Commercial Metals (CMC) 10-Q 26 Mar 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Feb. 28, 2019	Mar. 22, 2019
Document And Entity Information [Abstract]
Trading Symbol	CMC
Entity Registrant Name	COMMERCIAL METALS CO
Entity Central Index Key	0000022444
Document Type	10-Q
Document Period End Date	Feb. 28, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--08-31
Entity Tax Identification Number	750725338
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		117,921,070

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Income Statement [Abstract]
Net sales	$ 1,402,783	$ 1,054,268	$ 2,680,125	$ 2,130,801
Costs and expenses:
Cost of goods sold	1,252,493	927,101	2,370,926	1,860,617
Selling, general and administrative expenses	98,726	108,477	215,943	204,587
Interest expense	18,495	7,181	35,158	13,792
Total costs and expenses	1,369,714	1,042,759	2,622,027	2,078,996
Earnings from continuing operations before income taxes	33,069	11,509	58,098	51,805
Income taxes	18,141	1,728	23,750	10,153
Earnings from continuing operations	14,928	9,781	34,348	41,652
Earnings (loss) from discontinued operations before income taxes	(1,075)	290	(618)	8,410
Income taxes (benefit)	3	(98)	138	3,082
Earnings (loss) from discontinued operations	(1,078)	388	(756)	5,328
Net earnings	$ 13,850	$ 10,169	$ 33,592	$ 46,980
Basic earnings (loss) per share
Earnings from continuing operations (in USD per share)	$ 0.13	$ 0.08	$ 0.29	$ 0.36
Earnings (loss) from discontinued operations (in USD per share)	(0.01)	0	(0.01)	0.05
Net earnings (in USD per share)	0.12	0.09	0.29	0.40
Diluted earnings (loss) per share
Earnings from continuing operations (in USD per share)	0.13	0.08	0.29	0.35
Earnings (loss) from discontinued operations (in USD per share)	(0.01)	0	(0.01)	0.05
Net earnings (in USD per share)	0.12	0.09	0.28	0.40
Cash dividends per share (in USD per share)	$ 0.12	$ 0.12	$ 0.24	$ 0.24
Average basic shares outstanding	117,854,335	116,808,838	117,677,422	116,524,630
Average diluted shares outstanding	118,942,758	118,269,721	118,996,427	118,149,815

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 13,850	$ 10,169	$ 33,592	$ 46,980
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustment	514	11,943	(9,143)	14,778
Reclassification for translation loss realized upon liquidation of investment in foreign entity	936	0	837	0
Foreign currency translation adjustment	1,450	11,943	(8,306)	14,778
Net unrealized gain (loss) on derivatives:
Unrealized holding gain (loss)	(86)	14	(121)	25
Reclassification for gain included in net earnings	(42)	(74)	(84)	(180)
Net unrealized loss on derivatives	(128)	(60)	(205)	(155)
Defined benefit obligation:
Amortization of prior services	(8)	(7)	(15)	(13)
Reclassification for settlement losses	0	0	1,316	437
Defined benefit obligation	(8)	(7)	1,301	424
Other comprehensive income (loss)	1,314	11,876	(7,210)	15,047
Comprehensive income	$ 15,164	$ 22,045	$ 26,382	$ 62,027

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Feb. 28, 2019	Aug. 31, 2018
Current assets:
Cash and cash equivalents	$ 66,742	$ 622,473
Accounts receivable (less allowance for doubtful accounts of $14,511 and $4,489)	976,681	749,484
Inventories, net	866,419	589,005
Other current assets	160,416	116,243
Total current assets	2,070,258	2,077,205
Property, plant and equipment, Net	1,478,320	1,075,038
Goodwill	64,257	64,310
Other noncurrent assets	115,857	111,751
Total assets	3,728,692	3,328,304
Current liabilities:
Accounts payable-trade	322,147	261,258
Accrued expenses and other payables	265,924	260,939
Acquired unfavorable contract backlog	75,358	0
Current maturities of long-term debt and short-term borrowings	88,902	19,746
Total current liabilities	752,331	541,943
Deferred income taxes	38,370	37,834
Other long-term liabilities	129,345	116,325
Long-term debt	1,310,150	1,138,619
Total liabilities	2,230,196	1,834,721
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 117,921,070 and 117,015,558 shares	1,290	1,290
Additional paid-in capital	346,156	352,674
Accumulated other comprehensive loss	(100,887)	(93,677)
Retained earnings	1,449,159	1,446,495
Less treasury stock, 11,139,594 and 12,045,106 shares at cost	(197,418)	(213,385)
Stockholders' equity	1,498,300	1,493,397
Stockholders' equity attributable to noncontrolling interests	196	186
Total stockholders' equity	1,498,496	1,493,583
Commitments and contingencies (Note 16)
Total liabilities and stockholders' equity	$ 3,728,692	$ 3,328,304

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2019	Aug. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 14,511	$ 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	117,921,070	117,015,558
Treasury stock, shares	11,139,594	12,045,106

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Cash flows from (used by) operating activities:
Net earnings	$ 33,592	$ 46,980
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	76,430	66,316
Amortization of acquired unfavorable contract backlog	(34,808)	0
Stock-based compensation	10,007	13,338
Net (gain) loss on disposals of subsidiaries, assets and other	(1,202)	518
Deferred income taxes and other long-term taxes	11,705	(9,420)
Write-down of inventories	237	1,296
Provision for losses on (recovery of) receivables, net	(518)	2,048
Asset impairment	0	12,774
Changes in operating assets and liabilities	(80,809)	4,937
Beneficial interest in securitized accounts receivable	(367,521)	(322,403)
Net cash flows used by operating activities	(352,887)	(183,616)
Cash flows from (used by) investing activities:
Acquisitions, net of cash acquired	(700,982)	(6,980)
Capital expenditures	(67,497)	(101,028)
Proceeds from insurance	3,905	25,000
Proceeds from the sale of property, plant and equipment	2,042	631
Proceeds from the sale of discontinued operations and other	1,893	7,406
Advances under accounts receivable programs	0	25,247
Repayments under accounts receivable programs	0	(115,247)
Beneficial interest in securitized accounts receivable	367,521	322,403
Net cash flows from (used by) investing activities:	(393,118)	157,432
Cash flows from (used by) financing activities:
Proceeds from issuance of long-term debt	180,000	0
Repayments of long-term debt	(14,605)	(10,106)
Proceeds from accounts receivable programs	140,070	0
Repayments under accounts receivable programs	(92,664)	0
Dividends	(28,181)	(27,995)
Stock issued under incentive and purchase plans, net of forfeitures	(2,856)	(7,394)
Increase in documentary letters of credit, net	0	10
Contribution from noncontrolling interests	10	13
Net cash flows from (used by) financing activities	181,774	(45,472)
Effect of exchange rate changes on cash	(221)	249
Decrease in cash, restricted cash and cash equivalents	(564,452)	(71,407)
Cash, restricted cash and cash equivalents at beginning of period	68,163	214,474
Cash, restricted cash and cash equivalents at end of period	68,163	214,474
Supplemental information:
Cash paid for income taxes	1,771	7,668
Cash paid for interest	31,518	20,229
Noncash activities:
Liabilities related to additions of property, plant and equipment	$ 26,186	$ 30,374

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2019	Feb. 28, 2018
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 66,742	$ 195,184
Restricted cash	1,421	19,290
Total cash, restricted cash and cash equivalents	$ 68,163	$ 214,474

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	46,980				46,980
Other comprehensive income (loss)	15,047			15,047
Dividends	(27,995)				(27,995)
Stock-based compensation	(7,393)		(23,695)			$ 16,302
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,031,932
Stock-based compensation	8,643		8,643
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	13						13
Reclassification of share-based liability awards	15,248		15,248
Ending balance at Feb. 28, 2018	1,451,473	$ 1,290	349,454	(66,466)	1,382,791	$ (215,782)	186
Ending balance, shares at Feb. 28, 2018		129,060,664
Ending balance, treasury stock, shares at Feb. 28, 2018						(12,234,996)
Beginning balance at Nov. 30, 2017	1,434,973	$ 1,290	344,342	(78,342)	1,386,623	$ (219,113)	173
Beginning balance, shares at Nov. 30, 2017		129,060,664
Beginning balance, treasury stock, shares at Nov. 30, 2017						(12,430,036)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	10,169				10,169
Other comprehensive income (loss)	11,876			11,876
Dividends	(14,001)				(14,001)
Stock-based compensation	2,127		(1,204)			$ 3,331
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						195,040
Stock-based compensation	6,316		6,316
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	13						13
Ending balance at Feb. 28, 2018	1,451,473	$ 1,290	349,454	(66,466)	1,382,791	$ (215,782)	186
Ending balance, shares at Feb. 28, 2018		129,060,664
Ending balance, treasury stock, shares at Feb. 28, 2018						(12,234,996)
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	$ 33,592				33,592
Other comprehensive income (loss)	(7,210)			(7,210)
Dividends	(28,181)				(28,181)
Stock-based compensation	(2,856)		(18,823)			$ 15,967
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						905,512
Stock-based compensation	12,305		12,305
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	10						10
Adoption of ASC 606 adjustment	(2,747)				(2,747)
Ending balance at Feb. 28, 2019	$ 1,498,496	$ 1,290	346,156	(100,887)	1,449,159	$ (197,418)	196
Ending balance, shares at Feb. 28, 2019	129,060,664	129,060,664
Ending balance, treasury stock, shares at Feb. 28, 2019	(11,139,594)					(11,139,594)
Beginning balance at Nov. 30, 2018	$ 1,489,027	$ 1,290	342,893	(102,201)	1,449,374	$ (202,515)	186
Beginning balance, shares at Nov. 30, 2018		129,060,664
Beginning balance, treasury stock, shares at Nov. 30, 2018						(11,426,463)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	13,850				13,850
Other comprehensive income (loss)	1,314			1,314
Dividends	(14,065)				(14,065)
Stock-based compensation	3,364		(1,733)			$ 5,097
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						286,869
Stock-based compensation	4,996		4,996
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	10						10
Ending balance at Feb. 28, 2019	$ 1,498,496	$ 1,290	$ 346,156	$ (100,887)	$ 1,449,159	$ (197,418)	$ 196
Ending balance, shares at Feb. 28, 2019	129,060,664	129,060,664
Ending balance, treasury stock, shares at Feb. 28, 2019	(11,139,594)					(11,139,594)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in USD per share)	$ 0.12	$ 0.12	$ 0.24	$ 0.24

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Feb. 28, 2019
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 and six month periods 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 Company adopted the standard, which requires retrospective application to all periods presented, in the first quarter of fiscal 2019. As a result of adoption, the Company reported reductions in operating cash flows of $367.5 million and $322.4 million , respectively, with offsetting increases in investing cash flows related to the collection of previously sold trade accounts receivable in the consolidated statements of cash flows for the six months ended February 28, 2019 and 2018. 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 adopted 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, Revenue Recognition. The impact to the unaudited condensed consolidated balance sheet was immaterial. Three Months Ended February 28, 2019 (in thousands) As Reported Balances Without Adoption of Topic 606 Effect of Change - Higher (Lower) Net sales $ 1,402,783 $ 1,405,205 $ (2,422 ) Net earnings $ 13,850 $ 15,655 $ (1,805 ) Six Months Ended February 28, 2019 (in thousands) As Reported Balances Without Adoption of Topic 606 Effect of Change - Higher (Lower) Net sales $ 2,680,125 $ 2,684,772 $ (4,647 ) Net earnings $ 33,592 $ 37,124 $ (3,532 ) 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 350-40, Internal-use Software, 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 on internal processes and systems, internal controls, and its consolidated financial statements.

ACQUISITION

ACQUISITION	6 Months Ended
	Feb. 28, 2019
Business Combinations [Abstract]
Acquisition	NOTE 2. ACQUISITION On November 5, 2018 (the " Acquisition Date "), the Company 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 financial statements were not retrospectively adjusted for any measurement-period adjustments that occurred in subsequent periods. Rather, any adjustments to provisional amounts that were identified during the allowable one year measurement period (the "Measurement Period") are recorded in the reporting period in which the adjustment was determined. The table below presents the preliminary fair value that was allocated to the Acquired Businesses' assets and liabilities based upon fair values as determined by the Company, as well as any Measurement Period adjustments made during the second quarter of fiscal 2019. Final determination of the fair values may result in further adjustments to the values presented in the following table: (in thousands) Estimated Fair Value as Previously Reported* Measurement Period Adjustments** Estimated Fair Value Cash and cash equivalents $ 6,399 $ — $ 6,399 Accounts receivable 308,074 (6,334 ) 301,740 Inventories 207,648 (5,566 ) 202,082 Other current assets 11,788 14,502 26,290 Property, plant and equipment 424,541 (10,304 ) 414,237 Intangible assets 10,252 (10,252 ) — Deferred income taxes 10,567 1,039 11,606 Accounts payable-trade, accrued expenses and other payables (128,183 ) (6,519 ) (134,702 ) Acquired unfavorable contract backlog (133,600 ) 23,434 (110,166 ) Other long-term liabilities (9,920 ) — (9,920 ) Pension and other post retirement employment benefits (6,365 ) — (6,365 ) Total assets acquired and liabilities assumed $ 701,201 $ — $ 701,201 * As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended November 30, 2018 ** The Company recorded measurement period adjustments in the second quarter of fiscal 2019 to reflect facts and circumstances in existence as of the Acquisition Date. These measurement period adjustments primarily related to changes in valuation assumptions and other initial estimates. Inventories The acquired inventory is comprised of finished goods, work in process and raw materials. The fair value of finished goods was preliminarily calculated as the estimated selling price, adjusted for the selling costs and a reasonable profit margin. The fair value of semi-finished goods was preliminarily calculated as the estimated selling price, adjusted for estimated costs to complete manufacturing, estimated selling costs, and a reasonable profit margin. The fair value of raw materials was determined to approximate the historical carrying value as it represented market cost. The inventory step up recognized for the three and six month periods ended February 28, 2019 was $10.3 million , which has been reflected in the Company's Americas Mills segment as cost of goods sold as the related inventory has been sold. Property, Plant and Equipment The fair value of real property was preliminarily calculated using the cost approach for buildings and improvements and either a sales comparison or market approach for land. The fair value of personal property was preliminarily calculated using the cost approach. The cost approach measures the value by estimating the cost to acquire or construct comparable assets and adjusts for age and condition. The Company assigned real property a useful life ranging from 1 to 35 years and personal property a useful life ranging from 1 to 25 years. Deferred Income Taxes Deferred income tax assets include the expected future federal and state tax consequences associated with temporary differences between the preliminary fair values of the assets acquired and liabilities assumed and the respective tax bases. Tax rates utilized in calculating the deferred tax assets represent a preliminary consolidated tax rate which may be adjusted during the Measurement Period as the Company applies the appropriate tax rate for each legal entity. Pension and Other Postretirement Liabilities The Company recognized a net liability of $6.4 million , representing the unfunded portion of the acquired defined-benefits pension plan and other postretirement benefit plan. Acquired Unfavorable Contract Backlog The Company determined that the backlog associated with existing contracts at the acquired fabrication facilities represented a separable intangible liability. The unfavorable contract backlog was valued using the income approach. Amortization of the backlog will correspond with completion of the acquired contracts, which is estimated to be between 1 to 2 years. Other Assets Acquired and Liabilities Assumed The Company used historical carrying values for trade accounts receivable and payables, as well as certain other current and non-current assets and liabilities, as their carrying values represented the fair value of those items as of the Acquisition Date. Financial Results The following table summarizes the financial results of the Acquired Businesses from the Acquisition Date for the three and six months ended February 28, 2019 that are included in the Company’s condensed consolidated statement of earnings and condensed consolidated statement of comprehensive income. (in thousands) Three Months Ended February 28, 2019 Six Months Ended February 28, 2019 Net sales $ 383,572 $ 505,071 Earnings before income taxes $ 26,670 $ 35,096 Pro Forma Supplemental Information Supplemental information on an unaudited pro forma basis is presented below 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 part of management analysis of the financial results and performance of the Company. These results are adjusted, where possible, for transaction and integration related costs. These results involve a significant amount of estimates. Three Months Ended February 28, Six Months Ended February 28, (in thousands) 2019 2018 2019 2018 Pro forma net sales * $ 1,379,033 $ 1,470,603 $ 2,925,007 $ 2,914,292 Pro forma net earnings ** $ 10,260 $ 18,786 $ 26,081 $ (2,187 ) * Pro forma net sales for the three and six months ended February 28, 2018 includes estimated fair value adjustments related to amortization of unfavorable contract backlog. The impact of the amortization of unfavorable contract backlog has been removed from the pro forma net sales for the three and six months ended February 28, 2019. ** Pro forma net earnings for the three and six months ended February 28, 2018 reflects the impact of fair value adjustments related to the amortization of unfavorable contract backlog described above. Pro forma net earnings for the six months ended February 28, 2018 includes estimated fair value adjustments related to inventory step-up, as well as non-recurring acquisition and integration costs of approximately $47.5 million .

CHANGES IN BUSINESS

CHANGES IN BUSINESS	6 Months Ended
	Feb. 28, 2019
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. Three Months Ended February 28, Six Months Ended February 28, (in thousands) 2018 2018 Net sales $ 139,011 $ 301,122 Costs and expenses: Cost of goods sold 130,687 272,138 Selling, general and administrative expenses 8,034 20,660 Interest expense — (86 ) Earnings before income taxes 290 8,410 Income taxes (98 ) 3,082 Earnings from discontinued operations $ 388 $ 5,328 There were no material operating or investing non-cash items for discontinued operations for the three and six months ended February 28, 2019 and 2018 . The assets and liabilities of the businesses classified as held for sale and discontinued operations were immaterial at both February 28, 2019 and August 31, 2018 .

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Feb. 28, 2019
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 February 28, 2019 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, November 30, 2018 $ (102,393 ) $ 1,279 $ (1,087 ) $ (102,201 ) Other comprehensive income (loss) before reclassifications 514 (52 ) (8 ) 454 Amounts reclassified from AOCI 936 (107 ) — 829 Income taxes — 31 — 31 Net other comprehensive income (loss) 1,450 (128 ) (8 ) 1,314 Balance, February 28, 2019 $ (100,943 ) $ 1,151 $ (1,095 ) $ (100,887 ) Six Months Ended February 28, 2019 (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 loss before reclassifications (9,143 ) (104 ) (19 ) (9,266 ) Amounts reclassified from AOCI 837 (149 ) 1,666 2,354 Income taxes (benefit) — 48 (346 ) (298 ) Net other comprehensive income (loss) (8,306 ) (205 ) 1,301 (7,210 ) Balance, February 28, 2019 $ (100,943 ) $ 1,151 $ (1,095 ) $ (100,887 ) Three Months Ended February 28, 2018 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, November 30, 2017 $ (77,943 ) $ 1,492 $ (1,891 ) $ (78,342 ) Other comprehensive income before reclassifications 11,943 18 — 11,961 Amounts reclassified from AOCI — (97 ) (9 ) (106 ) Income taxes — 19 2 21 Net other comprehensive income (loss) 11,943 (60 ) (7 ) 11,876 Balance, February 28, 2018 $ (66,000 ) $ 1,432 $ (1,898 ) $ (66,466 ) Six Months Ended February 28, 2018 (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 14,778 31 — 14,809 Amounts reclassified from AOCI — (243 ) 656 413 Income taxes (benefit) — 57 (232 ) (175 ) Net other comprehensive income (loss) 14,778 (155 ) 424 15,047 Balance, February 28, 2018 $ (66,000 ) $ 1,432 $ (1,898 ) $ (66,466 ) Items reclassified out of AOCI were not material for the three and six months ended February 28, 2019 and 2018 , 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	6 Months Ended
	Feb. 28, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 5. REVENUE RECOGNITION Revenue from Contracts with Customers Revenue is 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 (i) sales of steel products, ferrous and nonferrous scrap metals, and construction materials and (ii) 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 is either recognized over time or 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. For the three and six months of February 28, 2019 , these contracts represent approximately 29% of net sales 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 towards 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. For the three and six months of February 28, 2019 , these contracts represent approximately 27% and 26% , respectively, 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 consolidated 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 judgment in determining the transaction price. For the three and six months of February 28, 2019 , the remaining 44% and 45% , respectively, 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 do not include a significant financing component. The following table provides information about assets and liabilities from contracts with customers. (in thousands) February 28, 2019 August 31, 2018 Contract assets (included in other current assets) $ 76,316 $ 49,221 Contract liabilities (included in accrued expenses and other payables) 17,791 6,679 The entire contract liability as of August 31, 2018 was recognized as revenue during the six months ended February 28, 2019 . Remaining Performance Obligations As of February 28, 2019 , a total of $930.4 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 February 28, 2019 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 202 $ 444,327 $ 462,963 $ 167,534 $ — $ 1,075,026 Ferrous scrap 105,253 8,744 — 255 — 114,252 Nonferrous scrap 120,004 3,308 — 2,524 — 125,836 Construction materials — — 60,190 — — 60,190 Other 429 16,416 3,525 4,632 2,477 27,479 Total $ 225,888 $ 472,795 $ 526,678 $ 174,945 $ 2,477 $ 1,402,783 Six Months Ended February 28, 2019 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 441 $ 792,292 $ 837,770 $ 385,304 $ — $ 2,015,807 Ferrous scrap 216,907 17,886 — 530 — 235,323 Nonferrous scrap 248,079 6,488 — 5,465 — 260,032 Construction materials — — 117,361 — — 117,361 Other 642 29,800 6,105 10,319 4,736 51,602 Total $ 466,069 $ 846,466 $ 961,236 $ 401,618 $ 4,736 $ 2,680,125 Three Months Ended February 28, 2018* (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 277 $ 240,024 $ 257,167 $ 202,178 $ — $ 699,646 Ferrous scrap 116,313 7,095 — 298 — 123,706 Nonferrous scrap 148,425 3,902 — 3,458 — 155,785 Construction materials — — 51,174 — — 51,174 Other 417 11,682 1,858 5,550 4,450 23,957 Total $ 265,432 $ 262,703 $ 310,199 $ 211,484 $ 4,450 $ 1,054,268 Six Months Ended February 28, 2018* (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 575 $ 461,586 $ 526,809 $ 412,038 $ — $ 1,401,008 Ferrous scrap 238,960 16,143 — 619 — 255,722 Nonferrous scrap 299,377 7,883 — 7,141 — 314,401 Construction materials — — 110,205 — — 110,205 Other 857 23,824 3,737 11,898 9,149 49,465 Total $ 539,769 $ 509,436 $ 640,751 $ 431,696 $ 9,149 $ 2,130,801 * Prior period amounts have been reported under ASC 605.

ACCOUNTS RECEIVABLE PROGRAMS

ACCOUNTS RECEIVABLE PROGRAMS	6 Months Ended
	Feb. 28, 2019
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. Six Months Ended February 28, 2018 (in thousands) Total U.S. Poland Deferred purchase price Balance, August 31, 2017 $ 215,123 $ 135,623 $ 79,500 Transfers of trade receivables 1,345,646 1,087,650 257,996 Less: CPP (992,154 ) (812,120 ) (180,034 ) Non-cash increase to DPP 353,492 275,530 77,962 Cash collections of DPP (322,403 ) (256,269 ) (66,134 ) Net repayments (advances) 90,000 90,000 — Net collections of DPP (232,403 ) (166,269 ) (66,134 ) Balance, February 28, 2018 $ 336,212 $ 244,884 $ 91,328 At February 28, 2018 , the Company transferred $338.0 million of trade accounts receivable to the financial institutions and had no advance payments outstanding under the Programs. Discounts related to the Programs were immaterial for the three and six months ended February 28, 2018 .

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
	Feb. 28, 2019
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 as finished goods. Work in process inventories were not material at February 28, 2019 and August 31, 2018 . At February 28, 2019 and August 31, 2018 , $186.7 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	6 Months Ended
	Feb. 28, 2019
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 — — — (56 ) (56 ) Impairment — — — — — Reclassification to assets of discontinued operations — — — — — Balance, February 28, 2019 $ 9,543 $ 4,970 $ 57,428 $ 2,512 $ 74,453 Accumulated impairment losses Balance, August 31, 2018 $ (9,543 ) $ — $ (493 ) $ (163 ) $ (10,199 ) Foreign currency translation — — — 3 3 Reclassification to assets of discontinued operations — — — — — Balance, February 28, 2019 $ (9,543 ) $ — $ (493 ) $ (160 ) $ (10,196 ) Goodwill, net Balance, August 31, 2018 $ — $ 4,970 $ 56,935 $ 2,405 $ 64,310 Foreign currency translation — — — (53 ) (53 ) Impairment — — — — — Balance, February 28, 2019 $ — $ 4,970 $ 56,935 $ 2,352 $ 64,257 The total gross carrying amounts of the Company's intangible assets subject to amortization were $22.2 million and $20.5 million at February 28, 2019 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 $0.6 million and $1.1 million for the three and six months ended February 28, 2019 and 2018, respectively. Excluding goodwill, the Company did not have any significant intangible assets with indefinite lives as of February 28, 2019 . The amortizable intangible assets (liabilities) acquired consisted of: (in thousands, except life in years) Life in Years Estimated Fair Value Adjusted Net unfavorable lease contracts Various $ (2,705 ) Unfavorable contract backlog 1-2 years* $ (110,166 ) * Amortization will correspond with completion of the acquired contracts, which is estimated to occur over the next 1 to 2 years. In connection with the acquisition of the Acquired Businesses , the Company recorded a preliminary unfavorable contract backlog liability of $110.2 million . Amortization of the backlog for the three and six months ended February 28, 2019 was $23.5 million and $34.8 million , respectively, and was recorded as an increase to net sales in the Company's unaudited condensed consolidated statement of earnings.

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	6 Months Ended
	Feb. 28, 2019
Debt Disclosure [Abstract]
Credit arrangements	NOTE 9. CREDIT ARRANGEMENTS Long-term debt as of February 28, 2019 and August 31, 2018 was as follows: (in thousands) Weighted Average Interest Rate as of February 28, 2019 February 28, 2019 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 4.236% 314,250 142,500 Short-term borrowings * 59,473 — Other, including equipment notes 56,441 47,629 Total debt 1,410,164 1,170,129 Less debt issuance costs 11,112 11,764 Total amounts outstanding 1,399,052 1,158,365 Less current maturities 29,429 19,746 Less short-term borrowings $ 59,473 — Current maturities of long-term debt and short-term borrowings 88,902 19,746 Long-term debt $ 1,310,150 $ 1,138,619 * As of February 28, 2019 , the weighted average interest rates associated with the U.S. Program and Poland Program were 3.497% and 2.410% , respectively. 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 February 28, 2019 and August 31, 2018 . The Company's availability under the Revolver was reduced by outstanding letters of credit of $3.3 million at February 28, 2019 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 February 28, 2019 , the Company's interest coverage ratio was 5.41 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 February 28, 2019 , 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 February 28, 2019 , CMCP's uncommitted credit facilities totaled Polish zloty ("PLN") 225.0 million , or $59.4 million . These facilities, which we intend to renew, will expire during March 2019. At February 28, 2019 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 $1.1 million at February 28, 2019 and August 31, 2018 . During the six months ended February 28, 2019 and 2018 , 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. Advances taken under the U.S. Program incur interest based on LIBOR plus a margin. The Company had advance payments outstanding of $25.0 million under the U.S. Program at February 28, 2019 . 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 ( $58.1 million as of February 28, 2019 ) 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. Advances taken under the Poland Program incur interest based on the Warsaw Interbank Offered Rate ("WIBOR") plus a margin. The Company had advance payments outstanding of $34.5 million and $12.1 million under the Poland Program at February 28, 2019 and August 31, 2018 , respectively. 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	6 Months Ended
	Feb. 28, 2019
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 February 28, 2019 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $125.9 million and $56.2 million , respectively. At February 28, 2018 , the notional values of the Company's foreign currency contract commitments and its commodity contract commitments were $300.9 million and $55.3 million , respectively. The following table provides information regarding the Company's commodity contract commitments as of February 28, 2019 : Commodity Long/Short Total Aluminum Long 5,175 MT Aluminum Short 2,425 MT Copper Long 601 MT Copper Short 6,146 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 and six months ended February 28, 2019 and 2018 . Certain foreign currency and commodity contracts were not designated as hedges for accounting purposes, although management believes they are essential economic hedges. The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the unaudited condensed consolidated statements of earnings (amounts in thousands): Three Months Ended February 28, Six Months Ended February 28, Derivatives Not Designated as Hedging Instruments Location 2019 2018 2019 2018 Commodity Cost of goods sold $ (2,425 ) $ (2 ) $ (3,265 ) $ 573 Foreign exchange Cost of goods sold — (31 ) — (50 ) Foreign exchange SG&A expenses (526 ) (1,729 ) (400 ) 651 Gain (loss) before income taxes $ (2,951 ) $ (1,762 ) $ (3,665 ) $ 1,174 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 February 28, 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 February 28, 2019 2018 2019 2018 Foreign exchange Net sales $ — $ 8 Net sales $ — $ (8 ) Foreign exchange Cost of goods sold — (1,323 ) Cost of goods sold — 1,323 Gain (loss) before income taxes $ — $ (1,315 ) $ — $ 1,315 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives for the Six Months Ended February 28, Location of Gain (Loss) Recognized in Income on Related Hedged Items Amount of Gain (Loss) Recognized in Income on Related Hedge Items for the Six Months Ended February 28, 2019 2018 2019 2018 Foreign exchange Net sales $ — $ (229 ) Net sales $ — $ 229 Foreign exchange Cost of goods sold — 2,025 Cost of goods sold — (2,025 ) Gain (loss) before income taxes $ — $ 1,796 $ — $ (1,796 ) Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in AOCI Three Months Ended February 28, Six Months Ended February 28, 2019 2018 2019 2018 Foreign exchange, net of income taxes $ (86 ) $ 14 $ (121 ) $ 25 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 February 28, 2019 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) February 28, 2019 August 31, 2018 Commodity — not designated for hedge accounting $ 162 $ 1,881 Foreign exchange — designated for hedge accounting — — Foreign exchange — not designated for hedge accounting 141 407 Derivative assets (other current assets)* $ 303 $ 2,288 Derivative Liabilities (in thousands) February 28, 2019 August 31, 2018 Commodity — not designated for hedge accounting $ 2,335 $ 301 Foreign exchange — designated for hedge accounting 179 — Foreign exchange — not designated for hedge accounting 450 1,095 Derivative liabilities (accrued expenses and other payables)* $ 2,964 $ 1,396 _________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges. As of February 28, 2019 , 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	6 Months Ended
	Feb. 28, 2019
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) February 28, 2019 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 2,815 $ 2,815 $ — $ — Commodity derivative assets (2) 162 162 — — Foreign exchange derivative assets (2) 141 — 141 — Liabilities: Commodity derivative liabilities (2) 2,335 2,335 — — Foreign exchange derivative liabilities (2) 629 — 629 — 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 . In connection with the sale of assets related to the Company's structural steel fabrication operations, the Company recorded an impairment charge of $12.1 million during the second quarter of fiscal 2018. The signed definitive asset sale agreement (Level 2) was the basis of the determination of fair value of these operations. There were no other material non-recurring fair value remeasurements during the three and six months ended February 28, 2019 and 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: February 28, 2019 August 31, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 284,823 $ 300,000 $ 281,655 2026 Notes (1) Level 2 350,000 344,670 350,000 339,238 2023 Notes (1) Level 2 330,000 326,806 330,000 326,090 Short-term borrowings (2) Level 2 59,473 59,473 — — Term Loans (2) Level 2 314,250 314,250 142,500 142,500 _________________ (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	6 Months Ended
	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Income tax	NOTE 12. INCOME TAX For the three and six months ended February 28, 2019 , the Company's effective tax rates of 54.9% and 40.9% , respectively, were 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, adjusted for discrete items, if any, which are taken into account in the appropriate period. Items that impacted the effective tax rates included: i. a global intangible low-taxed income (“GILTI”) tax; ii. a valuation allowance on foreign tax credits from the one-time toll charge on certain undistributed earnings of non-U.S. subsidiaries as a result of the Tax Cuts and Jobs Act ("TCJA"); iii. an uncertain tax position related to the one-time toll charge on certain undistributed earnings of non-U.S. subsidiaries as a result of the TCJA; iv. non-deductible compensation expense; and v. state and local taxes. For the three and six months ended February 28, 2018 , the Company's effective tax rates of 15.0% and 19.6% , respectively, were lower than the blended U.S. statutory income tax rate of 25.7% . Items that impacted the effective tax rate included: i. the one-time toll charge on certain undistributed earnings of non-U.S. subsidiaries with associated foreign tax credits as a result of the TCJA; ii. the remeasurement of the Company’s deferred tax balances to the applicable reduced statutory income tax rates as a result of the TCJA; iii. a permanent tax benefit related to a worthless stock deduction from the reorganization and exit of the steel trading business headquartered in the United Kingdom; iv. 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% ; v. a permanent tax benefit recorded for stock awards that vested during the first and second quarters of fiscal 2018 ; and vi. a non-taxable gain on assets related to the Company's non-qualified benefits restoration plan. For the three months ended February 28, 2018 , the Company's income tax benefit from discontinued operations was immaterial. For the six months ended February 28, 2018, the Company’s effective income tax rate from discontinued operations of 36.6% was greater than the blended U.S. statutory income tax rate of 25.7% , primarily as a result of state taxes imposed on income earned by the Company’s steel trading operations headquartered in the U.S. As of February 28, 2019 and August 31, 2018 , the reserve for unrecognized income tax benefits related to the accounting for uncertainty in income taxes was $6.2 million and $3.1 million , respectively, 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 and six months ended February 28, 2019 , the Company recorded immaterial amounts of accrued interest and penalties on unrecognized income tax benefits. The Company is subject to varying statutes of limitation in the U.S. and foreign jurisdictions. 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 — 2015 and forward Foreign — 2012 and forward In addition, the Company is under examination by certain state revenue authorities for fiscal years 2015 through 2017. The Company believes the recorded income tax liabilities as of February 28, 2019 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 provided a measurement period, not to extend beyond one year from the date of enactment, to complete the accounting under ASC 740. During fiscal 2018 , the Company recognized an $11.0 million provisional estimate of income tax expense for the effect of those provisions of the TCJA for which amounts were reasonably estimable. In accordance with SAB 118, during the second quarter of fiscal 2019 , the Company completed its assessment of the impact of the TCJA and recorded additional income tax expense of $7.6 million . The adjustment was related to an increase in the valuation allowance on foreign tax credits and an uncertain tax position related to the one-time toll charge on certain undistributed earnings of non-U.S. subsidiaries. Beginning in fiscal 2019 , the Company is subject to the following provisions of the TCJA: (i) a new tax on GILTI; (ii) a new deduction for foreign-derived intangible income (“FDII”); (iii) deductibility limitations on compensation for covered employees; and (iv) deductibility limitations on business interest expense. For fiscal 2019 , the Company has included in the estimated annual effective tax rate reasonable estimates of the tax impacts related to GILTI and the deductibility limitations on compensation for covered employees. The Company has elected to treat the new GILTI tax as a current period cost. The Company’s current assessment of FDII and the deductibility limitations on business interest expense did not result in an impact to the estimated annual effective tax rate. In general, it is the practice and intention of the Company to indefinitely reinvest earnings of non-U.S. subsidiaries. Based on the provisions of the TCJA, future distributions of earnings of non-U.S. subsidiaries are not expected to be subject to U.S. income tax. However, such distributions may be subject to other global income tax considerations, such as withholding taxes, but are not expected to materially impact the Company’s financial statements.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	6 Months Ended
	Feb. 28, 2019
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 six months ended February 28, 2019 and 2018 , the Company granted the following awards under its stock-based compensation plans: February 28, 2019 February 28, 2018 (in thousands, except per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity Method 1,505 $ 17.75 1,201 $ 20.71 Liability Method 374 N/A 323 N/A During the three and six months ended February 28, 2019 and 2018 , the Company recorded immaterial amounts for mark-to-market adjustments on liability awards. As of February 28, 2019 , the Company had 718,223 equivalent shares accounted for under the liability method outstanding. The Company expects 683,922 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 February 28, Six Months Ended February 28, (in thousands) 2019 2018 2019 2018 Stock-based compensation expense $ 5,790 $ 8,557 $ 10,007 $ 13,338

EMPLOYEES' RETIREMENT PLANS

EMPLOYEES' RETIREMENT PLANS	6 Months Ended
	Feb. 28, 2019
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 and six months ended February 28, 2019 .

STOCKHOLDERS_ EQUITY AND EARNIN

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC	6 Months Ended
	Feb. 28, 2019
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 and six months ended February 28, 2019 and 2018 were as follows: Three Months Ended February 28, Six Months Ended February 28, (in thousands, except share data) 2019 2018 2019 2018 Earnings from continuing operations $ 14,928 $ 9,781 $ 34,348 $ 41,652 Basic earnings per share: Shares outstanding for basic earnings per share 117,854,335 116,808,838 117,677,422 116,524,630 Basic earnings per share from continuing operations $ 0.13 $ 0.08 $ 0.29 $ 0.36 Diluted earnings per share: Shares outstanding for basic earnings per share 117,854,335 116,808,838 117,677,422 116,524,630 Effect of dilutive securities: Stock-based incentive/purchase plans 1,088,423 1,460,883 1,319,005 1,625,185 Shares outstanding for diluted earnings per share 118,942,758 118,269,721 118,996,427 118,149,815 Diluted earnings per share from continuing operations $ 0.13 $ 0.08 $ 0.29 $ 0.35 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 six months ended February 28, 2019 , CMC did not repurchase any shares of common stock. CMC had remaining authorization to repurchase $27.6 million of shares of common stock at February 28, 2019 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Feb. 28, 2019
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 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 February 28, 2019 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 February 28, 2019 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	6 Months Ended
	Feb. 28, 2019
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 February 28, 2019 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 225,888 $ 472,795 $ 526,678 $ 174,945 $ 2,477 $ 1,402,783 Intersegment sales 61,187 301,914 4,158 253 (367,512 ) — Net sales 287,075 774,709 530,836 175,198 (365,035 ) 1,402,783 Adjusted EBITDA from continuing operations 10,124 112,396 (49,578 ) 20,537 (24,146 ) 69,333 Six Months Ended February 28, 2019 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 466,069 $ 846,466 $ 961,236 $ 401,618 $ 4,736 $ 2,680,125 Intersegment sales 123,015 530,096 6,711 604 (660,426 ) — Net sales 589,084 1,376,562 967,947 402,222 (655,690 ) 2,680,125 Adjusted EBITDA from continuing operations 25,558 226,269 (86,574 ) 53,316 (83,700 ) 134,869 Total assets as of February 28, 2019* 275,106 1,730,523 1,085,078 507,775 130,210 3,728,692 * Total assets listed in Corporate and Other includes assets from discontinued operations. Three Months Ended February 28, 2018 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 265,432 $ 262,703 $ 310,199 $ 211,484 $ 4,450 $ 1,054,268 Intersegment sales 55,195 163,184 2,774 281 (221,434 ) — Net sales 320,627 425,887 312,973 211,765 (216,984 ) 1,054,268 Adjusted EBITDA from continuing operations 17,216 50,219 (8,611 ) 32,135 (26,083 ) 64,876 Six Months Ended February 28, 2018 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 539,769 $ 509,436 $ 640,751 $ 431,696 $ 9,149 $ 2,130,801 Intersegment sales 100,199 329,969 5,001 546 (435,715 ) — Net sales 639,968 839,405 645,752 432,242 (426,566 ) 2,130,801 Adjusted EBITDA from continuing operations 32,221 105,385 (6,579 ) 63,079 (49,963 ) 144,143 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 February 28, Six Months Ended February 28, (in thousands) 2019 2018 2019 2018 Earnings from continuing operations $ 14,928 $ 9,781 $ 34,348 $ 41,652 Interest expense 18,495 7,181 35,158 13,792 Income taxes 18,141 1,728 23,750 10,153 Depreciation and amortization 41,245 34,050 76,421 65,949 Amortization of acquired unfavorable contract backlog (23,476 ) — (34,808 ) — Impairment of assets — 12,136 — 12,597 Adjusted EBITDA from continuing operations $ 69,333 $ 64,876 $ 134,869 $ 144,143

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Feb. 28, 2019
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 and six month periods 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 Company adopted the standard, which requires retrospective application to all periods presented, in the first quarter of fiscal 2019. As a result of adoption, the Company reported reductions in operating cash flows of $367.5 million and $322.4 million , respectively, with offsetting increases in investing cash flows related to the collection of previously sold trade accounts receivable in the consolidated statements of cash flows for the six months ended February 28, 2019 and 2018. 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 adopted 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, Revenue Recognition. The impact to the unaudited condensed consolidated balance sheet was immaterial. Three Months Ended February 28, 2019 (in thousands) As Reported Balances Without Adoption of Topic 606 Effect of Change - Higher (Lower) Net sales $ 1,402,783 $ 1,405,205 $ (2,422 ) Net earnings $ 13,850 $ 15,655 $ (1,805 ) Six Months Ended February 28, 2019 (in thousands) As Reported Balances Without Adoption of Topic 606 Effect of Change - Higher (Lower) Net sales $ 2,680,125 $ 2,684,772 $ (4,647 ) Net earnings $ 33,592 $ 37,124 $ (3,532 ) 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 350-40, Internal-use Software, 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 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)	6 Months Ended
	Feb. 28, 2019
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, Revenue Recognition. The impact to the unaudited condensed consolidated balance sheet was immaterial. Three Months Ended February 28, 2019 (in thousands) As Reported Balances Without Adoption of Topic 606 Effect of Change - Higher (Lower) Net sales $ 1,402,783 $ 1,405,205 $ (2,422 ) Net earnings $ 13,850 $ 15,655 $ (1,805 )

ACQUISITION (Tables)

ACQUISITION (Tables)	6 Months Ended
	Feb. 28, 2019
Business Combinations [Abstract]
Summary of Fair Value of Assets Acquired and Liabilities Assumed	The table below presents the preliminary fair value that was allocated to the Acquired Businesses' assets and liabilities based upon fair values as determined by the Company, as well as any Measurement Period adjustments made during the second quarter of fiscal 2019. Final determination of the fair values may result in further adjustments to the values presented in the following table: (in thousands) Estimated Fair Value as Previously Reported* Measurement Period Adjustments** Estimated Fair Value Cash and cash equivalents $ 6,399 $ — $ 6,399 Accounts receivable 308,074 (6,334 ) 301,740 Inventories 207,648 (5,566 ) 202,082 Other current assets 11,788 14,502 26,290 Property, plant and equipment 424,541 (10,304 ) 414,237 Intangible assets 10,252 (10,252 ) — Deferred income taxes 10,567 1,039 11,606 Accounts payable-trade, accrued expenses and other payables (128,183 ) (6,519 ) (134,702 ) Acquired unfavorable contract backlog (133,600 ) 23,434 (110,166 ) Other long-term liabilities (9,920 ) — (9,920 ) Pension and other post retirement employment benefits (6,365 ) — (6,365 ) Total assets acquired and liabilities assumed $ 701,201 $ — $ 701,201 * As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended November 30, 2018 ** The Company recorded measurement period adjustments in the second quarter of fiscal 2019 to reflect facts and circumstances in existence as of the Acquisition Date. These measurement period adjustments primarily related to changes in valuation assumptions and other initial estimates.
Schedule of Pro Forma Information	The following table summarizes the financial results of the Acquired Businesses from the Acquisition Date for the three and six months ended February 28, 2019 that are included in the Company’s condensed consolidated statement of earnings and condensed consolidated statement of comprehensive income. (in thousands) Three Months Ended February 28, 2019 Six Months Ended February 28, 2019 Net sales $ 383,572 $ 505,071 Earnings before income taxes $ 26,670 $ 35,096 Supplemental information on an unaudited pro forma basis is presented below 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 part of management analysis of the financial results and performance of the Company. These results are adjusted, where possible, for transaction and integration related costs. These results involve a significant amount of estimates. Three Months Ended February 28, Six Months Ended February 28, (in thousands) 2019 2018 2019 2018 Pro forma net sales * $ 1,379,033 $ 1,470,603 $ 2,925,007 $ 2,914,292 Pro forma net earnings ** $ 10,260 $ 18,786 $ 26,081 $ (2,187 ) * Pro forma net sales for the three and six months ended February 28, 2018 includes estimated fair value adjustments related to amortization of unfavorable contract backlog. The impact of the amortization of unfavorable contract backlog has been removed from the pro forma net sales for the three and six months ended February 28, 2019. ** Pro forma net earnings for the three and six months ended February 28, 2018 reflects the impact of fair value adjustments related to the amortization of unfavorable contract backlog described above. Pro forma net earnings for the six months ended February 28, 2018 includes estimated fair value adjustments related to inventory step-up, as well as non-recurring acquisition and integration costs of approximately $47.5 million .

CHANGES IN BUSINESS (Tables)

CHANGES IN BUSINESS (Tables)	6 Months Ended
	Feb. 28, 2019
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. Three Months Ended February 28, Six Months Ended February 28, (in thousands) 2018 2018 Net sales $ 139,011 $ 301,122 Costs and expenses: Cost of goods sold 130,687 272,138 Selling, general and administrative expenses 8,034 20,660 Interest expense — (86 ) Earnings before income taxes 290 8,410 Income taxes (98 ) 3,082 Earnings from discontinued operations $ 388 $ 5,328

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Feb. 28, 2019
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 February 28, 2019 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, November 30, 2018 $ (102,393 ) $ 1,279 $ (1,087 ) $ (102,201 ) Other comprehensive income (loss) before reclassifications 514 (52 ) (8 ) 454 Amounts reclassified from AOCI 936 (107 ) — 829 Income taxes — 31 — 31 Net other comprehensive income (loss) 1,450 (128 ) (8 ) 1,314 Balance, February 28, 2019 $ (100,943 ) $ 1,151 $ (1,095 ) $ (100,887 ) Six Months Ended February 28, 2019 (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 loss before reclassifications (9,143 ) (104 ) (19 ) (9,266 ) Amounts reclassified from AOCI 837 (149 ) 1,666 2,354 Income taxes (benefit) — 48 (346 ) (298 ) Net other comprehensive income (loss) (8,306 ) (205 ) 1,301 (7,210 ) Balance, February 28, 2019 $ (100,943 ) $ 1,151 $ (1,095 ) $ (100,887 ) Three Months Ended February 28, 2018 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, November 30, 2017 $ (77,943 ) $ 1,492 $ (1,891 ) $ (78,342 ) Other comprehensive income before reclassifications 11,943 18 — 11,961 Amounts reclassified from AOCI — (97 ) (9 ) (106 ) Income taxes — 19 2 21 Net other comprehensive income (loss) 11,943 (60 ) (7 ) 11,876 Balance, February 28, 2018 $ (66,000 ) $ 1,432 $ (1,898 ) $ (66,466 ) Six Months Ended February 28, 2018 (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 14,778 31 — 14,809 Amounts reclassified from AOCI — (243 ) 656 413 Income taxes (benefit) — 57 (232 ) (175 ) Net other comprehensive income (loss) 14,778 (155 ) 424 15,047 Balance, February 28, 2018 $ (66,000 ) $ 1,432 $ (1,898 ) $ (66,466 )

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Feb. 28, 2019
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) February 28, 2019 August 31, 2018 Contract assets (included in other current assets) $ 76,316 $ 49,221 Contract liabilities (included in accrued expenses and other payables) 17,791 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 February 28, 2019 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 202 $ 444,327 $ 462,963 $ 167,534 $ — $ 1,075,026 Ferrous scrap 105,253 8,744 — 255 — 114,252 Nonferrous scrap 120,004 3,308 — 2,524 — 125,836 Construction materials — — 60,190 — — 60,190 Other 429 16,416 3,525 4,632 2,477 27,479 Total $ 225,888 $ 472,795 $ 526,678 $ 174,945 $ 2,477 $ 1,402,783 Six Months Ended February 28, 2019 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 441 $ 792,292 $ 837,770 $ 385,304 $ — $ 2,015,807 Ferrous scrap 216,907 17,886 — 530 — 235,323 Nonferrous scrap 248,079 6,488 — 5,465 — 260,032 Construction materials — — 117,361 — — 117,361 Other 642 29,800 6,105 10,319 4,736 51,602 Total $ 466,069 $ 846,466 $ 961,236 $ 401,618 $ 4,736 $ 2,680,125 Three Months Ended February 28, 2018* (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 277 $ 240,024 $ 257,167 $ 202,178 $ — $ 699,646 Ferrous scrap 116,313 7,095 — 298 — 123,706 Nonferrous scrap 148,425 3,902 — 3,458 — 155,785 Construction materials — — 51,174 — — 51,174 Other 417 11,682 1,858 5,550 4,450 23,957 Total $ 265,432 $ 262,703 $ 310,199 $ 211,484 $ 4,450 $ 1,054,268 Six Months Ended February 28, 2018* (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Total Steel products $ 575 $ 461,586 $ 526,809 $ 412,038 $ — $ 1,401,008 Ferrous scrap 238,960 16,143 — 619 — 255,722 Nonferrous scrap 299,377 7,883 — 7,141 — 314,401 Construction materials — — 110,205 — — 110,205 Other 857 23,824 3,737 11,898 9,149 49,465 Total $ 539,769 $ 509,436 $ 640,751 $ 431,696 $ 9,149 $ 2,130,801 * Prior period amounts have been reported under ASC 605.

ACCOUNTS RECEIVABLE PROGRAMS (T

ACCOUNTS RECEIVABLE PROGRAMS (Tables)	6 Months Ended
	Feb. 28, 2019
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. Six Months Ended February 28, 2018 (in thousands) Total U.S. Poland Deferred purchase price Balance, August 31, 2017 $ 215,123 $ 135,623 $ 79,500 Transfers of trade receivables 1,345,646 1,087,650 257,996 Less: CPP (992,154 ) (812,120 ) (180,034 ) Non-cash increase to DPP 353,492 275,530 77,962 Cash collections of DPP (322,403 ) (256,269 ) (66,134 ) Net repayments (advances) 90,000 90,000 — Net collections of DPP (232,403 ) (166,269 ) (66,134 ) Balance, February 28, 2018 $ 336,212 $ 244,884 $ 91,328

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Feb. 28, 2019
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 — — — (56 ) (56 ) Impairment — — — — — Reclassification to assets of discontinued operations — — — — — Balance, February 28, 2019 $ 9,543 $ 4,970 $ 57,428 $ 2,512 $ 74,453 Accumulated impairment losses Balance, August 31, 2018 $ (9,543 ) $ — $ (493 ) $ (163 ) $ (10,199 ) Foreign currency translation — — — 3 3 Reclassification to assets of discontinued operations — — — — — Balance, February 28, 2019 $ (9,543 ) $ — $ (493 ) $ (160 ) $ (10,196 ) Goodwill, net Balance, August 31, 2018 $ — $ 4,970 $ 56,935 $ 2,405 $ 64,310 Foreign currency translation — — — (53 ) (53 ) Impairment — — — — — Balance, February 28, 2019 $ — $ 4,970 $ 56,935 $ 2,352 $ 64,257
Amortizable intangible assets and liabilities [Table Text Block]	The amortizable intangible assets (liabilities) acquired consisted of: (in thousands, except life in years) Life in Years Estimated Fair Value Adjusted Net unfavorable lease contracts Various $ (2,705 ) Unfavorable contract backlog 1-2 years* $ (110,166 ) * Amortization will correspond with completion of the acquired contracts, which is estimated to occur over the next 1 to 2 years.

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	6 Months Ended
	Feb. 28, 2019
Debt Disclosure [Abstract]
Long-term debt, including the deferred gain from the termination of the interest rate swaps	Long-term debt as of February 28, 2019 and August 31, 2018 was as follows: (in thousands) Weighted Average Interest Rate as of February 28, 2019 February 28, 2019 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 4.236% 314,250 142,500 Short-term borrowings * 59,473 — Other, including equipment notes 56,441 47,629 Total debt 1,410,164 1,170,129 Less debt issuance costs 11,112 11,764 Total amounts outstanding 1,399,052 1,158,365 Less current maturities 29,429 19,746 Less short-term borrowings $ 59,473 — Current maturities of long-term debt and short-term borrowings 88,902 19,746 Long-term debt $ 1,310,150 $ 1,138,619 * As of February 28, 2019 , the weighted average interest rates associated with the U.S. Program and Poland Program were 3.497% and 2.410% , respectively.

DERIVATIVES AND RISK MANAGEME_2

DERIVATIVES AND RISK MANAGEMENT (Tables)	6 Months Ended
	Feb. 28, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity contract commitments	The following table provides information regarding the Company's commodity contract commitments as of February 28, 2019 : Commodity Long/Short Total Aluminum Long 5,175 MT Aluminum Short 2,425 MT Copper Long 601 MT Copper Short 6,146 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 February 28, Six Months Ended February 28, Derivatives Not Designated as Hedging Instruments Location 2019 2018 2019 2018 Commodity Cost of goods sold $ (2,425 ) $ (2 ) $ (3,265 ) $ 573 Foreign exchange Cost of goods sold — (31 ) — (50 ) Foreign exchange SG&A expenses (526 ) (1,729 ) (400 ) 651 Gain (loss) before income taxes $ (2,951 ) $ (1,762 ) $ (3,665 ) $ 1,174
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 February 28, 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 February 28, 2019 2018 2019 2018 Foreign exchange Net sales $ — $ 8 Net sales $ — $ (8 ) Foreign exchange Cost of goods sold — (1,323 ) Cost of goods sold — 1,323 Gain (loss) before income taxes $ — $ (1,315 ) $ — $ 1,315 Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives for the Six Months Ended February 28, Location of Gain (Loss) Recognized in Income on Related Hedged Items Amount of Gain (Loss) Recognized in Income on Related Hedge Items for the Six Months Ended February 28, 2019 2018 2019 2018 Foreign exchange Net sales $ — $ (229 ) Net sales $ — $ 229 Foreign exchange Cost of goods sold — 2,025 Cost of goods sold — (2,025 ) Gain (loss) before income taxes $ — $ 1,796 $ — $ (1,796 )
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 February 28, Six Months Ended February 28, 2019 2018 2019 2018 Foreign exchange, net of income taxes $ (86 ) $ 14 $ (121 ) $ 25
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) February 28, 2019 August 31, 2018 Commodity — not designated for hedge accounting $ 162 $ 1,881 Foreign exchange — designated for hedge accounting — — Foreign exchange — not designated for hedge accounting 141 407 Derivative assets (other current assets)* $ 303 $ 2,288
Derivative liabilities	Derivative Liabilities (in thousands) February 28, 2019 August 31, 2018 Commodity — not designated for hedge accounting $ 2,335 $ 301 Foreign exchange — designated for hedge accounting 179 — Foreign exchange — not designated for hedge accounting 450 1,095 Derivative liabilities (accrued expenses and other payables)* $ 2,964 $ 1,396 _________________ * Derivative assets and liabilities do not include the hedged items designated as fair value hedges.

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Feb. 28, 2019
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) February 28, 2019 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 2,815 $ 2,815 $ — $ — Commodity derivative assets (2) 162 162 — — Foreign exchange derivative assets (2) 141 — 141 — Liabilities: Commodity derivative liabilities (2) 2,335 2,335 — — Foreign exchange derivative liabilities (2) 629 — 629 — 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: February 28, 2019 August 31, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 284,823 $ 300,000 $ 281,655 2026 Notes (1) Level 2 350,000 344,670 350,000 339,238 2023 Notes (1) Level 2 330,000 326,806 330,000 326,090 Short-term borrowings (2) Level 2 59,473 59,473 — — Term Loans (2) Level 2 314,250 314,250 142,500 142,500 _________________ (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)	6 Months Ended
	Feb. 28, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Based Awards Granted	During the six months ended February 28, 2019 and 2018 , the Company granted the following awards under its stock-based compensation plans: February 28, 2019 February 28, 2018 (in thousands, except per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity Method 1,505 $ 17.75 1,201 $ 20.71 Liability Method 374 N/A 323 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 February 28, Six Months Ended February 28, (in thousands) 2019 2018 2019 2018 Stock-based compensation expense $ 5,790 $ 8,557 $ 10,007 $ 13,338

STOCKHOLDERS_ EQUITY AND EARN_2

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE ATTRIBUTABLE TO CMC (Tables)	6 Months Ended
	Feb. 28, 2019
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 and six months ended February 28, 2019 and 2018 were as follows: Three Months Ended February 28, Six Months Ended February 28, (in thousands, except share data) 2019 2018 2019 2018 Earnings from continuing operations $ 14,928 $ 9,781 $ 34,348 $ 41,652 Basic earnings per share: Shares outstanding for basic earnings per share 117,854,335 116,808,838 117,677,422 116,524,630 Basic earnings per share from continuing operations $ 0.13 $ 0.08 $ 0.29 $ 0.36 Diluted earnings per share: Shares outstanding for basic earnings per share 117,854,335 116,808,838 117,677,422 116,524,630 Effect of dilutive securities: Stock-based incentive/purchase plans 1,088,423 1,460,883 1,319,005 1,625,185 Shares outstanding for diluted earnings per share 118,942,758 118,269,721 118,996,427 118,149,815 Diluted earnings per share from continuing operations $ 0.13 $ 0.08 $ 0.29 $ 0.35 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)	6 Months Ended
	Feb. 28, 2019
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 February 28, 2019 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 225,888 $ 472,795 $ 526,678 $ 174,945 $ 2,477 $ 1,402,783 Intersegment sales 61,187 301,914 4,158 253 (367,512 ) — Net sales 287,075 774,709 530,836 175,198 (365,035 ) 1,402,783 Adjusted EBITDA from continuing operations 10,124 112,396 (49,578 ) 20,537 (24,146 ) 69,333 Six Months Ended February 28, 2019 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 466,069 $ 846,466 $ 961,236 $ 401,618 $ 4,736 $ 2,680,125 Intersegment sales 123,015 530,096 6,711 604 (660,426 ) — Net sales 589,084 1,376,562 967,947 402,222 (655,690 ) 2,680,125 Adjusted EBITDA from continuing operations 25,558 226,269 (86,574 ) 53,316 (83,700 ) 134,869 Total assets as of February 28, 2019* 275,106 1,730,523 1,085,078 507,775 130,210 3,728,692 * Total assets listed in Corporate and Other includes assets from discontinued operations. Three Months Ended February 28, 2018 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 265,432 $ 262,703 $ 310,199 $ 211,484 $ 4,450 $ 1,054,268 Intersegment sales 55,195 163,184 2,774 281 (221,434 ) — Net sales 320,627 425,887 312,973 211,765 (216,984 ) 1,054,268 Adjusted EBITDA from continuing operations 17,216 50,219 (8,611 ) 32,135 (26,083 ) 64,876 Six Months Ended February 28, 2018 (in thousands) Americas Recycling Americas Mills Americas Fabrication International Mill Corporate and Other Continuing Operations Net sales-unaffiliated customers $ 539,769 $ 509,436 $ 640,751 $ 431,696 $ 9,149 $ 2,130,801 Intersegment sales 100,199 329,969 5,001 546 (435,715 ) — Net sales 639,968 839,405 645,752 432,242 (426,566 ) 2,130,801 Adjusted EBITDA from continuing operations 32,221 105,385 (6,579 ) 63,079 (49,963 ) 144,143 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 February 28, Six Months Ended February 28, (in thousands) 2019 2018 2019 2018 Earnings from continuing operations $ 14,928 $ 9,781 $ 34,348 $ 41,652 Interest expense 18,495 7,181 35,158 13,792 Income taxes 18,141 1,728 23,750 10,153 Depreciation and amortization 41,245 34,050 76,421 65,949 Amortization of acquired unfavorable contract backlog (23,476 ) — (34,808 ) — Impairment of assets — 12,136 — 12,597 Adjusted EBITDA from continuing operations $ 69,333 $ 64,876 $ 134,869 $ 144,143

ACCOUNTING POLICIES - Recently

ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (Decrease) in Accounts Receivable from Securitization	$ 367,521	$ 322,403
Reductions in operating cash flows	(352,887)	(183,616)
Increases in investing cash flows	(393,118)	157,432
Reclassification of repayments of advances outstanding	0	115,247
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]
Increases in investing cash flows	$ 367,500	322,400
Reclassification of repayments of advances outstanding		$ 90,000

ACCOUNTING POLICIES - Adoption

ACCOUNTING POLICIES - Adoption of ASC 606 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	$ 1,402,783	$ 1,054,268	$ 2,680,125	$ 2,130,801
Net earnings	13,850	$ 10,169	33,592	$ 46,980
Balances Without Adoption of Topic 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	1,405,205		2,684,772
Net earnings	15,655		37,124
Accounting Standards Update 2014-09 | Effect of Change - Higher (Lower)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net sales	(2,422)		(4,647)
Net earnings	$ (1,805)		$ (3,532)

ACQUISITION (Details)

ACQUISITION (Details)	Nov. 05, 2018mini_millfabrication_facility
Business Combinations [Abstract]
Number of rebar fabrication facilities acquired | fabrication_facility	33
Number of electric arc furnace mini mills | mini_mill	4

ACQUISITION - Assets Acquired a

ACQUISITION - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Feb. 28, 2019	Feb. 28, 2019	Nov. 05, 2018	Aug. 31, 2018
Business Acquisition [Line Items]
Acquired unfavorable contract backlog	$ (75,358)	$ (75,358)	$ (110,166)	$ 0
Inventory step up	10,300	10,300
Pension and other post-retirement liabilities			6,400
2018 Acquisitions
Business Acquisition [Line Items]
Cash and cash equivalents	6,399	6,399	6,399
Accounts receivable	301,740	301,740	308,074
Inventories	202,082	202,082	207,648
Other current assets	26,290	26,290	11,788
Property, plant and equipment	414,237	414,237	424,541
Intangible assets	0	0	10,252
Deferred income taxes	11,606	11,606	10,567
Accounts payable-trade, accrued expenses and other payables	(134,702)	(134,702)	(128,183)
Acquired unfavorable contract backlog	(110,166)	(110,166)	(133,600)
Other long-term liabilities	(9,920)	(9,920)	(9,920)
Pension and other post retirement employment benefits	(6,365)	(6,365)	(6,365)
Total assets acquired and liabilities assumed	701,201	$ 701,201	$ 701,201
Accounts receivable adjustment	(6,334)
Inventory adjustment	(5,566)
Other current assets adjustment	14,502
Property, plant and equipment adjustment	(10,304)
Intangible assets adjustment	(10,252)
Deferred income taxes adjustment	1,039
Accounts payable-trade, accrued expenses and other payables adjustment	(6,519)
Acquired unfavorable contract backlog adjustment	$ 23,434

ACQUISITION - Acquired Amortiza

ACQUISITION - Acquired Amortizable Intangible Assets (Liabilities) (Details) - USD ($) $ in Thousands	Nov. 05, 2018	Feb. 28, 2019	Aug. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Unfavorable contract backlog	$ (110,166)	$ (75,358)	$ 0
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
Real Property | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Life in years, asset	1 year
Real Property | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Life in years, asset	35 years
Personal Property | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Life in years, asset	1 year
Personal Property | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Life in years, asset	25 years

ACQUISITION - Financial Results

ACQUISITION - Financial Results and Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Business Combinations [Abstract]
Net sales	$ 383,572		$ 505,071
Earnings before income taxes	26,670		35,096
Pro forma net sales	1,379,033	$ 1,470,603	2,925,007	$ 2,914,292
Pro forma net earnings	$ 10,260	18,786	$ 26,081	$ (2,187)
Non-recurring acquisition and integration costs		$ 47,500

CHANGES IN BUSINESS (Financial

CHANGES IN BUSINESS (Financial Information for Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Income Statement Disclosures:
Earnings before income taxes	$ (1,075)	$ 290	$ (618)	$ 8,410
Income taxes (benefit)	3	(98)	138	3,082
Earnings (loss) from discontinued operations	$ (1,078)	388	$ (756)	5,328
International Marketing and Distribution
Income Statement Disclosures:
Net sales		139,011		301,122
Cost of goods sold		130,687		272,138
Selling, general and administrative expenses		8,034		20,660
Interest expense		0		(86)
Earnings before income taxes		290		8,410
Income taxes (benefit)		(98)		3,082
Earnings (loss) from discontinued operations		$ 388		$ 5,328

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (102,201)	$ (78,342)	$ (93,677)	$ (81,513)
Other comprehensive income before reclassifications	454	11,961	(9,266)	14,809
Amounts reclassified from AOCI	829	(106)	2,354	413
Income taxes	31	21	(298)	(175)
Other comprehensive income (loss)	1,314	11,876	(7,210)	15,047
Ending balance	(100,887)	(66,466)	(100,887)	(66,466)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(102,393)	(77,943)	(92,637)	(80,778)
Other comprehensive income before reclassifications	514	11,943	(9,143)	14,778
Amounts reclassified from AOCI	936	0	837	0
Income taxes	0	0	0	0
Other comprehensive income (loss)	1,450	11,943	(8,306)	14,778
Ending balance	(100,943)	(66,000)	(100,943)	(66,000)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	1,279	1,492	1,356	1,587
Other comprehensive income before reclassifications	(52)	18	(104)	31
Amounts reclassified from AOCI	(107)	(97)	(149)	(243)
Income taxes	31	19	48	57
Other comprehensive income (loss)	(128)	(60)	(205)	(155)
Ending balance	1,151	1,432	1,151	1,432
Defined Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1,087)	(1,891)	(2,396)	(2,322)
Other comprehensive income before reclassifications	(8)	0	(19)	0
Amounts reclassified from AOCI	0	(9)	1,666	656
Income taxes	0	2	(346)	(232)
Other comprehensive income (loss)	(8)	(7)	1,301	424
Ending balance	$ (1,095)	$ (1,898)	$ (1,095)	$ (1,898)

REVENUE RECOGNITION - Revenue R

REVENUE RECOGNITION - Revenue Recognition Method (Details) - Americas Fabrication	3 Months Ended	6 Months Ended
	Feb. 28, 2019	Feb. 28, 2019
Recognized as Amounts are Billed
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	44.00%	45.00%
Fabricated Product and Installation Services | Recognized over Time
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	29.00%	29.00%
Fabricated Product without Installation Services | Recognized over Time
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	27.00%	26.00%

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2019	Aug. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract assets (included in other current assets)	$ 76,316	$ 49,221
Contract liabilities (included in accrued expenses and other payables)	$ 17,791	$ 6,679

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Millions	Feb. 28, 2019USD ($)
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	$ 930.4
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		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 1,402,783	$ 1,054,268	$ 2,680,125	$ 2,130,801
Steel Products
Disaggregation of Revenue [Line Items]
Net sales	1,075,026	699,646	2,015,807	1,401,008
Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	114,252	123,706	235,323	255,722
Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	125,836	155,785	260,032	314,401
Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	60,190	51,174	117,361	110,205
Other
Disaggregation of Revenue [Line Items]
Net sales	27,479	23,957	51,602	49,465
Americas Recycling
Disaggregation of Revenue [Line Items]
Net sales	225,888	265,432	466,069	539,769
Americas Recycling | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	202	277	441	575
Americas Recycling | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	105,253	116,313	216,907	238,960
Americas Recycling | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	120,004	148,425	248,079	299,377
Americas Recycling | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Americas Recycling | Other
Disaggregation of Revenue [Line Items]
Net sales	429	417	642	857
Americas Mills
Disaggregation of Revenue [Line Items]
Net sales	472,795	262,703	846,466	509,436
Americas Mills | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	444,327	240,024	792,292	461,586
Americas Mills | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	8,744	7,095	17,886	16,143
Americas Mills | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	3,308	3,902	6,488	7,883
Americas Mills | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Americas Mills | Other
Disaggregation of Revenue [Line Items]
Net sales	16,416	11,682	29,800	23,824
Americas Fabrication
Disaggregation of Revenue [Line Items]
Net sales	526,678	310,199	961,236	640,751
Americas Fabrication | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	462,963	257,167	837,770	526,809
Americas Fabrication | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Americas Fabrication | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Americas Fabrication | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	60,190	51,174	117,361	110,205
Americas Fabrication | Other
Disaggregation of Revenue [Line Items]
Net sales	3,525	1,858	6,105	3,737
International Mill
Disaggregation of Revenue [Line Items]
Net sales	174,945	211,484	401,618	431,696
International Mill | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	167,534	202,178	385,304	412,038
International Mill | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	255	298	530	619
International Mill | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	2,524	3,458	5,465	7,141
International Mill | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
International Mill | Other
Disaggregation of Revenue [Line Items]
Net sales	4,632	5,550	10,319	11,898
Corporate
Disaggregation of Revenue [Line Items]
Net sales	2,477	4,450	4,736	9,149
Corporate | Steel Products
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Corporate | Ferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Corporate | Nonferrous Scrap
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Corporate | Construction Materials
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Net sales	$ 2,477	$ 4,450	$ 4,736	$ 9,149

ACCOUNTS RECEIVABLE PROGRAMS (N

ACCOUNTS RECEIVABLE PROGRAMS (Narrative) (Details) - Deferred purchase price receivables $ in Thousands	6 Months Ended
	Feb. 28, 2018USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Transfers of trade receivables	$ 1,345,646
Financial Institutions
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Transfers of trade receivables	$ 338,000

ACCOUNTS RECEIVABLE PROGRAMS (A

ACCOUNTS RECEIVABLE PROGRAMS (Activity of Deferred Purchase Price Receivables) (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Securitization or Asset-backed Financing Arrangement, Financial Asset for Which Transfer is Accounted as Sale [Roll Forward]
Net repayments (advances)	$ 0	$ 115,247
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		1,345,646
Less: CPP		(992,154)
Non-cash increase to DPP		353,492
Cash collections of DPP		(322,403)
Net repayments (advances)		90,000
Net collections of DPP		(232,403)
Ending balance		336,212
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		1,087,650
Less: CPP		(812,120)
Non-cash increase to DPP		275,530
Cash collections of DPP		(256,269)
Net repayments (advances)		90,000
Net collections of DPP		(166,269)
Ending balance		244,884
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		257,996
Less: CPP		(180,034)
Non-cash increase to DPP		77,962
Cash collections of DPP		(66,134)
Net repayments (advances)		0
Net collections of DPP		(66,134)
Ending balance		$ 91,328

INVENTORIES, NET (Narrative) (D

INVENTORIES, NET (Narrative) (Details) - USD ($) $ in Millions	Feb. 28, 2019	Aug. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 186.7	$ 177.7

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Nov. 05, 2018	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018	Aug. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross carrying amounts of the intangible assets subject to amortization		$ 22,200		$ 22,200		$ 20,500
Amortization expense for intangible assets		600	$ 600	1,100	$ 1,100
Net unfavorable lease contracts	$ (2,705)
Acquired unfavorable contract backlog	$ (110,166)	(75,358)		(75,358)		$ 0
Amortization of acquired unfavorable contract backlog		$ 23,476	$ 0	$ 34,808	$ 0
Minimum
Finite-Lived Intangible Assets [Line Items]
Life in years, unfavorable contract backlog	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Life in years, unfavorable contract backlog	2 years

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands	6 Months Ended
	Feb. 28, 2019USD ($)
Goodwill [Roll Forward]
Goodwill, gross, balance, beginning	$ 74,509
Foreign currency translation	(56)
Impairment	0
Reclassification to assets of discontinued operations	0
Goodwill, gross, balance, ending	74,453
Accumulated impairment losses, beginning	(10,199)
Foreign currency translation	3
Reclassification to assets of discontinued operations	0
Accumulated impairment losses, ending	(10,196)
Balance, August 31, 2018	64,310
Foreign currency translation	(53)
Impairment	0
Balance, February 28, 2019	64,257
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, February 28, 2019	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, February 28, 2019	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, February 28, 2019	56,935
International Mill
Goodwill [Roll Forward]
Goodwill, gross, balance, beginning	2,568
Foreign currency translation	(56)
Impairment	0
Reclassification to assets of discontinued operations	0
Goodwill, gross, balance, ending	2,512
Accumulated impairment losses, beginning	(163)
Foreign currency translation	3
Reclassification to assets of discontinued operations	0
Accumulated impairment losses, ending	(160)
Balance, August 31, 2018	2,405
Foreign currency translation	(53)
Impairment	0
Balance, February 28, 2019	$ 2,352

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	Feb. 28, 2019	Aug. 31, 2018	Jul. 31, 2017	May 31, 2013
Debt Instrument [Line Items]
Total debt	$ 1,410,164	$ 1,170,129
Less debt issuance costs	11,112	11,764
Total amounts outstanding	1,399,052	1,158,365
Less current maturities	29,429	19,746
Less short-term borrowings	59,473	0
Current maturities of long-term debt and short-term borrowings	88,902	19,746
Long-term debt	$ 1,310,150	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
Short-term borrowings
Debt Instrument [Line Items]
Total debt	59,473	0
Other, including equipment notes
Debt Instrument [Line Items]
Total debt	$ 56,441	47,629
Revolving credit facility | Term Loans
Debt Instrument [Line Items]
Weighted average interest rate	4.236%
Total debt	$ 314,250	$ 142,500
U.S. Program
Debt Instrument [Line Items]
Weighted average interest rate	3.497%
Poland Program
Debt Instrument [Line Items]
Weighted average interest rate	2.41%

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details)	6 Months Ended
	Feb. 28, 2019USD ($)	Feb. 28, 2019PLN (zł)	Aug. 31, 2018USD ($)	Jul. 31, 2017USD ($)	May 31, 2013USD ($)
CMCP
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity	$ 59,448,319.5941661	zł 225,000,000
Revolving credit facility, amount drawn	0		$ 0
Stand by letters of credit outstanding amount	1,100,000		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	$ 0		0
Minimum interest coverage ratio	2.50
Maximum debt to capitalization ratio	0.60
Actual interest coverage ratio	5.41	5.41
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]
Weighted average interest rate	3.497%	3.497%
Transfer of accounts receivable program limit	$ 200,000,000
U.S. Program with Consent of CMCRV and Program Administrative Agent
Debt Instrument [Line Items]
Transfer of accounts receivable program limit	300,000,000
Advances outstanding under transfer of receivables programs	$ 25,000,000
Poland Program
Debt Instrument [Line Items]
Weighted average interest rate	2.41%	2.41%
Transfer of accounts receivable program limit	$ 58,127,245.8254069	zł 220,000,000
Advance limit as percent of eligible trade accounts receivable transferred (percent)	90.00%	90.00%
Advances outstanding under transfer of receivables programs	$ 34,500,000		$ 12,100,000
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	4.236%	4.236%
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	Feb. 28, 2019	Feb. 28, 2018
Foreign exchange
Derivative [Line Items]
Derivative notional amount	$ 125.9	$ 300.9
Commodity
Derivative [Line Items]
Derivative notional amount	$ 56.2	$ 55.3

DERIVATIVES AND RISK MANAGEME_4

DERIVATIVES AND RISK MANAGEMENT (Commodity Contract Commitments) (Details)	6 Months Ended
	Feb. 28, 2019t
Aluminum | Long
Derivative [Line Items]
Commodity contract commitments	5,175
Aluminum | Short
Derivative [Line Items]
Commodity contract commitments	2,425
Copper | Long
Derivative [Line Items]
Commodity contract commitments	601
Copper | Short
Derivative [Line Items]
Commodity contract commitments	6,146

DERIVATIVES AND RISK MANAGEME_5

DERIVATIVES AND RISK MANAGEMENT (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	$ (2,951)	$ (1,762)	$ (3,665)	$ 1,174
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	(2,425)	(2)	(3,265)	573
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	0	(31)	0	(50)
Foreign exchange | SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	$ (526)	$ (1,729)	$ (400)	$ 651

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		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for fair value hedges	$ 0	$ (1,315)	$ 0	$ 1,796
Gain (loss) before income taxes for hedged items of fair value hedges	0	1,315	0	(1,796)
Foreign exchange | Net sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for fair value hedges	0	8	0	(229)
Gain (loss) before income taxes for hedged items of fair value hedges	0	(8)	0	229
Foreign exchange | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for fair value hedges	0	(1,323)	0	2,025
Gain (loss) before income taxes for hedged items of fair value hedges	$ 0	$ 1,323	$ 0	$ (2,025)

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		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Foreign exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss), net of income taxes, for cash flow hedges recognized in AOCI	$ (86)	$ 14	$ (121)	$ 25

DERIVATIVES AND RISK MANAGEME_8

DERIVATIVES AND RISK MANAGEMENT (Derivative Assets) (Details) - USD ($) $ in Thousands	Feb. 28, 2019	Aug. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	$ 303	$ 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)	0	0
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative assets (other current assets)	$ 141	$ 407

DERIVATIVES AND RISK MANAGEME_9

DERIVATIVES AND RISK MANAGEMENT (Derivative Liabilities) (Details) - USD ($) $ in Thousands	Feb. 28, 2019	Aug. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	$ 2,964	$ 1,396
Commodity | Not designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	2,335	301
Foreign exchange | Designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	179	0
Foreign exchange | Not designated
Derivatives, Fair Value [Line Items]
Derivative liabilities (accrued expenses and other payables)	$ 450	$ 1,095

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Feb. 28, 2018USD ($)	Feb. 28, 2019levels
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of fair value hierarchy | levels		3
Structural Steel Fabrication Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Nonrecurring impairment charge | $	$ 12.1

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	Feb. 28, 2019	Aug. 31, 2018
Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	$ 2,815	$ 541,101
Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	162	1,881
Derivative liabilities	2,335	301
Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	141	407
Derivative liabilities	629	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	2,815	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	2,335	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	0	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	141	407
Derivative liabilities	629	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

FAIR VALUE (Financial Assets _2

FAIR VALUE (Financial Assets and Liabilities Not Required to Be Measured at Fair Value) (Details) - USD ($) $ in Thousands	Feb. 28, 2019	Aug. 31, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	$ 1,410,164	$ 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	284,823	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	344,670	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	326,806	326,090
Short-term borrowings
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	59,473	0
Short-term borrowings | Level 2 | Carrying Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	59,473	0
Short-term borrowings | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	59,473	0
Revolving credit facility | Term Loans
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	314,250	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	314,250	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	$ 314,250	$ 142,500

INCOME TAX (Narrative) (Details

INCOME TAX (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018	Aug. 31, 2018
Operating Loss Carryforwards [Line Items]
Effective income tax rate from continuing operations	54.90%	15.00%	40.90%	19.60%
Blended federal statutory income tax rate (percent)				25.70%
Effective tax rate from discontinued operation (percent)				36.60%
Unrecognized income tax benefits	$ 6.2		$ 6.2		$ 3.1
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit)					$ 11
Tax Cuts And Jobs Act Of 2017, Additional Income Tax Expense (Benefit)	$ 7.6
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		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 5,790	$ 8,557	$ 10,007	$ 13,338
Equity method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			1,505,000	1,201,000
Weighted average grant-date fair value			$ 17.75	$ 20.71
Liability method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			374,000	323,000
Equivalent shares outstanding	718,223		718,223
Equivalent shares expected to vest	683,922		683,922
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 ($)	6 Months Ended
	Feb. 28, 2019	Nov. 30, 2014
Earnings Per Share [Abstract]
Stock repurchase program, authorized amount		$ 100,000,000
Stock repurchase program, shares purchased (shares)	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		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Earnings Per Share [Abstract]
Earnings from continuing operations	$ 14,928	$ 9,781	$ 34,348	$ 41,652
Basic earnings per share:
Shares outstanding for basic earnings per share (shares)	117,854,335	116,808,838	117,677,422	116,524,630
Basic earnings per share attributable to CMC: (in USD per share)	$ 0.13	$ 0.08	$ 0.29	$ 0.36
Diluted earnings per share:
Shares outstanding for basic earnings per share (shares)	117,854,335	116,808,838	117,677,422	116,524,630
Effect of dilutive securities:
Stock-based incentive/purchase plans (shares)	1,088,423	1,460,883	1,319,005	1,625,185
Shares outstanding for diluted earnings per share (shares)	118,942,758	118,269,721	118,996,427	118,149,815
Diluted earnings per share attributable to CMC: (in USD per share)	$ 0.13	$ 0.08	$ 0.29	$ 0.35

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions	Feb. 28, 2019	Aug. 31, 2018
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 4	$ 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)	6 Months Ended
	Feb. 28, 2019segments
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		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018	Aug. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 1,402,783	$ 1,054,268	$ 2,680,125	$ 2,130,801
Adjusted EBITDA from continuing operations	69,333	64,876	134,869	144,143
Total assets	3,728,692		3,728,692		$ 3,328,304
Continuing Operations
Segment Reporting Information [Line Items]
Net sales	1,402,783	1,054,268	2,680,125	2,130,801
Adjusted EBITDA from continuing operations	69,333	64,876	134,869	144,143
Total assets	3,728,692		3,728,692		3,328,304
Americas Recycling
Segment Reporting Information [Line Items]
Net sales	225,888	265,432	466,069	539,769
Adjusted EBITDA from continuing operations	10,124	17,216	25,558	32,221
Total assets	275,106		275,106		291,838
Americas Mills
Segment Reporting Information [Line Items]
Net sales	472,795	262,703	846,466	509,436
Adjusted EBITDA from continuing operations	112,396	50,219	226,269	105,385
Total assets	1,730,523		1,730,523		1,115,339
Americas Fabrication
Segment Reporting Information [Line Items]
Net sales	526,678	310,199	961,236	640,751
Adjusted EBITDA from continuing operations	(49,578)	(8,611)	(86,574)	(6,579)
Total assets	1,085,078		1,085,078		739,151
International Mill
Segment Reporting Information [Line Items]
Net sales	174,945	211,484	401,618	431,696
Adjusted EBITDA from continuing operations	20,537	32,135	53,316	63,079
Total assets	507,775		507,775		485,548
Corporate
Segment Reporting Information [Line Items]
Net sales	2,477	4,450	4,736	9,149
Adjusted EBITDA from continuing operations	(24,146)	(26,083)	(83,700)	(49,963)
Total assets	130,210		130,210		$ 696,428
Segments | Continuing Operations
Segment Reporting Information [Line Items]
Net sales	1,402,783	1,054,268	2,680,125	2,130,801
Segments | Americas Recycling
Segment Reporting Information [Line Items]
Net sales	287,075	320,627	589,084	639,968
Segments | Americas Mills
Segment Reporting Information [Line Items]
Net sales	774,709	425,887	1,376,562	839,405
Segments | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales	530,836	312,973	967,947	645,752
Segments | International Mill
Segment Reporting Information [Line Items]
Net sales	175,198	211,765	402,222	432,242
Segments | Corporate
Segment Reporting Information [Line Items]
Net sales	(365,035)	(216,984)	(655,690)	(426,566)
Intersegment | Continuing Operations
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Intersegment | Americas Recycling
Segment Reporting Information [Line Items]
Net sales	61,187	55,195	123,015	100,199
Intersegment | Americas Mills
Segment Reporting Information [Line Items]
Net sales	301,914	163,184	530,096	329,969
Intersegment | Americas Fabrication
Segment Reporting Information [Line Items]
Net sales	4,158	2,774	6,711	5,001
Intersegment | International Mill
Segment Reporting Information [Line Items]
Net sales	253	281	604	546
Intersegment | Corporate
Segment Reporting Information [Line Items]
Net sales	$ (367,512)	$ (221,434)	$ (660,426)	$ (435,715)

BUSINESS SEGMENTS (Reconciliati

BUSINESS SEGMENTS (Reconciliations of Earnings from Continuing Operations to Adjusted Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Segment Reporting [Abstract]
Earnings from continuing operations	$ 14,928	$ 9,781	$ 34,348	$ 41,652
Interest expense	18,495	7,181	35,158	13,792
Income taxes	18,141	1,728	23,750	10,153
Depreciation and amortization	41,245	34,050	76,421	65,949
Amortization of acquired unfavorable contract backlog	(23,476)	0	(34,808)	0
Impairment of assets	0	12,136	0	12,597
Adjusted EBITDA from continuing operations	$ 69,333	$ 64,876	$ 134,869	$ 144,143