,609 8,425 Depreciation and amortization 35,176 31,899 Amortization of acquired unfavorable contract backlog (11,332 ) — Impairment of assets — 461 Adjusted EBITDA from continuing operations $ 65,536 $ 79,267

ACCOUNTING POLICIES - Recently

ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reductions in operating cash flows	$ (357,623)	$ (120,159)
Increases in investing cash flows	(357,444)	22,116
Reclassification of repayments of advances outstanding	0	90,000
Cumulative effect on retained earnings of adoption of ASC 606	(2,747)
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reductions in operating cash flows	(367,500)	(176,000)
Increases in investing cash flows	$ 367,500	176,000
Reclassification of repayments of advances outstanding		$ 90,000

ACCOUNTING POLICIES - Adoption

ACCOUNTING POLICIES - Adoption of ASC 606 (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	$ 1,277,342	$ 1,076,533
Net earnings	19,742	$ 36,810
Balances Without Adoption of Topic 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	1,279,567
Net earnings	21,469
Accounting Standards Update 2014-09 | Effect of Change - Higher (Lower)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	(2,225)
Net earnings	$ (1,727)

ACQUISITION (Details)

ACQUISITION (Details) $ in Thousands	Nov. 05, 2018USD ($)mini_millfabrication_facility
Business Combinations [Abstract]
Number of rebar fabrication facilities acquired | fabrication_facility	33
Number of electric arc furnace mini mills | mini_mill	4
Cash purchase price | $	$ 701,201

ACQUISITION - Assets Acquired a

ACQUISITION - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 05, 2018	Aug. 31, 2018
Business Combinations [Abstract]
Cash and cash equivalents		$ 6,399
Accounts receivable		308,074
Inventories		207,648
Other current assets		11,788
Property, plant and equipment		424,541
Intangible assets		10,252
Deferred income taxes		10,567
Accounts payable-trade, accrued expenses and other payables		(128,183)
Acquired unfavorable contract backlog	$ (122,268)	(133,600)	$ 0
Other long-term liabilities		(9,920)
Pension and other post retirement employment benefits		(6,365)
Total assets acquired and liabilities assumed		$ 701,201

ACQUISITION - Acquired Amortiza

ACQUISITION - Acquired Amortizable Intangible Assets (Liabilities) (Details) - USD ($) $ in Thousands	Nov. 05, 2018	Nov. 30, 2018	Aug. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amounts of the intangible assets subject to amortization		$ 30,600	$ 20,500
Net unfavorable lease contracts	$ (2,516)
Unfavorable contract backlog	$ (133,600)	$ (122,268)	$ 0
Non-compete Agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Life in years, asset	5 years
Gross carrying amounts of the intangible assets subject to amortization	$ 7,769
Favorable Contract Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Life in years, asset	1 year
Gross carrying amounts of the intangible assets subject to amortization	$ 2,294
Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Life in years, unfavorable contract backlog	1 year
Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Life in years, unfavorable contract backlog	2 years

ACQUISITION - Financial Results

ACQUISITION - Financial Results and Pro Forma Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2017
Business Combinations [Abstract]
Net sales	$ 121,499
Earnings before income taxes	$ 8,427
Pro forma net sales		$ 1,557,032	$ 1,417,583
Pro forma net earnings		$ 38,059	(4,749)
Non-recurring acquisition and integration costs			$ 43,300

CHANGES IN BUSINESS (Financial

CHANGES IN BUSINESS (Financial Information for Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Income Statement Disclosures:
Earnings before income taxes	$ 457	$ 8,120
Income taxes	135	3,181
Earnings (loss) from discontinued operations	$ 322	4,939
International Marketing and Distribution
Income Statement Disclosures:
Net sales		162,111
Cost of goods sold		141,451
Selling, general and administrative expenses		12,626
Interest expense		(86)
Earnings before income taxes		8,120
Income taxes		3,181
Earnings (loss) from discontinued operations		$ 4,939

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (93,677)	$ (81,513)
Other comprehensive income before reclassifications	(9,720)	2,848
Amounts reclassified from AOCI	1,525	519
Income taxes	(329)	(196)
Other comprehensive income (loss)	(8,524)	3,171
Ending balance	(102,201)	(78,342)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(92,637)	(80,778)
Other comprehensive income before reclassifications	(9,657)	2,835
Amounts reclassified from AOCI	(99)	0
Income taxes	0	0
Other comprehensive income (loss)	(9,756)	2,835
Ending balance	(102,393)	(77,943)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	1,356	1,587
Other comprehensive income before reclassifications	(52)	13
Amounts reclassified from AOCI	(42)	(146)
Income taxes	17	38
Other comprehensive income (loss)	(77)	(95)
Ending balance	1,279	1,492
Defined Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(2,396)	(2,322)
Other comprehensive income before reclassifications	(11)	0
Amounts reclassified from AOCI	1,666	665
Income taxes	(346)	(234)
Other comprehensive income (loss)	1,309	431
Ending balance	$ (1,087)	$ (1,891)

REVENUE RECOGNITION - Revenue R

REVENUE RECOGNITION - Revenue Recognition Method (Details) - Americas Fabrication	3 Months Ended
	Nov. 30, 2018
Recognized as Amounts are Billed
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	50.00%
Fabricated Product and Installation Services | Recognized over Time
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	29.00%
Fabricated Product without Installation Services | Recognized over Time
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	21.00%

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Aug. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract assets (included in other current assets)	$ 70,455	$ 49,221
Contract liabilities (included in accrued expenses and other payables)	23,716	$ 6,679
Amount of revenue reclassified from contract liabilities in the period	$ 5,500

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Millions	Nov. 30, 2018USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 896.1
Remaining performance obligation (percent)	49.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (percent)	11.00%

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Disaggregation of Revenue [Line Items]
Net sales	$ 1,277,342	$ 1,076,533
Steel Products
Disaggregation of Revenue [Line Items]
Net sales	940,781	701,362
Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	121,071	132,016
Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	134,196	158,616
Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	57,171	59,031
Other
Disaggregation of Revenue [Line Items]
Net sales	24,123	25,508
Americas Recycling
Disaggregation of Revenue [Line Items]
Net sales	240,181	274,337
Americas Recycling | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	239	298
Americas Recycling | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	111,654	122,647
Americas Recycling | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	128,075	150,952
Americas Recycling | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	0	0
Americas Recycling | Other
Disaggregation of Revenue [Line Items]
Net sales	213	440
Americas Mills
Disaggregation of Revenue [Line Items]
Net sales	373,671	246,733
Americas Mills | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	347,965	221,562
Americas Mills | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	9,142	9,048
Americas Mills | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	3,180	3,981
Americas Mills | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	0	0
Americas Mills | Other
Disaggregation of Revenue [Line Items]
Net sales	13,384	12,142
Americas Fabrication
Disaggregation of Revenue [Line Items]
Net sales	434,558	330,552
Americas Fabrication | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	374,807	269,642
Americas Fabrication | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	0	0
Americas Fabrication | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	0	0
Americas Fabrication | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	57,171	59,031
Americas Fabrication | Other
Disaggregation of Revenue [Line Items]
Net sales	2,580	1,879
International Mill
Disaggregation of Revenue [Line Items]
Net sales	226,673	220,212
International Mill | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	217,770	209,860
International Mill | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	275	321
International Mill | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	2,941	3,683
International Mill | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	0	0
International Mill | Other
Disaggregation of Revenue [Line Items]
Net sales	5,687	6,348
Corporate
Disaggregation of Revenue [Line Items]
Net sales	2,259	4,699
Corporate | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	0	0
Corporate | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	0	0
Corporate | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	0	0
Corporate | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Net sales	$ 2,259	$ 4,699

ACCOUNTS RECEIVABLE PROGRAMS (N

ACCOUNTS RECEIVABLE PROGRAMS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Discounts related to the Programs	$ 0	$ 461
Deferred purchase price receivables
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Transfers of trade receivables		656,642
Discounts related to the Programs		300
Financial Institutions | Deferred purchase price receivables
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Transfers of trade receivables		$ 294,800

ACCOUNTS RECEIVABLE PROGRAMS (A

ACCOUNTS RECEIVABLE PROGRAMS (Activity of Deferred Purchase Price Receivables) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Repayments of advances	$ 0	$ 90,000
Deferred purchase price receivables
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance		215,123
Transfers of trade receivables		656,642
Less: CPP		(492,432)
Non-cash increase to DPP		164,210
Cash collections of DPP		(175,957)
Repayments of advances		90,000
Net collections of DPP		(85,957)
Ending balance		293,376
UNITED STATES | Deferred purchase price receivables
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance		135,623
Transfers of trade receivables		535,893
Less: CPP		(404,337)
Non-cash increase to DPP		131,556
Cash collections of DPP		(136,145)
Repayments of advances		90,000
Net collections of DPP		(46,145)
Ending balance		221,034
Poland | Deferred purchase price receivables
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Beginning balance		79,500
Transfers of trade receivables		120,749
Less: CPP		(88,095)
Non-cash increase to DPP		32,654
Cash collections of DPP		(39,812)
Repayments of advances		0
Net collections of DPP		(39,812)
Ending balance		$ 72,342

INVENTORIES, NET (Narrative) (D

INVENTORIES, NET (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2018	Aug. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 184.4	$ 177.7

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 05, 2018	Aug. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amounts of the intangible assets subject to amortization	$ 30,600			$ 20,500
Amortization expense for intangible assets	500
Acquired unfavorable contract backlog	(122,268)		$ (133,600)	$ 0
Amortization of acquired unfavorable contract backlog	$ (11,332)	$ 0

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands	3 Months Ended
	Nov. 30, 2018USD ($)
Goodwill [Roll Forward]
Goodwill, gross, balance, beginning	$ 74,509
Foreign currency translation	(62)
Impairment	0
Reclassification to assets of discontinued operations	0
Goodwill, gross, balance, ending	74,447
Accumulated impairment losses, beginning	(10,199)
Foreign currency translation	4
Reclassification to assets of discontinued operations	0
Accumulated impairment losses, ending	(10,195)
Balance, August 31, 2018	64,310
Foreign currency translation	(58)
Impairment	0
Balance, November 30, 2018	64,252
Americas Recycling
Goodwill [Roll Forward]
Goodwill, gross, balance, beginning	9,543
Foreign currency translation	0
Impairment	0
Reclassification to assets of discontinued operations	0
Goodwill, gross, balance, ending	9,543
Accumulated impairment losses, beginning	(9,543)
Foreign currency translation	0
Reclassification to assets of discontinued operations	0
Accumulated impairment losses, ending	(9,543)
Balance, August 31, 2018	0
Foreign currency translation	0
Impairment	0
Balance, November 30, 2018	0
Americas Mills
Goodwill [Roll Forward]
Goodwill, gross, balance, beginning	4,970
Foreign currency translation	0
Impairment	0
Reclassification to assets of discontinued operations	0
Goodwill, gross, balance, ending	4,970
Accumulated impairment losses, beginning	0
Foreign currency translation	0
Reclassification to assets of discontinued operations	0
Accumulated impairment losses, ending	0
Balance, August 31, 2018	4,970
Foreign currency translation	0
Impairment	0
Balance, November 30, 2018	4,970
Americas Fabrication
Goodwill [Roll Forward]
Goodwill, gross, balance, beginning	57,428
Foreign currency translation	0
Impairment	0
Reclassification to assets of discontinued operations	0
Goodwill, gross, balance, ending	57,428
Accumulated impairment losses, beginning	(493)
Foreign currency translation	0
Reclassification to assets of discontinued operations	0
Accumulated impairment losses, ending	(493)
Balance, August 31, 2018	56,935
Foreign currency translation	0
Impairment	0
Balance, November 30, 2018	56,935
International Mill
Goodwill [Roll Forward]
Goodwill, gross, balance, beginning	2,568
Foreign currency translation	(62)
Impairment	0
Reclassification to assets of discontinued operations	0
Goodwill, gross, balance, ending	2,506
Accumulated impairment losses, beginning	(163)
Foreign currency translation	4
Reclassification to assets of discontinued operations	0
Accumulated impairment losses, ending	(159)
Balance, August 31, 2018	2,405
Foreign currency translation	(58)
Impairment	0
Balance, November 30, 2018	$ 2,347

CREDIT ARRANGEMENTS (Long-term

CREDIT ARRANGEMENTS (Long-term Debt, Including the Deferred Gain from the Termination of the Interest Rate Swaps) (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Aug. 31, 2018	Jul. 31, 2017	May 31, 2013
Debt Instrument [Line Items]
Total debt	$ 1,348,366	$ 1,170,129
Less debt issuance costs	11,459	11,764
Total amounts outstanding	1,336,907	1,158,365
Less current maturities	29,083	19,746
Long-term debt	$ 1,307,824	1,138,619
2027 Notes
Debt Instrument [Line Items]
Weighted average interest rate	5.375%		5.375%
Total debt	$ 300,000	300,000
2026 Notes
Debt Instrument [Line Items]
Weighted average interest rate	5.75%
Total debt	$ 350,000	350,000
2023 Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.875%			4.875%
Total debt	$ 330,000	330,000
Other, including equipment notes
Debt Instrument [Line Items]
Total debt	$ 49,991	47,629
Revolving credit facility | Term Loans
Debt Instrument [Line Items]
Weighted average interest rate	3.81%
Total debt	$ 318,375	142,500
U.S. Program
Debt Instrument [Line Items]
Advances outstanding under transfer of receivables programs	0
Poland Program
Debt Instrument [Line Items]
Advances outstanding under transfer of receivables programs	$ 0	$ 12,147

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details)	3 Months Ended
	Nov. 30, 2018PLN (zł)	Nov. 30, 2018USD ($)	Aug. 31, 2018USD ($)	Jul. 31, 2017USD ($)	May 31, 2013USD ($)
CMCP
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity	zł 225,000,000	$ 59,337,007.832485
Revolving credit facility, amount drawn		59,300,000
Stand by letters of credit outstanding amount		1,300,000	1,100,000
Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity		350,000,000
Revolving credit facility, maximum borrowing capacity		$ 600,000,000
Revolving credit facility, amount drawn
Minimum interest coverage ratio	2.50
Maximum debt to capitalization ratio	0.60
Actual interest coverage ratio	6.55	6.55
Actual debt to capitalization ratio	0.48	0.48
Stand-by letters of credit
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity		$ 50,000,000
Stand by letters of credit outstanding amount		3,300,000	3,300,000
U.S. Program
Debt Instrument [Line Items]
Transfer of accounts receivable program limit		200,000,000
Advances outstanding under transfer of receivables programs		0
U.S. Program with Consent of CMCRV and Program Administrative Agent
Debt Instrument [Line Items]
Transfer of accounts receivable program limit		300,000,000
Poland Program
Debt Instrument [Line Items]
Transfer of accounts receivable program limit	zł 220,000,000	$ 58,018,407.6584298
Advance limit as percent of eligible trade accounts receivable transferred (percent)	90.00%	90.00%
Advances outstanding under transfer of receivables programs		$ 0	$ 12,147,000
2027 Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 300,000,000
Weighted average interest rate	5.375%	5.375%		5.375%
2026 Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 350,000,000
Weighted average interest rate	5.75%	5.75%
2023 Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 330,000,000
Weighted average interest rate	4.875%	4.875%			4.875%
Term Loans | Revolving credit facility
Debt Instrument [Line Items]
Weighted average interest rate	3.81%	3.81%
Periodic payments, as percent of original principal amount (percent)	1.25%
Term Loans | 2022 Term Loan | Revolving credit facility
Debt Instrument [Line Items]
Debt instrument, face amount		$ 150,000,000
Term Loans | 2018 Term Loan | Revolving credit facility
Debt Instrument [Line Items]
Debt instrument, face amount		$ 180,000,000

DERIVATIVES AND RISK MANAGEME_3

DERIVATIVES AND RISK MANAGEMENT (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2018	Nov. 30, 2017
Foreign exchange
Derivative [Line Items]
Derivative notional amount	$ 178.1	$ 289.5
Commodity
Derivative [Line Items]
Derivative notional amount	$ 37.8	$ 56.7

DERIVATIVES AND RISK MANAGEME_4

DERIVATIVES AND RISK MANAGEMENT (Commodity Contract Commitments) (Details)	3 Months Ended
	Nov. 30, 2018t
Aluminum | Long
Derivative [Line Items]
Commodity contract commitments	2,575
Aluminum | Short
Derivative [Line Items]
Commodity contract commitments	100
Copper | Long
Derivative [Line Items]
Commodity contract commitments	624
Copper | Short
Derivative [Line Items]
Commodity contract commitments	4,683

DERIVATIVES AND RISK MANAGEME_5

DERIVATIVES AND RISK MANAGEMENT (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	$ (714)	$ 2,936
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	(840)	575
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	0	(19)
Foreign exchange | SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	$ 126	$ 2,380

DERIVATIVES AND RISK MANAGEME_6

DERIVATIVES AND RISK MANAGEMENT (Derivatives and Hedged Items Designated as Fair Value Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for fair value hedges	$ 0	$ 3,111
Gain (loss) before income taxes for hedged items of fair value hedges	0	(3,111)
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for fair value hedges	0	(237)
Gain (loss) before income taxes for hedged items of fair value hedges	0	237
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for fair value hedges	0	3,348
Gain (loss) before income taxes for hedged items of fair value hedges	$ 0	$ (3,348)

DERIVATIVES AND RISK MANAGEME_7

DERIVATIVES AND RISK MANAGEMENT (Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Foreign exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of income taxes, for cash flow hedges recognized in AOCI	$ (35)	$ 11

DERIVATIVES AND RISK MANAGEME_8

DERIVATIVES AND RISK MANAGEMENT (Derivative Assets) (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Aug. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	$ 428	$ 2,288
Commodity | Not designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	162	1,881
Foreign exchange | Designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	9	0
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	$ 257	$ 407

DERIVATIVES AND RISK MANAGEME_9

DERIVATIVES AND RISK MANAGEMENT (Derivative Liabilities) (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Aug. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	$ 873	$ 1,396
Commodity | Not designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	417	301
Foreign exchange | Designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	65	0
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	$ 391	$ 1,095

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details)	3 Months Ended
	Nov. 30, 2018levels
Fair Value Disclosures [Abstract]
Number of fair value hierarchy	3

FAIR VALUE (Financial Assets an

FAIR VALUE (Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands		Nov. 30, 2018	Aug. 31, 2018
Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments		$ 25,183	$ 541,101
Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		162	1,881
Derivative liabilities		417	301
Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		266	407
Derivative liabilities		456	1,095
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments		25,183	541,101
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		162	1,881
Derivative liabilities		417	301
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		0	0
Derivative liabilities		0	0
Significant Other Observable Inputs (Level 2) | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments		0	0
Significant Other Observable Inputs (Level 2) | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	[1]		0
Derivative liabilities		0	0
Significant Other Observable Inputs (Level 2) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		266	407
Derivative liabilities		456	1,095
Significant Unobservable Inputs (Level 3) | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments		0	0
Significant Unobservable Inputs (Level 3) | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		0	0
Derivative liabilities		0	0
Significant Unobservable Inputs (Level 3) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		0	0
Derivative liabilities		$ 0	$ 0
[1]	Derivative assets and liabilities classified as Level 1 are commodity futures contracts valued based on quoted market prices in the London Metal Exchange or 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 derivative instruments and the classification of the assets and liabilities is included in Note 10, Derivatives and Risk Management.

FAIR VALUE (Financial Assets _2

FAIR VALUE (Financial Assets and Liabilities Not Required to Be Measured at Fair Value) (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Aug. 31, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	$ 1,348,366	$ 1,170,129
2027 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	300,000	300,000
2027 Notes | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	300,000	300,000
2027 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	274,755	281,655
2026 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	350,000	350,000
2026 Notes | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	350,000	350,000
2026 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	334,985	339,238
2023 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	330,000	330,000
2023 Notes | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	330,000	330,000
2023 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	318,273	326,090
Revolving credit facility | Term Loans
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	318,375	142,500
Revolving credit facility | Term Loans | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	318,375	142,500
Revolving credit facility | Term Loans | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	$ 318,375	$ 142,500

INCOME TAX (Narrative) (Details

INCOME TAX (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Aug. 31, 2018
Operating Loss Carryforwards [Line Items]
Effective income tax rate from continuing operations	22.40%	20.90%
Blended federal statutory income tax rate (percent)	21.00%
Effective tax rate from discontinued operation (percent)		39.20%
Unrecognized income tax benefits	$ 3.1		$ 3.1
Poland
Operating Loss Carryforwards [Line Items]
Statutory income tax rate	19.00%

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4,217	$ 4,780
Equity method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	1,454,000	1,167,000
Weighted average grant-date fair value	$ 17.81	$ 20.55
Liability method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	374,000	317,000
Equivalent shares outstanding	718,640
Equivalent shares expected to vest	684,318
Fiscal 2019 | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years	3 years
Fiscal 2019 | Cliff vesting restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years	3 years
Fiscal 2019 | Performance Stock Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years	3 years

STOCKHOLDERS_ EQUITY AND EARN_3

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC (Narrative) (Details) - USD ($)	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2014
Earnings Per Share [Abstract]
Stock repurchase program, authorized amount			$ 100,000,000
Stock repurchase program, shares purchased (shares)	0	0
Stock repurchase program, remaining authorized repurchase amount	$ 27,600,000

STOCKHOLDERS_ EQUITY AND EARN_4

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC (Calculations of the Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Earnings Per Share [Abstract]
Earnings from continuing operations	$ 19,420	$ 31,871
Basic earnings per share:
Shares outstanding for basic earnings per share (shares)	117,387,038	116,243,545
Basic earnings per share attributable to CMC: (in USD per share)	$ 0.17	$ 0.27
Diluted earnings per share:
Shares outstanding for basic earnings per share (shares)	117,387,038	116,243,545
Effect of dilutive securities:
Stock-based incentive/purchase plans (shares)	1,295,435	1,614,366
Shares outstanding for diluted earnings per share (shares)	118,682,473	117,857,911
Diluted earnings per share attributable to CMC: (in USD per share)	$ 0.16	$ 0.27

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2018	Aug. 31, 2018
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies		$ 4
Accrued environmental loss contingencies, noncurrent	$ 1.9	1.9
CERCLA sites
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 0.7	$ 0.7

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details)	3 Months Ended
	Nov. 30, 2018segments
Segment Reporting [Abstract]
Number of reporting segments	4

BUSINESS SEGMENTS (Summary of C

BUSINESS SEGMENTS (Summary of Certain Financial Information from Continuing Operations by Reportable Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Aug. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 1,277,342	$ 1,076,533
Adjusted EBITDA from continuing operations	65,536	79,267
Total assets	3,708,650		$ 3,328,304
Continuing Operations
Segment Reporting Information [Line Items]
Net sales	1,277,342	1,076,533
Adjusted EBITDA from continuing operations	65,536	79,267
Total assets	3,708,650		3,328,304
Americas Recycling
Segment Reporting Information [Line Items]
Net sales	240,181	274,337
Adjusted EBITDA from continuing operations	15,434	15,005
Total assets	264,142		291,838
Americas Mills
Segment Reporting Information [Line Items]
Net sales	373,671	246,733
Adjusted EBITDA from continuing operations	113,873	55,166
Total assets	1,701,353		1,115,339
Americas Fabrication
Segment Reporting Information [Line Items]
Net sales	434,558	330,552
Adjusted EBITDA from continuing operations	(36,996)	2,032
Total assets	1,145,705		739,151
International Mill
Segment Reporting Information [Line Items]
Net sales	226,673	220,212
Adjusted EBITDA from continuing operations	32,779	30,944
Total assets	501,886		485,548
Corporate
Segment Reporting Information [Line Items]
Net sales	2,259	4,699
Adjusted EBITDA from continuing operations	(59,554)	(23,880)
Total assets	95,564		$ 696,428
Segments | Continuing Operations
Segment Reporting Information [Line Items]
Net sales	1,277,342	1,076,533
Segments | Americas Recycling
Segment Reporting Information [Line Items]
Net sales	302,009	319,341
Segments | Americas Mills
Segment Reporting Information [Line Items]
Net sales	601,853	413,518
Segments | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales	437,111	332,779
Segments | International Mill
Segment Reporting Information [Line Items]
Net sales	227,024	220,478
Segments | Corporate
Segment Reporting Information [Line Items]
Net sales	(290,655)	(209,583)
Intersegment | Continuing Operations
Segment Reporting Information [Line Items]
Net sales	0	0
Intersegment | Americas Recycling
Segment Reporting Information [Line Items]
Net sales	61,828	45,004
Intersegment | Americas Mills
Segment Reporting Information [Line Items]
Net sales	228,182	166,785
Intersegment | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales	2,553	2,227
Intersegment | International Mill
Segment Reporting Information [Line Items]
Net sales	351	266
Intersegment | Corporate
Segment Reporting Information [Line Items]
Net sales	$ (292,914)	$ (214,282)

BUSINESS SEGMENTS (Reconciliati

BUSINESS SEGMENTS (Reconciliations of Earnings from Continuing Operations to Adjusted Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Segment Reporting [Abstract]
Earnings from continuing operations	$ 19,420	$ 31,871
Interest expense	16,663	6,611
Income taxes	5,609	8,425
Depreciation and amortization	35,176	31,899
Amortization of acquired unfavorable contract backlog	(11,332)	0
Impairment of assets	0	461
Adjusted EBITDA from continuing operations	$ 65,536	$ 79,267