Commercial Metals (CMC) 10-Q 11 Jan 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Nov. 30, 2020	Jan. 08, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2020
Document Transition Report	false
Entity File Number	1-4304
Entity Registrant Name	COMMERCIAL METALS COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-0725338
Entity Address, Address Line One	6565 N. MacArthur Blvd.
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75039
City Area Code	214
Local Phone Number	689-4300
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CMC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		120,068,330
Entity Central Index Key	0000022444
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--08-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Net sales		$ 1,391,803	$ 1,384,708
Costs and expenses:
Cost of goods sold		1,174,819	1,146,514
Selling, general and administrative expenses		113,627	110,999
Interest expense		14,259	16,578
Asset impairments		3,594	530
Total costs and expenses		1,306,299	1,274,621
Earnings from continuing operations before income taxes		85,504	110,087
Income taxes		21,593	27,332
Earnings from continuing operations		63,911	82,755
Earnings from discontinued operations before income taxes		250	895
Income taxes		68	302
Earnings from discontinued operations		182	593
Net earnings		$ 64,093	$ 83,348
Basic earnings per share*
Earnings from continuing operations (in USD per share)	[1]	$ 0.53	$ 0.70
Earnings (loss) from discontinued operations (in USD per share)		0	0.01
Net earnings (in USD per share)		0.54	0.70
Diluted earnings per share*
Earnings from continuing operations (in USD per share)	[1]	0.53	0.69
Earnings (loss) from discontinued operations (in USD per share)		0	0
Net earnings (in USD per share)		$ 0.53	$ 0.70
Average basic shares outstanding		119,762,706	118,370,191
Average diluted shares outstanding		121,128,044	119,773,538
[1]	*Earnings Per Share ("EPS") is calculated independently for each component and may not sum to Net EPS due to rounding

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 64,093	$ 83,348
Other comprehensive income, net of income taxes:
Foreign currency translation adjustment	(8,388)	6,924
Net unrealized gain (loss) on derivatives:
Unrealized holding gain	1,164	714
Reclassification for gain included in net earnings	(54)	(89)
Net unrealized gain on derivatives	1,110	625
Defined benefit obligation:
Amortization of prior services	(13)	(8)
Defined benefit obligation	(13)	(8)
Other comprehensive income (loss)	(7,291)	7,541
Comprehensive income	$ 56,802	$ 90,889

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Current assets:
Cash and cash equivalents	$ 465,162	$ 542,103
Accounts receivable (less allowance for doubtful accounts of $8,407 and $9,597)	869,052	880,728
Inventories, net	653,526	625,393
Prepaid and other current assets	181,465	165,879
Total current assets	2,169,205	2,214,103
Property, plant and equipment, net	1,549,385	1,571,067
Goodwill	64,275	64,321
Other noncurrent assets	233,803	232,237
Total assets	4,016,668	4,081,728
Current liabilities:
Accounts payable	252,953	266,102
Accrued expenses and other payables	339,545	461,012
Current maturities of long-term debt and short-term borrowings	20,701	18,149
Total current liabilities	613,199	745,263
Deferred income taxes	142,686	130,810
Other noncurrent liabilities	260,991	250,706
Long-term debt	1,064,893	1,065,536
Total liabilities	2,081,769	2,192,315
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock	1,290	1,290
Additional paid-in capital	348,816	358,912
Accumulated other comprehensive loss	(111,055)	(103,764)
Retained earnings	1,857,513	1,807,826
Less treasury stock 8,992,643 and 9,839,759 shares at cost	(161,877)	(175,063)
Stockholders' equity	1,934,687	1,889,201
Stockholders' equity attributable to noncontrolling interests	212	212
Total stockholders' equity	1,934,899	1,889,413
Total liabilities and stockholders' equity	$ 4,016,668	$ 4,081,728

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 8,407	$ 9,597
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 outstanding	120,068,021	119,220,905
Treasury stock, shares	8,992,643	9,839,759

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Cash flows from (used by) operating activities:
Net earnings	$ 64,093	$ 83,348
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	41,799	40,947
Deferred income taxes and other long-term taxes	11,720	27,939
Stock-based compensation	9,062	8,269
Asset impairments	3,594	530
Amortization of acquired unfavorable contract backlog	(1,523)	(8,331)
Net gain on disposals of subsidiaries, assets and other	(69)	(6,733)
Other	30	645
Changes in operating assets and liabilities	(140,794)	(196)
Net cash flows from (used by) operating activities	(12,088)	146,418
Cash flows from (used by) investing activities:
Capital expenditures	(37,201)	(45,559)
Proceeds from the sale of property, plant and equipment	743	9,651
Proceeds from insurance	0	784
Net cash flows used by investing activities:	(36,458)	(35,124)
Cash flows from (used by) financing activities:
Repayments of long-term debt	(3,823)	(53,298)
Proceeds from accounts receivable programs	4,487	27,050
Repayments under accounts receivable programs	(4,487)	(31,057)
Dividends	(14,406)	(14,238)
Stock issued under incentive and purchase plans, net of forfeitures	(10,341)	(7,817)
Net cash flows used by financing activities	(28,570)	(79,360)
Effect of exchange rate changes on cash	(365)	196
Increase (decrease) in cash, restricted cash and cash equivalents	(77,481)	32,130
Cash, restricted cash and cash equivalents at beginning of period	467,483	225,859
Cash, restricted cash and cash equivalents at end of period	467,483	225,859
Supplemental information:
Cash paid for income taxes	4,743	2,119
Cash paid for interest	18,691	20,031
Noncash activities:
Liabilities related to additions of property, plant and equipment	$ 20,246	$ 17,569

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 465,162	$ 224,797
Restricted cash	2,321	1,062
Total cash, restricted cash and cash equivalents	$ 467,483	$ 225,859

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, 2019	$ 1,624,057	$ 1,290	$ 358,668	$ (124,126)	$ 1,585,379	$ (197,350)	$ 196
Beginning balance, shares at Aug. 31, 2019		129,060,664
Beginning balance, treasury stock, shares at Aug. 31, 2019						(11,135,726)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	83,348				83,348
Other comprehensive income (loss)	7,541			7,541
Dividends	(14,238)				(14,238)
Issuance of stock under incentive and purchase plans, net of forfeitures	(7,817)		(20,282)			$ 12,465
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						724,927
Stock-based compensation	6,296		6,296
Reclassification of share-based liability awards	2,510		2,510
Ending balance at Nov. 30, 2019	1,701,697	$ 1,290	347,192	(116,585)	1,654,489	$ (184,885)	196
Ending balance, shares at Nov. 30, 2019		129,060,664
Ending balance, treasury stock, shares at Nov. 30, 2019						(10,410,799)
Beginning balance at Aug. 31, 2020	$ 1,889,413	$ 1,290	358,912	(103,764)	1,807,826	$ (175,063)	212
Beginning balance, shares at Aug. 31, 2020		129,060,664
Beginning balance, treasury stock, shares at Aug. 31, 2020	(9,839,759)					(9,839,759)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 64,093				64,093
Other comprehensive income (loss)	(7,291)			(7,291)
Dividends	(14,406)				(14,406)
Issuance of stock under incentive and purchase plans, net of forfeitures	(10,341)		(23,527)			$ 13,186
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						847,116
Stock-based compensation	8,011		8,011
Reclassification of share-based liability awards	5,420		5,420
Ending balance at Nov. 30, 2020	$ 1,934,899	$ 1,290	$ 348,816	$ (111,055)	$ 1,857,513	$ (161,877)	$ 212
Ending balance, shares at Nov. 30, 2020		129,060,664
Ending balance, treasury stock, shares at Nov. 30, 2020	(8,992,643)					(8,992,643)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in USD per share)	$ 0.12	$ 0.12

ACCOUNTING POLICIES

ACCOUNTING POLICIES	3 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Accounting policies	NOTE 1. ACCOUNTING POLICIES Basis of Presentation 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 year ended August 31, 2020 ("2020 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 condensed consolidated balance sheets and the 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 consolidated financial statements included in the 2020 Form 10-K. The results of operations for the three month period are not necessarily indicative of the results to be expected for the full fiscal year. Any reference in this Form 10-Q to a year refers to the fiscal year ended August 31st of that year, unless otherwise noted. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 eliminates certain exceptions to the general principles in Accounting Standards Codification 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 on September 1, 2020. ASU 2019-12 did not have a material effect on the Company's condensed consolidated financial statements.

CHANGES IN BUSINESS

CHANGES IN BUSINESS	3 Months Ended
	Nov. 30, 2020
Business Combinations [Abstract]
Changes in Business	NOTE 2. CHANGES IN BUSINESS Facility Closures and Dispositions In October 2019, the Company closed the melting operations at its Rancho Cucamonga facility, which is part of the North America segment. In August 2020, the Company announced plans to sell the Rancho Cucamonga site and the Company ceased production in December 2020. Due to these announcements, the Company recorded $8.0 million and $6.3 million of expense in the three months ended November 30, 2020 and 2019, respectively, related to asset impairments, severance, pension curtailment and vendor agreement terminations. As of November 30, 2020, the disposition does not meet the criteria for discontinued operations or held for sale accounting.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Nov. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income (loss)	NOTE 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables reflect the changes in accumulated other comprehensive income (loss) ("AOCI"): Three Months Ended November 30, 2020 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, September 1, 2020 $ (87,933) $ (11,334) $ (4,497) $ (103,764) Other comprehensive income (loss) before reclassifications (8,388) 1,437 (20) (6,971) Amounts reclassified from AOCI — (67) — (67) Income taxes — (260) 7 (253) Net other comprehensive income (loss) (8,388) 1,110 (13) (7,291) Balance, November 30, 2020 $ (96,321) $ (10,224) $ (4,510) $ (111,055) Three Months Ended November 30, 2019 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, September 1, 2019 $ (121,498) $ 1,106 $ (3,734) $ (124,126) Other comprehensive income (loss) before reclassifications 6,924 882 (10) 7,796 Amounts reclassified from AOCI — (110) — (110) Income taxes — (147) 2 (145) Net other comprehensive income (loss) 6,924 625 (8) 7,541 Balance, November 30, 2019 $ (114,574) $ 1,731 $ (3,742) $ (116,585) Items reclassified out of AOCI were immaterial for the three months ended November 30, 2020 and 2019. Thus, the corresponding line items in the condensed consolidated statements of earnings to which the items were reclassified are not presented.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Nov. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 4. REVENUE RECOGNITION Each fabricated product contract sold by the North America segment represents a single performance obligation. Revenue from contracts where the Company provides fabricated product and installation services is recognized over time using an input measure, and these contracts represented 14% and 12% of net sales in the North America segment in three months ended November 30, 2020 and 2019, respectively. Revenue from contracts where the Company does not provide installation services is recognized over time using an output measure, and these contracts represented 9% and 11% of net sales in the North America segment in three months ended November 30, 2020 and 2019, respectively. The remaining 77% of net sales in the North America segment were recognized at a point in time concurrent with the transfer of control, or as amounts were billed to the customer under an available practical expedient, in three months ended November 30, 2020 and 2019. The following table provides information about assets and liabilities from contracts with customers. (in thousands) November 30, 2020 August 31, 2020 Contract assets (included in accounts receivable) $ 46,430 $ 53,275 Contract liabilities (included in accrued expenses and other payables) 26,462 25,450 The amount of revenue reclassified from August 31, 2020 contract liabilities during the three months ended November 30, 2020 was approximately $13.1 million. Remaining Performance Obligations As of November 30, 2020, $679.8 million has been allocated to remaining performance obligations in the North America segment related to those contracts where revenue is recognized using an input or output measure.

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
	Nov. 30, 2020
Inventory Disclosure [Abstract]
Inventories, net	NOTE 5. 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 such, at November 30, 2020 and August 31, 2020, work in process inventories were immaterial. At November 30, 2020 and August 31, 2020, the Company's raw materials inventories were $152.0 million and $123.9 million, respectively.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	3 Months Ended
	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangibles	NOTE 6. GOODWILL AND OTHER INTANGIBLES Goodwill by reportable segment at November 30, 2020 is detailed in the following table: (in thousands) North America Europe Consolidated Goodwill, gross* $ 71,941 $ 2,530 $ 74,471 Accumulated impairment losses* (10,036) (160) (10,196) Goodwill, net* $ 61,905 $ 2,370 $ 64,275 _________________ * The change in balance from August 31, 2020 was immaterial. The total gross carrying amounts of the Company's intangible assets subject to amortization were $21.8 million and $22.1 million, and the total net carrying amounts were $12.0 million and $12.6 million at November 30, 2020 and August 31, 2020, respectively. These assets were included in other noncurrent assets on the Company's condensed consolidated balance sheets. Intangible amortization expense from continuing operations related to such intangible assets was immaterial for the three months ended November 30, 2020 and 2019. Excluding goodwill, the Company did not have any significant intangible assets with indefinite lives at November 30, 2020. At November 30, 2020 and August 31, 2020, the net carrying amount of the acquired unfavorable contract backlog liability was $4.5 million and $6.0 million, respectively. Amortization of the acquired unfavorable contract backlog was $1.5 million and $8.3 million for the three months ended November 30, 2020 and 2019, respectively, and was recorded as an increase t o net sales in the Company’s condensed consolidated statements of earnings.

LEASES

LEASES	3 Months Ended
	Nov. 30, 2020
Leases [Abstract]
Operating Leases	NOTE 7. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheet: (in thousands) Classification in Condensed Consolidated Balance Sheets November 30, 2020 August 31, 2020 Assets: Operating assets Other noncurrent assets $ 117,582 $ 114,905 Finance assets Property, plant and equipment, net 53,561 50,642 Total leased assets $ 171,143 $ 165,547 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 27,030 $ 27,604 Long-term Other noncurrent liabilities 98,881 95,810 Total operating lease liabilities 125,911 123,414 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 15,060 14,373 Long-term Long-term debt 37,421 35,851 Total finance lease liabilities 52,481 50,224 Total lease liabilities $ 178,392 $ 173,638 The components of lease cost were as follows: Three Months Ended November 30, (in thousands) 2020 2019 Operating lease expense $ 8,722 $ 8,790 Finance lease expense: Amortization of assets 3,239 2,165 Interest on lease liabilities 555 401 Total finance lease expense 3,794 2,566 Variable and short term-lease expense 4,962 3,933 Total lease expense $ 17,478 $ 15,289 The weighted-average remaining lease term and discount rate for operating and finance leases are presented in the following table: November 30, 2020 August 31, 2020 Weighted-average remaining lease term (years) Operating leases 6.5 6.3 Finance leases 3.8 3.8 Weighted-average discount rate Operating leases 4.426 % 4.283 % Finance leases 4.302 % 4.270 % Cash flow and other information related to leases is included in the following table: Three Months Ended November 30, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 9,047 $ 8,746 Operating cash outflows from finance leases 560 336 Financing cash outflows from finance leases 3,795 3,298 Right of use ("ROU") assets obtained in exchange for lease obligations: Operating leases 12,267 6,369 Finance leases 6,300 5,312 Maturities of lease liabilities at November 30, 2020 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,040 $ 17,018 Year 2 26,550 14,639 Year 3 22,686 12,374 Year 4 17,312 9,542 Year 5 12,889 3,294 Thereafter 35,301 163 Total lease payments 146,778 57,030 Less: Imputed interest 20,867 4,549 Present value of lease liabilities $ 125,911 $ 52,481
Finance Leases	NOTE 7. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheet: (in thousands) Classification in Condensed Consolidated Balance Sheets November 30, 2020 August 31, 2020 Assets: Operating assets Other noncurrent assets $ 117,582 $ 114,905 Finance assets Property, plant and equipment, net 53,561 50,642 Total leased assets $ 171,143 $ 165,547 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 27,030 $ 27,604 Long-term Other noncurrent liabilities 98,881 95,810 Total operating lease liabilities 125,911 123,414 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 15,060 14,373 Long-term Long-term debt 37,421 35,851 Total finance lease liabilities 52,481 50,224 Total lease liabilities $ 178,392 $ 173,638 The components of lease cost were as follows: Three Months Ended November 30, (in thousands) 2020 2019 Operating lease expense $ 8,722 $ 8,790 Finance lease expense: Amortization of assets 3,239 2,165 Interest on lease liabilities 555 401 Total finance lease expense 3,794 2,566 Variable and short term-lease expense 4,962 3,933 Total lease expense $ 17,478 $ 15,289 The weighted-average remaining lease term and discount rate for operating and finance leases are presented in the following table: November 30, 2020 August 31, 2020 Weighted-average remaining lease term (years) Operating leases 6.5 6.3 Finance leases 3.8 3.8 Weighted-average discount rate Operating leases 4.426 % 4.283 % Finance leases 4.302 % 4.270 % Cash flow and other information related to leases is included in the following table: Three Months Ended November 30, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 9,047 $ 8,746 Operating cash outflows from finance leases 560 336 Financing cash outflows from finance leases 3,795 3,298 Right of use ("ROU") assets obtained in exchange for lease obligations: Operating leases 12,267 6,369 Finance leases 6,300 5,312 Maturities of lease liabilities at November 30, 2020 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,040 $ 17,018 Year 2 26,550 14,639 Year 3 22,686 12,374 Year 4 17,312 9,542 Year 5 12,889 3,294 Thereafter 35,301 163 Total lease payments 146,778 57,030 Less: Imputed interest 20,867 4,549 Present value of lease liabilities $ 125,911 $ 52,481

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Credit arrangements	NOTE 8. CREDIT ARRANGEMENTS Long-term debt was as follows: (in thousands) Weighted Average Interest Rate at November 30, 2020 November 30, 2020 August 31, 2020 2027 Notes 5.375% $ 300,000 $ 300,000 2026 Notes 5.750% 350,000 350,000 2023 Notes 4.875% 330,000 330,000 Poland Term Loan 1.720% 39,944 40,713 Other 5.100% 21,329 21,329 Finance leases 52,481 50,224 Total debt 1,093,754 1,092,266 Less debt issuance costs 8,160 8,581 Total amounts outstanding 1,085,594 1,083,685 Less current maturities of long-term debt 20,701 18,149 Long-term debt $ 1,064,893 $ 1,065,536 The Company had no amounts drawn under its $350.0 million revolving credit facility (the "Revolver") at November 30, 2020 and August 31, 2020. The availability under the Revolver was reduced by outstanding stand-by letters of credit totaling $3.0 million a t November 30, 2020 and August 31, 2020. The Company has a Term Loan facility (the "Poland Term Loan") through its subsidiary, CMC Poland Sp. zo.o. (“CMCP”), which allows for a maximum aggregate principal amount of Polish zloty ("PLN") 250.0 million, or $66.6 million, at November 30, 2020. At November 30, 2020 and August 31, 2020 , PLN 150.0 million, or $39.9 million, and PLN 150.0 million, or $40.7 million, respectively, was outstanding. The Company also has credit facilities in Poland through its subsidiary CMCP. At November 30, 2020, CMCP's credit facilities totaled PLN 275.0 million, or $73.2 million. These facilities expire in March 2022. No amounts were outstanding under these facilities as of November 30, 2020 or August 31, 2020. 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 $0.8 million at November 30, 2020 and August 31, 2020. The Company's debt agreements require compliance with certain non-financial and financial covenants, including an interest coverage ratio and a debt to capitalization ratio. At November 30, 2020, the Company was in compliance with all covenants contained in its debt agreements. Accounts Receivable Facilities The Company had no advance payments outstanding under its U.S. accounts receivable facility at November 30, 2020 or August 31, 2020.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Nov. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 9. DERIVATIVES The Company's global operations and product lines expose it to risks from fluctuations in metal commodity prices, foreign currency exchange rates, interest rates and natural gas, electricity and other energy prices. 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 price volatility in these commodities, (ii) foreign currency forward contracts that match the expected settlements for purchases and sales denominated in foreign currencies and (iii) energy derivatives to mitigate the risk related to price volatility of electricity and natural gas. At November 30, 2020, the notional values of the Company's foreign currency and commodity commitments were $257.8 million and $203.3 million, respectively. At August 31, 2020, the notional values of the Company's foreign currency and commodity contract commitments were $138.5 million and $195.8 million, respectively. The following table provides information regarding the Company's commodity contract commitments at November 30, 2020: Commodity Long/Short Total Aluminum Long 1,900 MT Copper Long 714 MT Copper Short 8,686 MT Electricity Long 2,000,000 MW(h) _________________ MT = Metric Ton MW(h) = Megawatt hour The Company designates only those contracts which closely match the terms of the underlying transaction as hedges for accounting purposes. Certain foreign currency and commodity contracts were not designated as hedges for accounting purposes, although management believes they are essential economic hedges.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Nov. 30, 2020
Fair Value Disclosures [Abstract]
Fair value	NOTE 10. 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 within the Summary of Significant Accounting Policies footnote in our 2020 Form 10-K. The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) November 30, 2020 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 394,943 $ 394,943 $ — $ — Commodity derivative assets (2) 291 291 — — Foreign exchange derivative assets (2) 1,329 — 1,329 — Liabilities: Commodity derivative liabilities (2) 19,496 5,882 — 13,614 Foreign exchange derivative liabilities (2) 1,555 — 1,555 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2020 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 449,824 $ 449,824 $ — $ — Commodity derivative assets (2) 202 202 — — Foreign exchange derivative assets (2) 1,484 — 1,484 — Liabilities: Commodity derivative liabilities (2) 19,000 3,993 — 15,007 Foreign exchange derivative liabilities (2) 459 — 459 — _________________ (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. Derivative liabilities classified as Level 3 are described below. Further discussion regarding the Company's use of derivative instruments is included in Note 9, Derivatives. The fair value estimate of the Level 3 commodity derivative is based on an internally developed discounted cash flow model primarily utilizing unobservable inputs in which there is little or no market data. The Company forecasts future energy rates using a range of historical prices ("floating rate"). The floating rate is the only significant unobservable input used in the Company's discounted cash flow model. November 30, 2020 Unobservable Inputs Low High Average Floating rate (PLN) 151.66 247.56 203.96 Below is a reconciliation of the beginning and ending balances of the Level 3 commodity derivative recognized in the condensed consolidated statements of comprehensive income. The fluctuation in energy rates over time may cause volatility in the fair value estimate and is the primary reason for the unrealized gain in other comprehensive income ("OCI") in the three months ended November 30, 2020. (in thousands) November 30, 2020 Balance at September 1, 2020 $ (15,007) Total gains, realized and unrealized Recognized in OCI (1) 1,393 Ending balance $ (13,614) _________________ (1) Gains recognized in OCI are included in the unrealized holding gain on the condensed consolidated statements of comprehensive income. There were no material non-recurring fair value remeasurements during the three months ended November 30, 2020 or 2019. 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 condensed consolidated balance sheets were as follows: November 30, 2020 August 31, 2020 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 317,835 $ 300,000 $ 319,377 2026 Notes (1) Level 2 350,000 365,803 350,000 367,374 2023 Notes (1) Level 2 330,000 348,813 330,000 345,335 Poland Term Loan (2) Level 2 39,944 39,944 40,713 40,713 _________________ (1) The fair value of the notes was determined based on indicated market values. (2) The Poland Term Loan contains variable interest rates, and as a result, the carrying value approximates fair value.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	3 Months Ended
	Nov. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation plans	NOTE 11. STOCK-BASED COMPENSATION PLANS The Company's stock-based compensation plans are described in Note 15, Stock-Based Compensation Plans, to the consolidated financial statements in the 2020 Form 10-K. In general, restricted stock units granted in 2021 vest ratably over 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 in 2021 vest after a period of three years. During the three months ended November 30, 2020 and 2019, the Company granted the following awards under its stock-based compensation plans: November 30, 2020 November 30, 2019 (in thousands, except per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity method 1,399 $ 20.39 1,465 $ 18.15 Liability method 324 N/A 426 N/A During the three months ended November 30, 2020 and 2019, the Company recorded immaterial mark-to-market adjustments on liability awards. At November 30, 2020, the Company had outstanding 715,970 equivalent shares accounted for under the liability method. The Company expects 680,171 equivalent shares to vest. The following table summarizes total stock-based compensation expense, including fair value remeasurements, which was primarily included in selling, general and administrative expenses on the Company's condensed consolidated statements of earnings: Three Months Ended November 30, (in thousands) 2020 2019 Stock-based compensation expense $ 9,062 $ 8,269

STOCKHOLDERS EQUITY AND EARNING

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE	3 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Stockholder's equity and earnings per share	NOTE 12. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE The calculations of basic and diluted earnings per share from continuing operations were as follows: Three Months Ended November 30, (in thousands, except share data) 2020 2019 Earnings from continuing operations $ 63,911 $ 82,755 Basic earnings per share: Shares outstanding for basic earnings per share 119,762,706 118,370,191 Basic earnings per share from continuing operations $ 0.53 $ 0.70 Diluted earnings per share: Shares outstanding for basic earnings per share 119,762,706 118,370,191 Effect of dilutive securities: Stock-based incentive/purchase plans 1,365,338 1,403,347 Shares outstanding for diluted earnings per share 121,128,044 119,773,538 Diluted earnings per share from continuing operations $ 0.53 $ 0.69 Anti-dilutive shares not included above were immaterial for all periods presented. Restricted stock is included in the number of shares of common stock issued and outstanding, but omitted from the basic earnings per share calculation until the shares vest. During the first quarter of 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. During the three months ended November 30, 2020, CMC did not repurchase any shares of common stock. CMC had remaining authorization to repurchase $27.6 million of common stock at November 30, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	NOTE 13. 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 19, Commitments and Contingencies, to the consolidated financial statements in the 2020 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 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 statutes to conduct remedial investigations, feasibility studies, remediation and/or removal of alleged releases of hazardous substances or to reimburse the EPA for such activities. The Company is involved in litigation or administrative proceedings with regard to several of these sites in which the Company is contesting, or at the appropriate time may contest, its liability at the sites. In addition, the Company has received information requests with regard to other sites which may be under consideration by the EPA as potential CERCLA sites. Some of these environmental matters or other proceedings may result in fines, penalties or judgments being assessed against the Company. At November 30, 2020 and August 31, 2020, the Company had $0.5 million and $0.7 million accrued for cleanup and remediation costs in connection with CERCLA sites, respectively. The estimation process is based on currently available information which is, in many cases, preliminary and incomplete. Total environmental liabilities, including CERCLA sites, were $3.2 million and $3.4 million at November 30, 2020 and August 31, 2020, respectively, of which $2.5 million and $2.7 million were classified as other long-term liabilities at November 30, 2020 and August 31, 2020, respectively. 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 condensed consolidated financial statements for the potential impact of these contingencies, and that the outcomes of the suits and proceedings described above, and other

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Business segments	NOTE 14. BUSINESS SEGMENTS The Company structures its business into the following two reportable segments: North America and Europe. See Note 1, Nature of Operations, in the 2020 Form 10-K for more information about the reportable segments, including the types of products and services from which each reportable segment derives its net sales. Corporate and Other contains earnings or losses on assets and liabilities related to the Company's Benefit Restoration Plan assets and short-term investments, expenses of the Company's corporate headquarters, interest expense related to its long-term debt and intercompany eliminations. The following is a summary of certain financial information from continuing operations by reportable segment: Three Months Ended November 30, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,195,013 $ 194,596 $ 2,194 $ 1,391,803 Adjusted EBITDA 155,634 14,470 (26,471) 143,633 Total assets at November 30, 2020* 2,871,933 526,023 618,712 4,016,668 Three Months Ended November 30, 2019 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,216,720 $ 165,389 $ 2,599 $ 1,384,708 Adjusted EBITDA 174,732 11,359 (26,286) 159,805 Total assets at August 31, 2020 * 2,862,805 532,850 686,073 4,081,728 _________________ *Total assets listed in Corporate and Other includes assets from discontinued operations. The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations: Three Months Ended November 30, (in thousands) 2020 2019 Earnings from continuing operations $ 63,911 $ 82,755 Interest expense 14,259 16,578 Income taxes 21,593 27,332 Depreciation and amortization 41,799 40,941 Asset impairments 3,594 530 Amortization of acquired unfavorable contract backlog (1,523) (8,331) Adjusted EBITDA from continuing operations $ 143,633 $ 159,805 Disaggregation of Revenue The following tables display revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended November 30, 2020 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 210,237 $ 2,830 $ — $ 213,067 Steel products 457,657 151,455 — 609,112 Downstream products 437,029 34,473 — 471,502 Other 90,090 5,427 2,605 98,122 Net sales-unaffiliated customers 1,195,013 194,185 2,605 1,391,803 Intersegment net sales, eliminated on consolidation — 411 (411) — Net sales $ 1,195,013 $ 194,596 $ 2,194 $ 1,391,803 Three Months Ended November 30, 2019 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 181,623 $ 2,205 $ — $ 183,828 Steel products 441,163 129,744 — 570,907 Downstream products 499,727 28,200 — 527,927 Other 94,207 4,891 2,948 102,046 Net sales-unaffiliated customers 1,216,720 165,040 2,948 1,384,708 Intersegment net sales, eliminated on consolidation — 349 (349) — Net sales $ 1,216,720 $ 165,389 $ 2,599 $ 1,384,708

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
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 year ended August 31, 2020 ("2020 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 condensed consolidated balance sheets and the 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 consolidated financial statements included in the 2020 Form 10-K. The results of operations for the three month period are not necessarily indicative of the results to be expected for the full fiscal year. Any reference in this Form 10-Q to a year refers to the fiscal year ended August 31st of that year, unless otherwise noted.
Recent accounting pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 eliminates certain exceptions to the general principles in Accounting Standards Codification 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 on September 1, 2020. ASU 2019-12 did not have a material effect on the Company's condensed 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 within the Summary of Significant Accounting Policies footnote in our 2020 Form 10-K.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Nov. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following tables reflect the changes in accumulated other comprehensive income (loss) ("AOCI"): Three Months Ended November 30, 2020 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, September 1, 2020 $ (87,933) $ (11,334) $ (4,497) $ (103,764) Other comprehensive income (loss) before reclassifications (8,388) 1,437 (20) (6,971) Amounts reclassified from AOCI — (67) — (67) Income taxes — (260) 7 (253) Net other comprehensive income (loss) (8,388) 1,110 (13) (7,291) Balance, November 30, 2020 $ (96,321) $ (10,224) $ (4,510) $ (111,055) Three Months Ended November 30, 2019 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, September 1, 2019 $ (121,498) $ 1,106 $ (3,734) $ (124,126) Other comprehensive income (loss) before reclassifications 6,924 882 (10) 7,796 Amounts reclassified from AOCI — (110) — (110) Income taxes — (147) 2 (145) Net other comprehensive income (loss) 6,924 625 (8) 7,541 Balance, November 30, 2019 $ (114,574) $ 1,731 $ (3,742) $ (116,585)

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Nov. 30, 2020
Revenue from Contract with Customer [Abstract]
Information avout Assets and Liabilities from Contracts with Customers	The following table provides information about assets and liabilities from contracts with customers. (in thousands) November 30, 2020 August 31, 2020 Contract assets (included in accounts receivable) $ 46,430 $ 53,275 Contract liabilities (included in accrued expenses and other payables) 26,462 25,450

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Tables)	3 Months Ended
	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill	Goodwill by reportable segment at November 30, 2020 is detailed in the following table: (in thousands) North America Europe Consolidated Goodwill, gross* $ 71,941 $ 2,530 $ 74,471 Accumulated impairment losses* (10,036) (160) (10,196) Goodwill, net* $ 61,905 $ 2,370 $ 64,275 _________________ * The change in balance from August 31, 2020 was immaterial.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Nov. 30, 2020
Leases [Abstract]
Schedule of Balance Sheet Components of Leases	The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheet: (in thousands) Classification in Condensed Consolidated Balance Sheets November 30, 2020 August 31, 2020 Assets: Operating assets Other noncurrent assets $ 117,582 $ 114,905 Finance assets Property, plant and equipment, net 53,561 50,642 Total leased assets $ 171,143 $ 165,547 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 27,030 $ 27,604 Long-term Other noncurrent liabilities 98,881 95,810 Total operating lease liabilities 125,911 123,414 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 15,060 14,373 Long-term Long-term debt 37,421 35,851 Total finance lease liabilities 52,481 50,224 Total lease liabilities $ 178,392 $ 173,638
Lease Cost	The components of lease cost were as follows: Three Months Ended November 30, (in thousands) 2020 2019 Operating lease expense $ 8,722 $ 8,790 Finance lease expense: Amortization of assets 3,239 2,165 Interest on lease liabilities 555 401 Total finance lease expense 3,794 2,566 Variable and short term-lease expense 4,962 3,933 Total lease expense $ 17,478 $ 15,289 The weighted-average remaining lease term and discount rate for operating and finance leases are presented in the following table: November 30, 2020 August 31, 2020 Weighted-average remaining lease term (years) Operating leases 6.5 6.3 Finance leases 3.8 3.8 Weighted-average discount rate Operating leases 4.426 % 4.283 % Finance leases 4.302 % 4.270 %
Cash Flow and Other Information Related to Leases	Cash flow and other information related to leases is included in the following table: Three Months Ended November 30, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 9,047 $ 8,746 Operating cash outflows from finance leases 560 336 Financing cash outflows from finance leases 3,795 3,298 Right of use ("ROU") assets obtained in exchange for lease obligations: Operating leases 12,267 6,369 Finance leases 6,300 5,312
Maturity of Operating Lease Liabilities	Maturities of lease liabilities at November 30, 2020 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,040 $ 17,018 Year 2 26,550 14,639 Year 3 22,686 12,374 Year 4 17,312 9,542 Year 5 12,889 3,294 Thereafter 35,301 163 Total lease payments 146,778 57,030 Less: Imputed interest 20,867 4,549 Present value of lease liabilities $ 125,911 $ 52,481
Maturity of Finance Lease Liabilities	Maturities of lease liabilities at November 30, 2020 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,040 $ 17,018 Year 2 26,550 14,639 Year 3 22,686 12,374 Year 4 17,312 9,542 Year 5 12,889 3,294 Thereafter 35,301 163 Total lease payments 146,778 57,030 Less: Imputed interest 20,867 4,549 Present value of lease liabilities $ 125,911 $ 52,481

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Long-term debt, including the deferred gain from the termination of the interest rate swaps	Long-term debt was as follows: (in thousands) Weighted Average Interest Rate at November 30, 2020 November 30, 2020 August 31, 2020 2027 Notes 5.375% $ 300,000 $ 300,000 2026 Notes 5.750% 350,000 350,000 2023 Notes 4.875% 330,000 330,000 Poland Term Loan 1.720% 39,944 40,713 Other 5.100% 21,329 21,329 Finance leases 52,481 50,224 Total debt 1,093,754 1,092,266 Less debt issuance costs 8,160 8,581 Total amounts outstanding 1,085,594 1,083,685 Less current maturities of long-term debt 20,701 18,149 Long-term debt $ 1,064,893 $ 1,065,536

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Nov. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity contract commitments	The following table provides information regarding the Company's commodity contract commitments at November 30, 2020: Commodity Long/Short Total Aluminum Long 1,900 MT Copper Long 714 MT Copper Short 8,686 MT Electricity Long 2,000,000 MW(h) _________________ MT = Metric Ton

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Nov. 30, 2020
Fair Value Disclosures [Abstract]
Financial assets and financial liabilities measured at fair value on a recurring basis	The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) November 30, 2020 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 394,943 $ 394,943 $ — $ — Commodity derivative assets (2) 291 291 — — Foreign exchange derivative assets (2) 1,329 — 1,329 — Liabilities: Commodity derivative liabilities (2) 19,496 5,882 — 13,614 Foreign exchange derivative liabilities (2) 1,555 — 1,555 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2020 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 449,824 $ 449,824 $ — $ — Commodity derivative assets (2) 202 202 — — Foreign exchange derivative assets (2) 1,484 — 1,484 — Liabilities: Commodity derivative liabilities (2) 19,000 3,993 — 15,007 Foreign exchange derivative liabilities (2) 459 — 459 — _________________ (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. Derivative liabilities classified as Level 3 are described below. Further discussion regarding the Company's use of derivative instruments is included in Note 9, Derivatives. The fair value estimate of the Level 3 commodity derivative is based on an internally developed discounted cash flow model primarily utilizing unobservable inputs in which there is little or no market data. The Company forecasts future energy rates using a range of historical prices ("floating rate"). The floating rate is the only significant unobservable input used in the Company's discounted cash flow model. November 30, 2020 Unobservable Inputs Low High Average Floating rate (PLN) 151.66 247.56 203.96
Fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation	Below is a reconciliation of the beginning and ending balances of the Level 3 commodity derivative recognized in the condensed consolidated statements of comprehensive income. The fluctuation in energy rates over time may cause volatility in the fair value estimate and is the primary reason for the unrealized gain in other comprehensive income ("OCI") in the three months ended November 30, 2020. (in thousands) November 30, 2020 Balance at September 1, 2020 $ (15,007) Total gains, realized and unrealized Recognized in OCI (1) 1,393 Ending balance $ (13,614) _________________ (1) Gains recognized in OCI are included in the unrealized holding gain on the condensed consolidated statements of comprehensive income.
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 condensed consolidated balance sheets were as follows: November 30, 2020 August 31, 2020 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2027 Notes (1) Level 2 $ 300,000 $ 317,835 $ 300,000 $ 319,377 2026 Notes (1) Level 2 350,000 365,803 350,000 367,374 2023 Notes (1) Level 2 330,000 348,813 330,000 345,335 Poland Term Loan (2) Level 2 39,944 39,944 40,713 40,713 _________________ (1) The fair value of the notes was determined based on indicated market values. (2) The Poland Term Loan contains variable interest rates, and as a result, the carrying value approximates fair value.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Nov. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Awards Granted	During the three months ended November 30, 2020 and 2019, the Company granted the following awards under its stock-based compensation plans: November 30, 2020 November 30, 2019 (in thousands, except per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity method 1,399 $ 20.39 1,465 $ 18.15 Liability method 324 N/A 426 N/A
Schedule of Stock-based Compensation Expense	The following table summarizes total stock-based compensation expense, including fair value remeasurements, which was primarily included in selling, general and administrative expenses on the Company's condensed consolidated statements of earnings: Three Months Ended November 30, (in thousands) 2020 2019 Stock-based compensation expense $ 9,062 $ 8,269

STOCKHOLDERS_ EQUITY AND EARNIN

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE (Tables)	3 Months Ended
	Nov. 30, 2020
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 were as follows: Three Months Ended November 30, (in thousands, except share data) 2020 2019 Earnings from continuing operations $ 63,911 $ 82,755 Basic earnings per share: Shares outstanding for basic earnings per share 119,762,706 118,370,191 Basic earnings per share from continuing operations $ 0.53 $ 0.70 Diluted earnings per share: Shares outstanding for basic earnings per share 119,762,706 118,370,191 Effect of dilutive securities: Stock-based incentive/purchase plans 1,365,338 1,403,347 Shares outstanding for diluted earnings per share 121,128,044 119,773,538 Diluted earnings per share from continuing operations $ 0.53 $ 0.69 Anti-dilutive shares not included above were immaterial for all periods presented. Restricted stock is included in the number of shares of common stock issued and outstanding, but omitted from the basic earnings per share calculation until the shares vest.

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Summary of certain financial information from continuing operations by reportable segment	The following is a summary of certain financial information from continuing operations by reportable segment: Three Months Ended November 30, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,195,013 $ 194,596 $ 2,194 $ 1,391,803 Adjusted EBITDA 155,634 14,470 (26,471) 143,633 Total assets at November 30, 2020* 2,871,933 526,023 618,712 4,016,668 Three Months Ended November 30, 2019 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,216,720 $ 165,389 $ 2,599 $ 1,384,708 Adjusted EBITDA 174,732 11,359 (26,286) 159,805 Total assets at August 31, 2020 * 2,862,805 532,850 686,073 4,081,728 _________________
Reconciliations of earnings from continuing operations to adjusted operating profit	The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations: Three Months Ended November 30, (in thousands) 2020 2019 Earnings from continuing operations $ 63,911 $ 82,755 Interest expense 14,259 16,578 Income taxes 21,593 27,332 Depreciation and amortization 41,799 40,941 Asset impairments 3,594 530 Amortization of acquired unfavorable contract backlog (1,523) (8,331) Adjusted EBITDA from continuing operations $ 143,633 $ 159,805
Net sales by major product	The following tables display revenue by reportable segment from external customers, disaggregated by major source. The Company believes disaggregating by these categories depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended November 30, 2020 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 210,237 $ 2,830 $ — $ 213,067 Steel products 457,657 151,455 — 609,112 Downstream products 437,029 34,473 — 471,502 Other 90,090 5,427 2,605 98,122 Net sales-unaffiliated customers 1,195,013 194,185 2,605 1,391,803 Intersegment net sales, eliminated on consolidation — 411 (411) — Net sales $ 1,195,013 $ 194,596 $ 2,194 $ 1,391,803 Three Months Ended November 30, 2019 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 181,623 $ 2,205 $ — $ 183,828 Steel products 441,163 129,744 — 570,907 Downstream products 499,727 28,200 — 527,927 Other 94,207 4,891 2,948 102,046 Net sales-unaffiliated customers 1,216,720 165,040 2,948 1,384,708 Intersegment net sales, eliminated on consolidation — 349 (349) — Net sales $ 1,216,720 $ 165,389 $ 2,599 $ 1,384,708

CHANGES IN BUSINESS (Details)

CHANGES IN BUSINESS (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Business Combinations [Abstract]
Facility closure costs	$ 8	$ 6.3

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (103,764)	$ (124,126)
Other comprehensive income before reclassifications	(6,971)	7,796
Amounts reclassified from AOCI	(67)	(110)
Income taxes	(253)	(145)
Other comprehensive income (loss)	(7,291)	7,541
Ending balance	(111,055)	(116,585)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(87,933)	(121,498)
Other comprehensive income before reclassifications	(8,388)	6,924
Amounts reclassified from AOCI	0	0
Income taxes	0	0
Other comprehensive income (loss)	(8,388)	6,924
Ending balance	(96,321)	(114,574)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(11,334)	1,106
Other comprehensive income before reclassifications	1,437	882
Amounts reclassified from AOCI	(67)	(110)
Income taxes	(260)	(147)
Other comprehensive income (loss)	1,110	625
Ending balance	(10,224)	1,731
Defined Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(4,497)	(3,734)
Other comprehensive income before reclassifications	(20)	(10)
Amounts reclassified from AOCI	0	0
Income taxes	7	2
Other comprehensive income (loss)	(13)	(8)
Ending balance	$ (4,510)	$ (3,742)

REVENUE RECOGNITION - Revenue R

REVENUE RECOGNITION - Revenue Recognition Method (Details) - Americas Fabrication	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Recognized as Amounts are Billed
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	(77.00%)	77.00%
Fabricated Product and Installation Services | Recognized over Time
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	14.00%	12.00%
Fabricated Product without Installation Services | Recognized over Time
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	9.00%	11.00%

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Aug. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets (included in other current assets)	$ 46,430	$ 53,275
Contract liabilities (included in accrued expenses and other payables)	26,462	$ 25,450
Revenue reclassified from contract liabilities	$ 13,100

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Millions	Nov. 30, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 679.8

INVENTORIES, NET (Narrative) (D

INVENTORIES, NET (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2020	Aug. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 152	$ 123.9

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLES (Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Goodwill [Line Items]
Goodwill, gross	$ 74,471
Accumulated impairment losses	(10,196)
Goodwill, net	64,275	$ 64,321
North America
Goodwill [Line Items]
Goodwill, gross	71,941
Accumulated impairment losses	(10,036)
Goodwill, net	61,905
Europe
Goodwill [Line Items]
Goodwill, gross	2,530
Accumulated impairment losses	(160)
Goodwill, net	$ 2,370

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amounts of the intangible assets subject to amortization	$ 21.8		$ 22.1
Net carrying amount of intangible assets subject to amortization	12		12.6
Carrying amount of acquired unfavorable contract backlog liability	4.5		$ 6
Amortization of unfavorable contract backlog	$ 1.5	$ 8.3

LEASES - Balance Sheet Componen

LEASES - Balance Sheet Components (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Assets:
Operating assets	$ 117,582	$ 114,905
Finance assets	53,561	50,642
Total leased assets	171,143	165,547
Operating lease liabilities:
Current	27,030	27,604
Long-term	98,881	95,810
Total operating lease liabilities	125,911	123,414
Finance lease liabilities:
Current	15,060	14,373
Long-term	37,421	35,851
Total finance lease liabilities	52,481	50,224
Total lease liabilities	$ 178,392	$ 173,638

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Leases [Abstract]
Operating lease expense	$ 8,722	$ 8,790
Finance lease expense:
Amortization of assets	3,239	2,165
Interest on lease liabilities	555	401
Total finance lease expense	3,794	2,566
Variable and short term-lease expense	4,962	3,933
Total lease expense	$ 17,478	$ 15,289

LEASES - Weighted Average Lease

LEASES - Weighted Average Lease Terms and Discount Rates (Details)	Nov. 30, 2020	Aug. 31, 2020
Leases [Abstract]
Operating leases, remaining term	6 years 6 months	6 years 3 months 18 days
Finance leases, remaining term	3 years 9 months 18 days	3 years 9 months 18 days
Operating leases, weighted average discount rate	4.426%	4.283%
Finance leases, weighted average discount rate	4.302%	4.27%

LEASES - Cash Flow and Other In

LEASES - Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$ 9,047	$ 8,746
Operating cash outflows from finance leases	560	336
Financing cash outflows from finance leases	3,795	3,298
Right of use ("ROU") assets obtained in exchange for lease obligations:
Operating leases	12,267	6,369
Finance leases	$ 6,300	$ 5,312

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Operating Leases
Year 1	$ 32,040
Year 2	26,550
Year 3	22,686
Year 4	17,312
Year 5	12,889
Thereafter	35,301
Total lease payments	146,778
Less: Imputed interest	20,867
Present value of lease liabilities	125,911	$ 123,414
Finance Leases
Year 1	17,018
Year 2	14,639
Year 3	12,374
Year 4	9,542
Year 5	3,294
Thereafter	163
Total lease payments	57,030
Less: Imputed interest	4,549
Present value of lease liabilities	$ 52,481	$ 50,224

CREDIT ARRANGEMENTS (Long-term

CREDIT ARRANGEMENTS (Long-term Debt, Including the Deferred Gain from the Termination of the Interest Rate Swaps) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 1,093,754	$ 1,092,266
Less debt issuance costs	8,160	8,581
Total amounts outstanding	1,085,594	1,083,685
Less current maturities of long-term debt	20,701	18,149
Long-term debt	$ 1,064,893	1,065,536
2027 Notes
Debt Instrument [Line Items]
Weighted average interest rate	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%
Total debt	$ 330,000	330,000
Poland Term Loan | Revolving credit facility
Debt Instrument [Line Items]
Weighted average interest rate	1.72%
Total debt	$ 39,944	40,713
Other
Debt Instrument [Line Items]
Weighted average interest rate	5.10%
Total debt	$ 21,329	21,329
Finance leases
Debt Instrument [Line Items]
Total debt	$ 52,481	$ 50,224

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details)	Nov. 30, 2020USD ($)	Nov. 30, 2020PLN (zł)	Aug. 31, 2020USD ($)	Aug. 31, 2020PLN (zł)
Debt Instrument [Line Items]
Financial liabilities	$ 1,093,754,000		$ 1,092,266,000
CMCP
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity | zł		zł 275,000,000
CMCP | Poland Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount drawn	0		0
Revolving credit facility current borrowing capacity	73,200,000
Stand by letters of credit outstanding amount	800,000		800,000
Term loan, maximum principal amount	66,600,000	250,000,000
Financial liabilities	39,900,000	150,000,000	40,700,000	zł 150,000,000
Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility, amount drawn	0		0
Revolving credit facility current borrowing capacity	350,000,000		350,000,000
Revolving credit facility | Poland Term Loan
Debt Instrument [Line Items]
Financial liabilities	39,944,000		40,713,000
Stand-by letters of credit
Debt Instrument [Line Items]
Stand by letters of credit outstanding amount	3,000,000		3,000,000
U.S. Program
Debt Instrument [Line Items]
Advances outstanding under transfer of receivables programs	0		0
Poland Program
Debt Instrument [Line Items]
Transfer of accounts receivable program limit	58,600,000	zł 220,000,000
Advances outstanding under transfer of receivables programs	$ 0		$ 0

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2020	Aug. 31, 2020
Foreign exchange
Derivative [Line Items]
Derivative notional amount	$ 257.8	$ 138.5
Commodity
Derivative [Line Items]
Derivative notional amount	$ 203.3	$ 195.8

DERIVATIVES (Commodity Contract

DERIVATIVES (Commodity Contract Commitments) (Details) MWh in Millions	3 Months Ended
	Nov. 30, 2020MWht
Aluminum | Long
Derivative [Line Items]
Commodity contract commitments	1,900
Copper | Long
Derivative [Line Items]
Commodity contract commitments	714
Copper | Short
Derivative [Line Items]
Commodity contract commitments	8,686
Electricity | Long
Derivative [Line Items]
Commodity contract commitment, electricity | MWh	2

DERIVATIVES (Derivatives Not De

DERIVATIVES (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on commodity derivatives accounted for as cash flow hedging instruments	$ 1,164	$ 714
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on commodity derivatives accounted for as cash flow hedging instruments	1,200	700
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	$ (5,600)	$ (1,300)

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details)	3 Months Ended
	Nov. 30, 2020levels
Fair Value Disclosures [Abstract]
Number of fair value hierarchy	3

FAIR VALUE (Financial Assets an

FAIR VALUE (Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis) (Details) $ in Thousands	Nov. 30, 2020USD ($)	Nov. 30, 2020PLN (zł)	Aug. 31, 2020USD ($)
Significant Unobservable Inputs (Level 3) | Minimum | Commodity | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Energy floating rate | zł		zł 151.66
Significant Unobservable Inputs (Level 3) | Maximum | Commodity | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Energy floating rate | zł		247.56
Significant Unobservable Inputs (Level 3) | Average | Commodity | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Energy floating rate | zł		zł 203.96
Fair value, measurements, recurring | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	$ 394,943		$ 449,824
Fair value, measurements, recurring | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	291		202
Derivative liabilities	19,496		19,000
Fair value, measurements, recurring | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,329		1,484
Derivative liabilities	1,555		459
Fair value, measurements, recurring | 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	394,943		449,824
Fair value, measurements, recurring | 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	291		202
Derivative liabilities	5,882		3,993
Fair value, measurements, recurring | 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
Fair value, measurements, recurring | 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
Fair value, measurements, recurring | 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
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,329		1,484
Derivative liabilities	1,555		459
Fair value, measurements, recurring | 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
Fair value, measurements, recurring | 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	13,614		15,007
Fair value, measurements, recurring | 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 (Reconciliation of C

Fair Value (Reconciliation of Commodity Derivative Recognized in Other Comprehensive Income) (Details) - Commodity - Significant Unobservable Inputs (Level 3) $ in Thousands	3 Months Ended
	Nov. 30, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (15,007)
Recognized in OCI	1,393
Ending balance	$ (13,614)

FAIR VALUE (Financial Assets _2

FAIR VALUE (Financial Assets and Liabilities Not Required to Be Measured at Fair Value) (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	$ 1,093,754	$ 1,092,266
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 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	317,835	319,377
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 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	365,803	367,374
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 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	348,813	345,335
Revolving credit facility | Poland Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	39,944	40,713
Revolving credit facility | Poland Term Loan | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	$ 39,944	$ 40,713

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 9,062	$ 8,269
Equity method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	1,399,000	1,465,000
Weighted average grant-date fair value	$ 20.39	$ 18.15
Liability method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	324,000	426,000
Equivalent shares outstanding	715,970
Equivalent shares expected to vest	680,171
Fiscal 2020 | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years	3 years
Fiscal 2020 | Performance Stock Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years	3 years

STOCKHOLDERS EQUITY AND EARNI_2

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($)	3 Months Ended
	Nov. 30, 2020	Aug. 31, 2015
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 EARNI_3

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE (Calculations of the Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Earnings from continuing operations		$ 63,911	$ 82,755
Basic earnings per share:
Shares outstanding for basic earnings per share (shares)		119,762,706	118,370,191
Basic earnings per share attributable to CMC: (in USD per share)	[1]	$ 0.53	$ 0.70
Diluted earnings per share:
Shares outstanding for basic earnings per share (shares)		119,762,706	118,370,191
Effect of dilutive securities:
Stock-based incentive/purchase plans (shares)		1,365,338	1,403,347
Shares outstanding for diluted earnings per share (shares)		121,128,044	119,773,538
Diluted earnings per share attributable to CMC: (in USD per share)	[1]	$ 0.53	$ 0.69
[1]	*Earnings Per Share ("EPS") is calculated independently for each component and may not sum to Net EPS due to rounding

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2020	Aug. 31, 2020
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 3.2	$ 3.4
Accrued environmental loss contingencies, noncurrent	2.5	2.7
CERCLA sites
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 0.5	$ 0.7

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details)	3 Months Ended
	Nov. 30, 2020segments
Segment Reporting [Abstract]
Number of reporting segments	2

BUSINESS SEGMENTS (Summary of C

BUSINESS SEGMENTS (Summary of Certain Financial Information from Continuing Operations by Reportable Segment and Major Product) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,391,803	$ 1,384,708
Adjusted EBITDA from continuing operations	143,633	159,805
Total assets	4,016,668		$ 4,081,728
Segments
Segment Reporting Information [Line Items]
Net sales	1,391,803	1,384,708
Segments | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	1,391,803	1,384,708
Segments | Raw material products
Segment Reporting Information [Line Items]
Net sales	213,067	183,828
Segments | Steel Products
Segment Reporting Information [Line Items]
Net sales	609,112	570,907
Segments | Downstream products
Segment Reporting Information [Line Items]
Net sales	471,502	527,927
Segments | Other
Segment Reporting Information [Line Items]
Net sales	98,122	102,046
Segments | Continuing Operations
Segment Reporting Information [Line Items]
Adjusted EBITDA from continuing operations	143,633	159,805
Total assets	4,016,668		4,081,728
Segments | North America
Segment Reporting Information [Line Items]
Net sales	1,195,013	1,216,720
Adjusted EBITDA from continuing operations	155,634	174,732
Total assets	2,871,933		2,862,805
Segments | North America | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	1,195,013	1,216,720
Segments | North America | Raw material products
Segment Reporting Information [Line Items]
Net sales	210,237	181,623
Segments | North America | Steel Products
Segment Reporting Information [Line Items]
Net sales	457,657	441,163
Segments | North America | Downstream products
Segment Reporting Information [Line Items]
Net sales	437,029	499,727
Segments | North America | Other
Segment Reporting Information [Line Items]
Net sales	90,090	94,207
Segments | Europe
Segment Reporting Information [Line Items]
Net sales	194,596	165,389
Adjusted EBITDA from continuing operations	14,470	11,359
Total assets	526,023		532,850
Segments | Europe | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	194,185	165,040
Segments | Europe | Raw material products
Segment Reporting Information [Line Items]
Net sales	2,830	2,205
Segments | Europe | Steel Products
Segment Reporting Information [Line Items]
Net sales	151,455	129,744
Segments | Europe | Downstream products
Segment Reporting Information [Line Items]
Net sales	34,473	28,200
Segments | Europe | Other
Segment Reporting Information [Line Items]
Net sales	5,427	4,891
Segments | Corporate
Segment Reporting Information [Line Items]
Net sales	2,194	2,599
Adjusted EBITDA from continuing operations	(26,471)	(26,286)
Total assets	618,712		$ 686,073
Segments | Corporate | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	2,605	2,948
Segments | Corporate | Raw material products
Segment Reporting Information [Line Items]
Net sales	0	0
Segments | Corporate | Steel Products
Segment Reporting Information [Line Items]
Net sales	0	0
Segments | Corporate | Downstream products
Segment Reporting Information [Line Items]
Net sales	0	0
Segments | Corporate | Other
Segment Reporting Information [Line Items]
Net sales	2,605	2,948
Intersegment
Segment Reporting Information [Line Items]
Net sales	0	0
Intersegment | North America
Segment Reporting Information [Line Items]
Net sales	0	0
Intersegment | Europe
Segment Reporting Information [Line Items]
Net sales	411	349
Intersegment | Corporate
Segment Reporting Information [Line Items]
Net sales	$ (411)	$ (349)

BUSINESS SEGMENTS (Reconciliati

BUSINESS SEGMENTS (Reconciliations of Earnings from Continuing Operations to Adjusted Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Segment Reporting [Abstract]
Earnings from continuing operations	$ 63,911	$ 82,755
Interest expense	14,259	16,578
Income taxes	21,593	27,332
Depreciation and amortization	41,799	40,941
Asset impairments	3,594	530
Amortization of acquired unfavorable contract backlog	(1,523)	(8,331)
Adjusted EBITDA from continuing operations	$ 143,633	$ 159,805