Commercial Metals (CMC) 10-Q 24 Mar 21 2021 FY Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Feb. 28, 2021	Mar. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2021
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		120,510,370
Entity Central Index Key	0000022444
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--08-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Income Statement [Abstract]
Net sales		$ 1,462,270	$ 1,340,963	$ 2,854,073	$ 2,725,671
Costs and expenses:
Cost of goods sold		1,228,343	1,123,096	2,403,162	2,269,610
Selling, general and administrative expenses		115,417	115,538	229,044	226,537
Loss on debt extinguishment		16,841	0	16,841	0
Interest expense		14,021	15,888	28,280	32,466
Asset impairments		474	0	4,068	530
Total costs and expenses		1,375,096	1,254,522	2,681,395	2,529,143
Earnings from continuing operations before income taxes		87,174	86,441	172,678	196,528
Income taxes		20,941	22,845	42,534	50,177
Earnings from continuing operations		66,233	63,596	130,144	146,351
Earnings from discontinued operations before income taxes		197	301	447	1,196
Income taxes		73	99	141	401
Earnings from discontinued operations		124	202	306	795
Net earnings		$ 66,357	$ 63,798	$ 130,450	$ 147,146
Basic earnings per share:
Earnings from continuing operations (in USD per share)	[1]	$ 0.55	$ 0.53	$ 1.08	$ 1.23
Earnings (loss) from discontinued operations (in USD per share)	[1]	0	0	0	0.01
Net earnings (in USD per share)	[1]	0.55	0.54	1.09	1.24
Diluted earnings per share:
Earnings from continuing operations (in USD per share)	[1]	0.54	0.53	1.07	1.22
Earnings (loss) from discontinued operations (in USD per share)	[1]	0	0	0	0.01
Net earnings (in USD per share)	[1]	$ 0.55	$ 0.53	$ 1.07	$ 1.22
Average basic shares outstanding (shares)		120,345,432	118,919,455	120,052,459	118,644,823
Average diluted shares outstanding (shares)		121,751,859	120,407,256	121,672,194	120,303,259
[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		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 66,357	$ 63,798	$ 130,450	$ 147,146
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustment	1,465	(1,068)	(6,923)	5,856
Net unrealized gain (loss) on derivatives:
Unrealized holding gain (loss)	7,723	(3,646)	8,887	(2,932)
Reclassification for gain included in net earnings	(259)	(83)	(313)	(172)
Net unrealized gain (loss) on derivatives	7,464	(3,729)	8,574	(3,104)
Defined benefit obligation:
Amortization of prior services	(14)	(8)	(27)	(16)
Defined benefit obligation	(14)	(8)	(27)	(16)
Other comprehensive income (loss)	8,915	(4,805)	1,624	2,736
Comprehensive income	$ 75,272	$ 58,993	$ 132,074	$ 149,882

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Feb. 28, 2021	Aug. 31, 2020
Current assets:
Cash and cash equivalents	$ 367,347	$ 542,103
Accounts receivable (less allowance for doubtful accounts of $7,623 and $9,597)	895,604	880,728
Inventories, net	776,561	625,393
Prepaid and other current assets	166,124	165,879
Total current assets	2,205,636	2,214,103
Property, plant and equipment, net	1,557,143	1,571,067
Goodwill	66,235	64,321
Other noncurrent assets	235,027	232,237
Total assets	4,064,041	4,081,728
Current liabilities:
Accounts payable	309,413	266,102
Accrued expenses and other payables	341,903	461,012
Current maturities of long-term debt and short-term borrowings	22,777	18,149
Total current liabilities	674,093	745,263
Deferred income taxes	126,789	130,810
Other noncurrent liabilities	242,632	250,706
Long-term debt	1,011,035	1,065,536
Total liabilities	2,054,549	2,192,315
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 120,508,215 and 119,220,905 shares	1,290	1,290
Additional paid-in capital	354,620	358,912
Accumulated other comprehensive loss	(102,140)	(103,764)
Retained earnings	1,909,443	1,807,826
Less treasury stock 8,552,449 and 9,839,759 shares at cost	(153,952)	(175,063)
Stockholders' equity	2,009,261	1,889,201
Stockholders' equity attributable to noncontrolling interests	231	212
Total equity	2,009,492	1,889,413
Total liabilities and stockholders' equity	$ 4,064,041	$ 4,081,728

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2021	Aug. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 7,623	$ 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 issued	129,060,664	129,060,664
Common stock, shares outstanding	120,508,215	119,220,905
Treasury stock, shares	8,552,449	9,839,759

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Cash flows from (used by) operating activities:
Net earnings	$ 130,450	$ 147,146
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	83,372	82,338
Stock-based compensation	21,758	15,805
Loss on debt extinguishment	16,841	0
Deferred income taxes and other long-term taxes	(8,129)	42,142
Net gain on disposals of subsidiaries, assets and other	(5,481)	(5,585)
Asset impairments	4,068	530
Amortization of acquired unfavorable contract backlog	(3,032)	(14,328)
Other	(105)	1,041
Changes in operating assets and liabilities	(238,539)	(15,673)
Net cash flows from operating activities	1,203	253,416
Cash flows from (used by) investing activities:
Capital expenditures	(87,688)	(96,592)
Proceeds from the sale of property, plant and equipment and other	20,338	14,004
Acquisitions, net of cash acquired	0	(9,850)
Proceeds from insurance	0	974
Net cash flows used by investing activities:	(67,350)	(91,464)
Cash flows from (used by) financing activities:
Proceeds from issuance of long-term debt, net	296,250	11,299
Repayments of long-term debt	(357,792)	(106,880)
Debt extinguishment costs	(13,051)	0
Debt issuance costs	(1,124)	0
Proceeds from accounts receivable programs	8,848	85,686
Repayments under accounts receivable programs	(8,848)	(81,314)
Dividends	(28,833)	(28,480)
Stock issued under incentive and purchase plans, net of forfeitures	(4,536)	(2,463)
Contribution from noncontrolling interest	19	16
Net cash flows used by financing activities	(109,067)	(122,136)
Effect of exchange rate changes on cash	(419)	337
Increase (decrease) in cash, restricted cash and cash equivalents	(175,633)	40,153
Cash, restricted cash and cash equivalents at beginning of period	369,331	233,882
Cash, restricted cash and cash equivalents at end of period	369,331	233,882
Supplemental information:
Cash paid for income taxes	48,757	27,759
Cash paid for interest	34,094	29,484
Noncash activities:
Liabilities related to additions of property, plant and equipment	$ 16,252	$ 29,176

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2021	Feb. 29, 2020
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 367,347	$ 232,442
Restricted Cash	1,984	1,440
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 369,331	$ 233,882

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	147,146				147,146
Other comprehensive income (loss)	2,736
Dividends	(28,480)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(2,463)		(22,230)			$ 19,767
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,136,951
Stock-based compensation	12,533		12,533
Contribution from noncontrolling interest	16						16
Reclassification of share-based liability awards	2,510		2,510
Ending balance at Feb. 29, 2020	1,758,055	$ 1,290	351,481	(121,390)	1,704,045	$ (177,583)	212
Ending balance, shares at Feb. 29, 2020		129,060,664
Ending balance, treasury stock, shares at Feb. 29, 2020						(9,998,775)
Beginning balance at Nov. 30, 2019	1,701,697	$ 1,290	347,192	(116,585)	1,654,489	$ (184,885)	196
Beginning balance, shares at Nov. 30, 2019		129,060,664
Beginning balance, treasury stock, shares at Nov. 30, 2019						(10,410,799)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	63,798
Other comprehensive income (loss)	(4,805)
Dividends	(14,242)				(14,242)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	5,354		(1,948)			$ 7,302
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						412,024
Stock-based compensation	6,237		6,237
Contribution from noncontrolling interest	16						16
Ending balance at Feb. 29, 2020	1,758,055	$ 1,290	351,481	(121,390)	1,704,045	$ (177,583)	212
Ending balance, shares at Feb. 29, 2020		129,060,664
Ending balance, treasury stock, shares at Feb. 29, 2020						(9,998,775)
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	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	$ 130,450				130,450
Other comprehensive income (loss)	1,624
Dividends	(28,833)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(4,536)		(25,647)			$ 21,111
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,287,310
Stock-based compensation	15,935		15,935
Contribution from noncontrolling interest	19						19
Reclassification of share-based liability awards	5,420		5,420
Ending balance at Feb. 28, 2021	$ 2,009,492	$ 1,290	354,620	(102,140)	1,909,443	$ (153,952)	231
Ending balance, shares at Feb. 28, 2021	129,060,664	129,060,664
Ending balance, treasury stock, shares at Feb. 28, 2021	(8,552,449)					(8,552,449)
Beginning balance at Nov. 30, 2020	$ 1,934,899	$ 1,290	348,816	(111,055)	1,857,513	$ (161,877)	212
Beginning balance, shares at Nov. 30, 2020		129,060,664
Beginning balance, treasury stock, shares at Nov. 30, 2020						(8,992,643)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	66,357
Other comprehensive income (loss)	8,915
Dividends	(14,427)				(14,427)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	5,805		(2,120)			$ 7,925
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						440,194
Stock-based compensation	7,924		7,924
Contribution from noncontrolling interest	19						19
Ending balance at Feb. 28, 2021	$ 2,009,492	$ 1,290	$ 354,620	$ (102,140)	$ 1,909,443	$ (153,952)	$ 231
Ending balance, shares at Feb. 28, 2021	129,060,664	129,060,664
Ending balance, treasury stock, shares at Feb. 28, 2021	(8,552,449)					(8,552,449)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
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, 2021
Accounting Policies [Abstract]
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 and six month periods are not necessarily indicative of the results to be expected for the full fiscal year. Any reference in this Form 10-Q to the "corresponding period" relates to the relevant three or six month period ended February 29, 2020. Any reference in this Form 10-Q to a year refers to the fiscal year ended August 31st of that year, unless otherwise noted.

CHANGES IN BUSINESS

CHANGES IN BUSINESS	6 Months Ended
	Feb. 28, 2021
Business Combinations [Abstract]
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 operations at this facility in January 2021. As a result, the Company recorded $5.4 million and $13.4 million of expense in the three and six months ended February 28, 2021, respectively, and $6.3 million of expense in the six months ended February 29, 2020, all of which was recorded in the first quarter of 2020, related to asset impairments, severance, pension curtailment, environmental obligations and vendor agreement terminations. The disposition does not meet the criteria for discontinued operations, and a s of February 28, 2021, does not qualify for held for sale accounting.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Feb. 28, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income (loss)	The following tables reflect the changes in accumulated other comprehensive income (loss) ("AOCI"): Three Months Ended February 28, 2021 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, December 1, 2020 $ (96,321) $ (10,224) $ (4,510) $ (111,055) Other comprehensive income (loss) before reclassifications 1,465 9,535 (14) 10,986 Amounts reclassified from AOCI — (320) — (320) Income taxes — (1,751) — (1,751) Net other comprehensive income (loss) 1,465 7,464 (14) 8,915 Balance, February 28, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) Six Months Ended February 28, 2021 (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 (6,923) 10,972 (34) 4,015 Amounts reclassified from AOCI — (387) — (387) Income taxes — (2,011) 7 (2,004) Net other comprehensive income (loss) (6,923) 8,574 (27) 1,624 Balance, February 28, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) Three Months Ended February 29, 2020 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, December 1, 2019 $ (114,574) $ 1,731 $ (3,742) $ (116,585) Other comprehensive loss before reclassifications (1,066) (4,501) (14) (5,581) Amounts reclassified from AOCI (2) (104) — (106) Income taxes — 876 6 882 Net other comprehensive loss (1,068) (3,729) (8) (4,805) Balance, February 29, 2020 $ (115,642) $ (1,998) $ (3,750) $ (121,390) Six Months Ended February 29, 2020 (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 5,858 (3,619) (24) 2,215 Amounts reclassified from AOCI (2) (214) — (216) Income taxes — 729 8 737 Net other comprehensive income (loss) 5,856 (3,104) (16) 2,736 Balance, February 29, 2020 $ (115,642) $ (1,998) $ (3,750) $ (121,390) Items reclassified out of AOCI were immaterial for the three and six months ended February 28, 2021 and February 29, 2020. 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	6 Months Ended
	Feb. 28, 2021
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 11% and 12% of net sales in the North America segment in the three and six months ended February 28, 2021, 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% of net sales in the North America segment in both the three and six months ended February 28, 2021. The remaining 80% and 79% 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 the three and six months ended February 28, 2021, respectively. The following table provides information about assets and liabilities from contracts with customers. (in thousands) February 28, 2021 August 31, 2020 Contract assets (included in accounts receivable) $ 54,468 $ 53,275 Contract liabilities (included in accrued expenses and other payables) 18,638 25,450 During the six months ended February 28, 2021, approximately $21.3 million was recognized in the condensed consolidated statements of earnings related to August 31, 2020 contract liabilities. Remaining Performance Obligations Remaining performance obligations represent the transaction price of fabricated product contracts where revenue is recognized using an input or output measure for which work has not yet been performed. As of February 28, 2021, $688.3 million was allocated to remaining performance obligations in the North America segment related to those contracts.

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
	Feb. 28, 2021
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 February 28, 2021 and August 31, 2020, work in process inventories were immaterial. At February 28, 2021 and August 31, 2020, the Company's raw materials inventories were $213.3 million and $123.9 million, respectively.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	6 Months Ended
	Feb. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangibles	Goodwill by reportable segment at February 28, 2021 is detailed in the following table: (in thousands) North America Europe Consolidated Goodwill, gross* $ 71,941 $ 4,491 $ 76,432 Accumulated impairment losses* (10,036) (161) (10,197) Goodwill, net* $ 61,905 $ 4,330 $ 66,235 _________________ * 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 $11.4 million and $12.6 million at February 28, 2021 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 and six months ended February 28, 2021 and February 29, 2020. Excluding goodwill, the Company did not have any significant intangible assets with indefinite lives at February 28, 2021. At February 28, 2021 and August 31, 2020, the net carrying amount of the acquired unfavorable contract backlog liability was $3.0 million and $6.0 million, respectively. Amortization of the acquired unfavorable contract backlog was $1.5 million and $3.0 million for the three and six months ended February 28, 2021, respectively, and $6.0 million and $14.3 million for the

LEASES

LEASES	6 Months Ended
	Feb. 28, 2021
Leases [Abstract]
Operating 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 sheets: (in thousands) Classification in Condensed Consolidated Balance Sheets February 28, 2021 August 31, 2020 Assets: Operating assets Other noncurrent assets $ 117,547 $ 114,905 Finance assets Property, plant and equipment, net 52,325 50,642 Total leased assets $ 169,872 $ 165,547 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 27,176 $ 27,604 Long-term Other noncurrent liabilities 98,807 95,810 Total operating lease liabilities 125,983 123,414 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 15,228 14,373 Long-term Long-term debt 35,992 35,851 Total finance lease liabilities 51,220 50,224 Total lease liabilities $ 177,203 $ 173,638 The components of lease cost were as follows: Three Months Ended Six Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Operating lease expense $ 8,651 $ 8,815 $ 17,373 $ 17,605 Finance lease expense: Amortization of assets 3,219 2,720 6,458 4,885 Interest on lease liabilities 563 465 1,118 866 Total finance lease expense 3,782 3,185 7,576 5,751 Variable and short-term lease expense 4,324 4,381 9,286 8,314 Total lease expense $ 16,757 $ 16,381 $ 34,235 $ 31,670 The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table: February 28, 2021 August 31, 2020 Weighted average remaining lease term (years) Operating leases 6.4 6.3 Finance leases 3.6 3.8 Weighted average discount rate Operating leases 4.482 % 4.283 % Finance leases 4.296 % 4.270 % Cash flow and other information related to leases is included in the following table: Six Months Ended (in thousands) February 28, 2021 February 29, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 17,812 $ 17,594 Operating cash outflows from finance leases 1,125 787 Financing cash outflows from finance leases 7,761 6,426 Right of use ("ROU") assets obtained in exchange for lease obligations: Operating leases 20,249 28,942 Finance leases 8,784 13,040 Maturities of lease liabilities at February 28, 2021 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,387 $ 17,138 Year 2 26,877 14,767 Year 3 22,162 12,336 Year 4 17,182 8,716 Year 5 12,921 2,392 Thereafter 35,374 97 Total lease payments 146,903 55,446 Less: Imputed interest 20,920 4,226 Present value of lease liabilities $ 125,983 $ 51,220
Finance 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 sheets: (in thousands) Classification in Condensed Consolidated Balance Sheets February 28, 2021 August 31, 2020 Assets: Operating assets Other noncurrent assets $ 117,547 $ 114,905 Finance assets Property, plant and equipment, net 52,325 50,642 Total leased assets $ 169,872 $ 165,547 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 27,176 $ 27,604 Long-term Other noncurrent liabilities 98,807 95,810 Total operating lease liabilities 125,983 123,414 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 15,228 14,373 Long-term Long-term debt 35,992 35,851 Total finance lease liabilities 51,220 50,224 Total lease liabilities $ 177,203 $ 173,638 The components of lease cost were as follows: Three Months Ended Six Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Operating lease expense $ 8,651 $ 8,815 $ 17,373 $ 17,605 Finance lease expense: Amortization of assets 3,219 2,720 6,458 4,885 Interest on lease liabilities 563 465 1,118 866 Total finance lease expense 3,782 3,185 7,576 5,751 Variable and short-term lease expense 4,324 4,381 9,286 8,314 Total lease expense $ 16,757 $ 16,381 $ 34,235 $ 31,670 The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table: February 28, 2021 August 31, 2020 Weighted average remaining lease term (years) Operating leases 6.4 6.3 Finance leases 3.6 3.8 Weighted average discount rate Operating leases 4.482 % 4.283 % Finance leases 4.296 % 4.270 % Cash flow and other information related to leases is included in the following table: Six Months Ended (in thousands) February 28, 2021 February 29, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 17,812 $ 17,594 Operating cash outflows from finance leases 1,125 787 Financing cash outflows from finance leases 7,761 6,426 Right of use ("ROU") assets obtained in exchange for lease obligations: Operating leases 20,249 28,942 Finance leases 8,784 13,040 Maturities of lease liabilities at February 28, 2021 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,387 $ 17,138 Year 2 26,877 14,767 Year 3 22,162 12,336 Year 4 17,182 8,716 Year 5 12,921 2,392 Thereafter 35,374 97 Total lease payments 146,903 55,446 Less: Imputed interest 20,920 4,226 Present value of lease liabilities $ 125,983 $ 51,220

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	6 Months Ended
	Feb. 28, 2021
Debt Disclosure [Abstract]
Credit arrangements	Long-term debt was as follows: (in thousands) Weighted Average Interest Rate as of February 28, 2021 February 28, 2021 August 31, 2020 2031 Notes 3.875% $ 300,000 $ — 2027 Notes 5.375% 300,000 300,000 2026 Notes 5.750% — 350,000 2023 Notes 4.875% 330,000 330,000 Poland Term Loan 1.710% 40,068 40,713 Other 5.100% 21,329 21,329 Finance leases 51,220 50,224 Total debt 1,042,617 1,092,266 Less debt issuance costs 8,805 8,581 Total amounts outstanding 1,033,812 1,083,685 Less current maturities of long-term debt 22,777 18,149 Long-term debt $ 1,011,035 $ 1,065,536 In February 2021, the Company issued $300.0 million of 3.875% Senior Notes due February 2031 (the "2031 Notes"). Issuance costs associated with the 2031 Notes were approximately $4.9 million. Interest on the 2031 Notes is payable semiannually. In May 2018, the Company issued $350.0 million of 5.750% Senior Notes due April 2026 (the "2026 Notes"). In February 2021, the Company accepted for purchase approximately $77.8 million of the outstanding principal amount of the 2026 Notes through a cash tender offer. Following the expiration of the cash tender offer on February 18, 2021, the Company redeemed the remaining outstanding principal amount of the 2026 Notes. In the three and six month periods ended February 28, 2021, the Company recognized a $16.8 million loss on debt extinguishment related to the retirement of the 2026 Notes. The Company had no amounts drawn under its $350.0 million revolving credit facility (the "Revolver") at February 28, 2021 and August 31, 2020. The availability under the Revolver was reduced by outstanding stand-by letters of credit totaling $3.0 million a t February 28, 2021 and August 31, 2020 . The Company has a Term Loan facility (the "Poland Term Loan") through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP"), which allows for a maximum aggregate principal amount of Polish zloty ("PLN") 250.0 million, or $66.8 million, at February 28, 2021. At February 28, 2021 and August 31, 2020, PLN 150.0 million, or $40.1 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 February 28, 2021, CMCP's credit facilities totaled PLN 275.0 million, or $73.5 million. These facilities expire in March 2022. No amounts were outstanding under these facilities as of February 28, 2021 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 $0.9 million and $0.8 million at February 28, 2021 and August 31, 2020, respectively. 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 February 28, 2021, 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 February 28, 2021 or August 31, 2020.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Feb. 28, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 February 28, 2021, the notional values of the Company's foreign currency and commodity commitments were $165.8 million and $217.2 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 February 28, 2021: Commodity Long/Short Total Aluminum Long 3,350 MT Aluminum Short 1,675 MT Copper Long 1,077 MT Copper Short 7,836 MT Electricity Long 1,967,000 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 Commodity derivatives not designated as hedging instrument s resulted in a loss, before income taxes, of $11.0 million and $16.6 million, in the three and six months ended February 28, 2021, respectively, and a gain, before income taxes, of $1.7 million and $0.4 million in the three and six months ended February 29, 2020, respectively, primarily recorded in cost of goods sold within the condensed consolidated statements of earnings. Foreign exchange derivatives accounted for as cash flow hedging instruments resulted in a net gain of $7.7 million and $8.9 million, in the three and six months ended February 28, 2021, respectively, and a net loss of $3.6 million and $2.9 million in the three and six

FAIR VALUE

FAIR VALUE	6 Months Ended
	Feb. 28, 2021
Fair Value Disclosures [Abstract]
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) February 28, 2021 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 345,240 $ 345,240 $ — $ — Commodity derivative assets (2) 1,091 1,091 — — Foreign exchange derivative assets (2) 1,301 — 1,301 — Liabilities: Commodity derivative liabilities (2) 11,349 7,064 — 4,285 Foreign exchange derivative liabilities (2) 635 — 635 — 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. Derivatives 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. February 28, 2021 Unobservable Inputs Low High Average Floating rate (PLN) 151.74 264.53 221.74 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 and six months ended February 28, 2021. (in thousands) Three Months Ended February 28, 2021 Balance, December 1, 2020 $ (13,614) Total gains, realized and unrealized Recognized in net earnings (1) 253 Recognized in OCI (2) 9,076 Balance, February 28, 2021 $ (4,285) (in thousands) Six Months Ended February 28, 2021 Balance, September 1, 2020 $ (15,007) Total gains, realized and unrealized Recognized in net earnings (1) 253 Recognized in OCI (2) 10,469 Balance, February 28, 2021 $ (4,285) _________________ (1) Gains recognized in net earnings are included in cost of goods sold in the condensed consolidated statements of earnings. (2) Gains recognized in OCI are included in the unrealized holding gain in the condensed consolidated statements of comprehensive income (loss). There were no material non-recurring fair value remeasurements during the three and six months ended February 28, 2021 or February 29, 2020. 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: February 28, 2021 August 31, 2020 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2031 Notes (1) Level 2 $ 300,000 $ 301,674 $ — $ — 2027 Notes (1) Level 2 300,000 319,428 300,000 319,377 2026 Notes (1) Level 2 — — 350,000 367,374 2023 Notes (1) Level 2 330,000 349,104 330,000 345,335 Poland Term Loan (2) Level 2 40,068 40,068 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	6 Months Ended
	Feb. 28, 2021
Share-based Payment Arrangement [Abstract]
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 six months ended February 28, 2021 and February 29, 2020, the Company granted the following awards under its stock-based compensation plans: February 28, 2021 February 29, 2020 (in thousands, except per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity method 1,512 $ 20.51 1,521 $ 18.32 Liability method 324 N/A 426 N/A During the three and six months ended February 28, 2021 and February 29, 2020, the Company recorded immaterial mark-to-market adjustments on liability awards. At February 28, 2021, the Company had outstanding 711,648 equivalent shares accounted for under the liability method. The Company expects 676,065 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 Six Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Stock-based compensation expense $ 12,696 $ 7,536 $ 21,758 $ 15,805

STOCKHOLDERS EQUITY AND EARNING

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE	6 Months Ended
	Feb. 28, 2021
Earnings Per Share [Abstract]
Stockholder's equity and earnings per share	The calculations of basic and diluted earnings per share from continuing operations were as follows: Three Months Ended Six Months Ended (in thousands, except share data) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Earnings from continuing operations $ 66,233 $ 63,596 $ 130,144 $ 146,351 Basic earnings per share: Shares outstanding for basic earnings per share 120,345,432 118,919,455 120,052,459 118,644,823 Basic earnings per share from continuing operations $ 0.55 $ 0.53 $ 1.08 $ 1.23 Diluted earnings per share: Shares outstanding for basic earnings per share 120,345,432 118,919,455 120,052,459 118,644,823 Effect of dilutive securities: Stock-based incentive/purchase plans 1,406,427 1,487,801 1,619,735 1,658,436 Shares outstanding for diluted earnings per share 121,751,859 120,407,256 121,672,194 120,303,259 Diluted earnings per share from continuing operations $ 0.54 $ 0.53 $ 1.07 $ 1.22 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 and six months ended February 28, 2021, CMC did not repurchase any shares of common stock. CMC had remaining authorization to repurchase $27.6 million of common stock at February 28, 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Feb. 28, 2021
Commitments and Contingencies Disclosure [Abstract]
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 February 28, 2021 and August 31, 2020, the amounts accrued for cleanup and remediation costs in connection with CERCLA sites were immaterial. The estimation process is based on currently available information which is, in many cases, preliminary and incomplete. Total environmental liabilities, including CERCLA sites, were $6.8 million and $3.4 million at February 28, 2021 and August 31, 2020, respectively, of which $2.4 million and $2.7 million were classified as other long-term liabilities at February 28, 2021 and August 31, 2020, respectively. Due to evolving remediation technology, changing regulations, possible third-party contributions, the inherent shortcomings of the estimation process and other factors, amounts accrued could vary significantly from amounts paid. Historically, the amounts the Company has ultimately paid for such remediation activities have not been material. Management believes that adequate provisions have been made in the Company's 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, 2021
Segment Reporting [Abstract]
Business segments	The Company structures its business into 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 February 28, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,257,486 $ 202,066 $ 2,718 $ 1,462,270 Adjusted EBITDA 171,612 16,107 (45,986) 141,733 Six Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 2,452,499 $ 396,662 $ 4,912 $ 2,854,073 Adjusted EBITDA 327,246 30,577 (72,457) 285,366 Total assets at February 28, 2021* 2,957,534 566,195 540,312 4,064,041 Three Months Ended February 29, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,161,283 $ 180,079 $ (399) $ 1,340,963 Adjusted EBITDA 152,831 13,451 (28,561) 137,721 Six Months Ended February 29, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 2,378,003 $ 345,468 $ 2,200 $ 2,725,671 Adjusted EBITDA 327,563 24,810 (54,847) 297,526 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 Six Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Earnings from continuing operations $ 66,233 $ 63,596 $ 130,144 $ 146,351 Interest expense 14,021 15,888 28,280 32,466 Income taxes 20,941 22,845 42,534 50,177 Depreciation and amortization 41,573 41,389 83,372 82,330 Amortization of acquired unfavorable contract backlog (1,509) (5,997) (3,032) (14,328) Asset impairments 474 — 4,068 530 Adjusted EBITDA from continuing operations $ 141,733 $ 137,721 $ 285,366 $ 297,526 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, 2021 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 255,012 $ 4,775 $ — $ 259,787 Steel products 514,201 157,482 — 671,683 Downstream products 400,397 33,762 — 434,159 Other 87,876 5,540 3,225 96,641 Net sales-unaffiliated customers 1,257,486 201,559 3,225 1,462,270 Intersegment net sales, eliminated on consolidation — 507 (507) — Net sales $ 1,257,486 $ 202,066 $ 2,718 $ 1,462,270 Six Months Ended February 28, 2021 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 465,249 $ 7,605 $ — $ 472,854 Steel products 971,858 308,937 — 1,280,795 Downstream products 837,426 68,235 — 905,661 Other 177,966 10,967 5,830 194,763 Net sales-unaffiliated customers $ 2,452,499 $ 395,744 $ 5,830 $ 2,854,073 Intersegment net sales, eliminated on consolidation — 918 (918) — Net sales $ 2,452,499 $ 396,662 $ 4,912 $ 2,854,073 Three Months Ended February 29, 2020 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 193,312 $ 2,408 $ — $ 195,720 Steel products 437,648 147,525 — 585,173 Downstream products 441,765 23,758 — 465,523 Other 88,558 5,965 24 94,547 Net sales-unaffiliated customers 1,161,283 179,656 24 1,340,963 Intersegment net sales, eliminated on consolidation — 423 (423) — Net sales $ 1,161,283 $ 180,079 $ (399) $ 1,340,963 Six Months Ended February 29, 2020 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 374,935 $ 4,613 $ — $ 379,548 Steel products 878,811 277,269 — 1,156,080 Downstream products 941,492 51,958 — 993,450 Other 182,765 10,856 2,972 196,593 Net sales-unaffiliated customers 2,378,003 344,696 2,972 2,725,671 Intersegment net sales, eliminated on consolidation — 772 (772) — Net sales $ 2,378,003 $ 345,468 $ 2,200 $ 2,725,671

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Feb. 28, 2021
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 and six month periods are not necessarily indicative of the results to be expected for the full fiscal year. Any reference in this Form 10-Q to the "corresponding period" relates to the relevant three or six month period ended February 29, 2020. Any reference in this Form 10-Q to a year refers to the fiscal year ended August 31st of that year, unless otherwise noted.
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)	6 Months Ended
	Feb. 28, 2021
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, 2021 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, December 1, 2020 $ (96,321) $ (10,224) $ (4,510) $ (111,055) Other comprehensive income (loss) before reclassifications 1,465 9,535 (14) 10,986 Amounts reclassified from AOCI — (320) — (320) Income taxes — (1,751) — (1,751) Net other comprehensive income (loss) 1,465 7,464 (14) 8,915 Balance, February 28, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) Six Months Ended February 28, 2021 (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 (6,923) 10,972 (34) 4,015 Amounts reclassified from AOCI — (387) — (387) Income taxes — (2,011) 7 (2,004) Net other comprehensive income (loss) (6,923) 8,574 (27) 1,624 Balance, February 28, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) Three Months Ended February 29, 2020 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, December 1, 2019 $ (114,574) $ 1,731 $ (3,742) $ (116,585) Other comprehensive loss before reclassifications (1,066) (4,501) (14) (5,581) Amounts reclassified from AOCI (2) (104) — (106) Income taxes — 876 6 882 Net other comprehensive loss (1,068) (3,729) (8) (4,805) Balance, February 29, 2020 $ (115,642) $ (1,998) $ (3,750) $ (121,390) Six Months Ended February 29, 2020 (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 5,858 (3,619) (24) 2,215 Amounts reclassified from AOCI (2) (214) — (216) Income taxes — 729 8 737 Net other comprehensive income (loss) 5,856 (3,104) (16) 2,736 Balance, February 29, 2020 $ (115,642) $ (1,998) $ (3,750) $ (121,390)

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Feb. 28, 2021
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, 2021 August 31, 2020 Contract assets (included in accounts receivable) $ 54,468 $ 53,275 Contract liabilities (included in accrued expenses and other payables) 18,638 25,450

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Tables)	6 Months Ended
	Feb. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill	Goodwill by reportable segment at February 28, 2021 is detailed in the following table: (in thousands) North America Europe Consolidated Goodwill, gross* $ 71,941 $ 4,491 $ 76,432 Accumulated impairment losses* (10,036) (161) (10,197) Goodwill, net* $ 61,905 $ 4,330 $ 66,235 _________________ * The change in balance from August 31, 2020 was immaterial.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Feb. 28, 2021
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 sheets: (in thousands) Classification in Condensed Consolidated Balance Sheets February 28, 2021 August 31, 2020 Assets: Operating assets Other noncurrent assets $ 117,547 $ 114,905 Finance assets Property, plant and equipment, net 52,325 50,642 Total leased assets $ 169,872 $ 165,547 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 27,176 $ 27,604 Long-term Other noncurrent liabilities 98,807 95,810 Total operating lease liabilities 125,983 123,414 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 15,228 14,373 Long-term Long-term debt 35,992 35,851 Total finance lease liabilities 51,220 50,224 Total lease liabilities $ 177,203 $ 173,638
Lease Cost	The components of lease cost were as follows: Three Months Ended Six Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Operating lease expense $ 8,651 $ 8,815 $ 17,373 $ 17,605 Finance lease expense: Amortization of assets 3,219 2,720 6,458 4,885 Interest on lease liabilities 563 465 1,118 866 Total finance lease expense 3,782 3,185 7,576 5,751 Variable and short-term lease expense 4,324 4,381 9,286 8,314 Total lease expense $ 16,757 $ 16,381 $ 34,235 $ 31,670 The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table: February 28, 2021 August 31, 2020 Weighted average remaining lease term (years) Operating leases 6.4 6.3 Finance leases 3.6 3.8 Weighted average discount rate Operating leases 4.482 % 4.283 % Finance leases 4.296 % 4.270 %
Cash Flow and Other Information Related to Leases	Cash flow and other information related to leases is included in the following table: Six Months Ended (in thousands) February 28, 2021 February 29, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ 17,812 $ 17,594 Operating cash outflows from finance leases 1,125 787 Financing cash outflows from finance leases 7,761 6,426 Right of use ("ROU") assets obtained in exchange for lease obligations: Operating leases 20,249 28,942 Finance leases 8,784 13,040
Maturity of Operating Lease Liabilities	Maturities of lease liabilities at February 28, 2021 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,387 $ 17,138 Year 2 26,877 14,767 Year 3 22,162 12,336 Year 4 17,182 8,716 Year 5 12,921 2,392 Thereafter 35,374 97 Total lease payments 146,903 55,446 Less: Imputed interest 20,920 4,226 Present value of lease liabilities $ 125,983 $ 51,220
Maturity of Finance Lease Liabilities	Maturities of lease liabilities at February 28, 2021 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,387 $ 17,138 Year 2 26,877 14,767 Year 3 22,162 12,336 Year 4 17,182 8,716 Year 5 12,921 2,392 Thereafter 35,374 97 Total lease payments 146,903 55,446 Less: Imputed interest 20,920 4,226 Present value of lease liabilities $ 125,983 $ 51,220

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	6 Months Ended
	Feb. 28, 2021
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 as of February 28, 2021 February 28, 2021 August 31, 2020 2031 Notes 3.875% $ 300,000 $ — 2027 Notes 5.375% 300,000 300,000 2026 Notes 5.750% — 350,000 2023 Notes 4.875% 330,000 330,000 Poland Term Loan 1.710% 40,068 40,713 Other 5.100% 21,329 21,329 Finance leases 51,220 50,224 Total debt 1,042,617 1,092,266 Less debt issuance costs 8,805 8,581 Total amounts outstanding 1,033,812 1,083,685 Less current maturities of long-term debt 22,777 18,149 Long-term debt $ 1,011,035 $ 1,065,536

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Feb. 28, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity contract commitments	The following table provides information regarding the Company's commodity contract commitments at February 28, 2021: Commodity Long/Short Total Aluminum Long 3,350 MT Aluminum Short 1,675 MT Copper Long 1,077 MT Copper Short 7,836 MT Electricity Long 1,967,000 MW(h) _________________ MT = Metric Ton

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Feb. 28, 2021
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, 2021 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 345,240 $ 345,240 $ — $ — Commodity derivative assets (2) 1,091 1,091 — — Foreign exchange derivative assets (2) 1,301 — 1,301 — Liabilities: Commodity derivative liabilities (2) 11,349 7,064 — 4,285 Foreign exchange derivative liabilities (2) 635 — 635 — 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. Derivatives 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. February 28, 2021 Unobservable Inputs Low High Average Floating rate (PLN) 151.74 264.53 221.74
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 and six months ended February 28, 2021. (in thousands) Three Months Ended February 28, 2021 Balance, December 1, 2020 $ (13,614) Total gains, realized and unrealized Recognized in net earnings (1) 253 Recognized in OCI (2) 9,076 Balance, February 28, 2021 $ (4,285) (in thousands) Six Months Ended February 28, 2021 Balance, September 1, 2020 $ (15,007) Total gains, realized and unrealized Recognized in net earnings (1) 253 Recognized in OCI (2) 10,469 Balance, February 28, 2021 $ (4,285) _________________ (1) Gains recognized in net earnings are included in cost of goods sold in the condensed consolidated statements of earnings. (2) Gains recognized in OCI are included in the unrealized holding gain in the condensed consolidated statements of comprehensive income (loss).
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: February 28, 2021 August 31, 2020 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2031 Notes (1) Level 2 $ 300,000 $ 301,674 $ — $ — 2027 Notes (1) Level 2 300,000 319,428 300,000 319,377 2026 Notes (1) Level 2 — — 350,000 367,374 2023 Notes (1) Level 2 330,000 349,104 330,000 345,335 Poland Term Loan (2) Level 2 40,068 40,068 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)	6 Months Ended
	Feb. 28, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Awards Granted	During the six months ended February 28, 2021 and February 29, 2020, the Company granted the following awards under its stock-based compensation plans: February 28, 2021 February 29, 2020 (in thousands, except per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity method 1,512 $ 20.51 1,521 $ 18.32 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 Six Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Stock-based compensation expense $ 12,696 $ 7,536 $ 21,758 $ 15,805

STOCKHOLDERS_ EQUITY AND EARNIN

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE (Tables)	6 Months Ended
	Feb. 28, 2021
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 Six Months Ended (in thousands, except share data) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Earnings from continuing operations $ 66,233 $ 63,596 $ 130,144 $ 146,351 Basic earnings per share: Shares outstanding for basic earnings per share 120,345,432 118,919,455 120,052,459 118,644,823 Basic earnings per share from continuing operations $ 0.55 $ 0.53 $ 1.08 $ 1.23 Diluted earnings per share: Shares outstanding for basic earnings per share 120,345,432 118,919,455 120,052,459 118,644,823 Effect of dilutive securities: Stock-based incentive/purchase plans 1,406,427 1,487,801 1,619,735 1,658,436 Shares outstanding for diluted earnings per share 121,751,859 120,407,256 121,672,194 120,303,259 Diluted earnings per share from continuing operations $ 0.54 $ 0.53 $ 1.07 $ 1.22

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Feb. 28, 2021
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, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,257,486 $ 202,066 $ 2,718 $ 1,462,270 Adjusted EBITDA 171,612 16,107 (45,986) 141,733 Six Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 2,452,499 $ 396,662 $ 4,912 $ 2,854,073 Adjusted EBITDA 327,246 30,577 (72,457) 285,366 Total assets at February 28, 2021* 2,957,534 566,195 540,312 4,064,041 Three Months Ended February 29, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,161,283 $ 180,079 $ (399) $ 1,340,963 Adjusted EBITDA 152,831 13,451 (28,561) 137,721 Six Months Ended February 29, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 2,378,003 $ 345,468 $ 2,200 $ 2,725,671 Adjusted EBITDA 327,563 24,810 (54,847) 297,526 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 Six Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Earnings from continuing operations $ 66,233 $ 63,596 $ 130,144 $ 146,351 Interest expense 14,021 15,888 28,280 32,466 Income taxes 20,941 22,845 42,534 50,177 Depreciation and amortization 41,573 41,389 83,372 82,330 Amortization of acquired unfavorable contract backlog (1,509) (5,997) (3,032) (14,328) Asset impairments 474 — 4,068 530 Adjusted EBITDA from continuing operations $ 141,733 $ 137,721 $ 285,366 $ 297,526
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 February 28, 2021 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 255,012 $ 4,775 $ — $ 259,787 Steel products 514,201 157,482 — 671,683 Downstream products 400,397 33,762 — 434,159 Other 87,876 5,540 3,225 96,641 Net sales-unaffiliated customers 1,257,486 201,559 3,225 1,462,270 Intersegment net sales, eliminated on consolidation — 507 (507) — Net sales $ 1,257,486 $ 202,066 $ 2,718 $ 1,462,270 Six Months Ended February 28, 2021 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 465,249 $ 7,605 $ — $ 472,854 Steel products 971,858 308,937 — 1,280,795 Downstream products 837,426 68,235 — 905,661 Other 177,966 10,967 5,830 194,763 Net sales-unaffiliated customers $ 2,452,499 $ 395,744 $ 5,830 $ 2,854,073 Intersegment net sales, eliminated on consolidation — 918 (918) — Net sales $ 2,452,499 $ 396,662 $ 4,912 $ 2,854,073 Three Months Ended February 29, 2020 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 193,312 $ 2,408 $ — $ 195,720 Steel products 437,648 147,525 — 585,173 Downstream products 441,765 23,758 — 465,523 Other 88,558 5,965 24 94,547 Net sales-unaffiliated customers 1,161,283 179,656 24 1,340,963 Intersegment net sales, eliminated on consolidation — 423 (423) — Net sales $ 1,161,283 $ 180,079 $ (399) $ 1,340,963 Six Months Ended February 29, 2020 (in thousands) North America Europe Corporate Total Major product: Raw material products $ 374,935 $ 4,613 $ — $ 379,548 Steel products 878,811 277,269 — 1,156,080 Downstream products 941,492 51,958 — 993,450 Other 182,765 10,856 2,972 196,593 Net sales-unaffiliated customers 2,378,003 344,696 2,972 2,725,671 Intersegment net sales, eliminated on consolidation — 772 (772) — Net sales $ 2,378,003 $ 345,468 $ 2,200 $ 2,725,671

CHANGES IN BUSINESS (Details)

CHANGES IN BUSINESS (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Feb. 28, 2021	Feb. 28, 2021	Feb. 29, 2020
Business Combinations [Abstract]
Facility closure costs	$ 5.4	$ 13.4	$ 6.3

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (111,055)	$ (116,585)	$ (103,764)	$ (124,126)
Other comprehensive income before reclassifications	10,986	(5,581)	4,015	2,215
Amounts reclassified from AOCI	(320)	(106)	(387)	(216)
Income taxes	(1,751)	882	(2,004)	737
Other comprehensive income (loss)	8,915	(4,805)	1,624	2,736
Ending balance	(102,140)	(121,390)	(102,140)	(121,390)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(96,321)	(114,574)	(87,933)	(121,498)
Other comprehensive income before reclassifications	1,465	(1,066)	(6,923)	5,858
Amounts reclassified from AOCI	0	(2)	0	(2)
Income taxes	0	0	0	0
Other comprehensive income (loss)	1,465	(1,068)	(6,923)	5,856
Ending balance	(94,856)	(115,642)	(94,856)	(115,642)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(10,224)	1,731	(11,334)	1,106
Other comprehensive income before reclassifications	9,535	(4,501)	10,972	(3,619)
Amounts reclassified from AOCI	(320)	(104)	(387)	(214)
Income taxes	(1,751)	876	(2,011)	729
Other comprehensive income (loss)	7,464	(3,729)	8,574	(3,104)
Ending balance	(2,760)	(1,998)	(2,760)	(1,998)
Defined Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(4,510)	(3,742)	(4,497)	(3,734)
Other comprehensive income before reclassifications	(14)	(14)	(34)	(24)
Amounts reclassified from AOCI	0	0	0	0
Income taxes	0	6	7	8
Other comprehensive income (loss)	(14)	(8)	(27)	(16)
Ending balance	$ (4,524)	$ (3,750)	$ (4,524)	$ (3,750)

REVENUE RECOGNITION - Revenue R

REVENUE RECOGNITION - Revenue Recognition Method (Details) - Americas Fabrication	3 Months Ended	6 Months Ended
	Feb. 28, 2021	Feb. 28, 2021
Recognized as Amounts are Billed
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	80.00%	79.00%
Fabricated Product and Installation Services | Recognized over Time
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	11.00%	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%	9.00%

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2021	Aug. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets (included in other current assets)	$ 54,468	$ 53,275
Contract liabilities (included in accrued expenses and other payables)	18,638	$ 25,450
Revenue reclassified from contract liabilities	$ 21,300

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Millions	Feb. 28, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 688.3

INVENTORIES, NET (Narrative) (D

INVENTORIES, NET (Narrative) (Details) - USD ($) $ in Millions	Feb. 28, 2021	Aug. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 213.3	$ 123.9

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLES (Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Aug. 31, 2020
Goodwill [Line Items]
Goodwill, gross	$ 76,432
Accumulated impairment losses	(10,197)
Goodwill, net	66,235	$ 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	4,491
Accumulated impairment losses	(161)
Goodwill, net	$ 4,330

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020	Aug. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amounts of the intangible assets subject to amortization	$ 21,800		$ 21,800		$ 22,100
Net carrying amount of intangible assets subject to amortization	11,400		11,400		12,600
Carrying amount of acquired unfavorable contract backlog liability	3,000		3,000		$ 6,000
Amortization of unfavorable contract backlog	$ 1,500	$ 6,000	$ 3,000	$ 14,300

LEASES - Balance Sheet Componen

LEASES - Balance Sheet Components (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Aug. 31, 2020
Leased Assets [Abstract]
Operating Lease, Right-of-Use Asset	$ 117,547	$ 114,905
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	52,325	50,642
Right-of-Use Asset	169,872	165,547
Lessee, Operating Lease, Description [Abstract]
Operating Lease, Liability, Current	$ 27,176	27,604
Operating lease liabilities, Current [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent	$ 98,807	95,810
Operating lease liabilities, Long-term [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Liability, Total	$ 125,983	123,414
Lessee, Finance Lease, Description [Abstract]
Finance Lease, Liability, Current	15,228	14,373
Finance Lease, Liability, Noncurrent	35,992	35,851
Finance Lease, Liability, Total	51,220	50,224
Lease Liability	$ 177,203	$ 173,638

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Leases [Abstract]
Operating lease expense	$ 8,651	$ 8,815	$ 17,373	$ 17,605
Finance lease expense:
Amortization of assets	3,219	2,720	6,458	4,885
Interest on lease liabilities	563	465	1,118	866
Total finance lease expense	3,782	3,185	7,576	5,751
Variable and short-term lease expense	4,324	4,381	9,286	8,314
Total lease expense	$ 16,757	$ 16,381	$ 34,235	$ 31,670

LEASES - Weighted Average Lease

LEASES - Weighted Average Lease Terms and Discount Rates (Details)	Feb. 28, 2021	Aug. 31, 2020
Leases [Abstract]
Operating leases, remaining term	6 years 4 months 24 days	6 years 3 months 18 days
Finance leases, remaining term	3 years 7 months 6 days	3 years 9 months 18 days
Operating leases, weighted average discount rate	4.482%	4.283%
Finance leases, weighted average discount rate	4.296%	4.27%

LEASES - Cash Flow and Other In

LEASES - Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases	$ 17,812	$ 17,594
Operating cash outflows from finance leases	1,125	787
Financing cash outflows from finance leases	7,761	6,426
Right-of-Use Assets Obtained in Exchange for Lease Obligations [Abstract]
Operating leases	20,249	28,942
Finance leases	$ 8,784	$ 13,040

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2021	Aug. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Year 1	$ 32,387
Year 2	26,877
Year 3	22,162
Year 4	17,182
Year 5	12,921
Thereafter	35,374
Total lease payments	146,903
Less: Imputed interest	20,920
Present value of lease liabilities	125,983	$ 123,414
Finance Lease, Liability, Payment, Due [Abstract]
Year 1	17,138
Year 2	14,767
Year 3	12,336
Year 4	8,716
Year 5	2,392
Thereafter	97
Total lease payments	55,446
Less: Imputed interest	4,226
Present value of lease liabilities	$ 51,220	$ 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	Feb. 28, 2021	Aug. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 1,042,617	$ 1,092,266
Less debt issuance costs	8,805	8,581
Total amounts outstanding	1,033,812	1,083,685
Less current maturities of long-term debt	22,777	18,149
Long-term debt	$ 1,011,035	1,065,536
2031 Notes
Debt Instrument [Line Items]
Weighted average interest rate	3.875%
Total debt	$ 300,000	0
Less debt issuance costs	$ 4,900
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%	5.75%
Total debt	$ 0	$ 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	1.71%
Total debt	$ 40,068	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	$ 51,220	$ 50,224

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2021USD ($)	Feb. 28, 2021USD ($)	Feb. 29, 2020USD ($)	Feb. 28, 2021USD ($)	Feb. 29, 2020USD ($)	Feb. 28, 2021PLN (zł)	Aug. 31, 2020USD ($)	Aug. 31, 2020PLN (zł)
Debt Instrument [Line Items]
Financial liabilities	$ 1,042,617,000	$ 1,042,617,000		$ 1,042,617,000			$ 1,092,266,000
Less debt issuance costs	8,805,000	8,805,000		8,805,000			8,581,000
Loss on debt extinguishment		(16,841,000)	$ 0	(16,841,000)	$ 0
2026 Notes
Debt Instrument [Line Items]
Early Repayment of Senior Debt	77,800,000
Financial liabilities	$ 0	$ 0		$ 0			$ 350,000,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	5.75%	5.75%		5.75%		5.75%	5.75%	5.75%
Loss on debt extinguishment		$ 16,800,000		$ 16,800,000
2031 Notes
Debt Instrument [Line Items]
Financial liabilities	$ 300,000,000	$ 300,000,000		$ 300,000,000			$ 0
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.875%	3.875%		3.875%		3.875%
Less debt issuance costs	$ 4,900,000	$ 4,900,000		$ 4,900,000
CMCP
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity	73,500,000	73,500,000		73,500,000		zł 275,000,000
CMCP | Poland Term Loan
Debt Instrument [Line Items]
Stand by letters of credit outstanding amount	900,000	900,000		900,000			800,000
Term loan, maximum principal amount	66,800,000	66,800,000		66,800,000		250,000,000
Financial liabilities	40,100,000	40,100,000		40,100,000		zł 150,000,000	40,700,000	zł 150,000,000
Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility, amount drawn	0	0		0			0
Revolving credit facility current borrowing capacity	350,000,000	350,000,000		350,000,000
Revolving credit facility | Poland Term Loan
Debt Instrument [Line Items]
Financial liabilities	$ 40,068,000	$ 40,068,000		$ 40,068,000			$ 40,713,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	1.71%	1.71%		1.71%		1.71%
Stand-by letters of credit
Debt Instrument [Line Items]
Stand by letters of credit outstanding amount	$ 3,000,000	$ 3,000,000		$ 3,000,000
Poland Program
Debt Instrument [Line Items]
Transfer of accounts receivable program limit	$ 58,800,000	$ 58,800,000		$ 58,800,000		zł 220,000,000

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020	Aug. 31, 2020
Derivative [Line Items]
Unrealized holding gain (loss)	$ 7,723	$ (3,646)	$ 8,887	$ (2,932)
Foreign exchange
Derivative [Line Items]
Derivative notional amount	165,800		165,800		$ 138,500
Commodity
Derivative [Line Items]
Derivative notional amount	$ 217,200		$ 217,200		$ 195,800

DERIVATIVES (Commodity Contract

DERIVATIVES (Commodity Contract Commitments) (Details) MWh in Thousands	6 Months Ended
	Feb. 28, 2021MWht
Aluminum | Long
Derivative [Line Items]
Commodity contract commitments	3,350
Aluminum | Short
Derivative [Line Items]
Commodity contract commitments	1,675
Copper | Long
Derivative [Line Items]
Commodity contract commitments	1,077
Copper | Short
Derivative [Line Items]
Commodity contract commitments	7,836
Electricity | Long
Derivative [Line Items]
Commodity contract commitment, electricity | MWh	1,967

DERIVATIVES (Derivatives Not De

DERIVATIVES (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on commodity derivatives accounted for as cash flow hedging instruments	$ 7,723	$ (3,646)	$ 8,887	$ (2,932)
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	$ (11,000)	$ 1,700	$ (16,600)	$ 400

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details)	6 Months Ended
	Feb. 28, 2021levels
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) - USD ($)	Feb. 28, 2021	Aug. 31, 2020
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	$ 151.74
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	264.53
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	221.74
Fair value, measurements, recurring | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	345,240,000	$ 449,824,000
Fair value, measurements, recurring | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,091,000	202,000
Derivative liabilities	11,349,000	19,000,000
Fair value, measurements, recurring | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,301,000	1,484,000
Derivative liabilities	635,000	459,000
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	345,240,000	449,824,000
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	1,091,000	202,000
Derivative liabilities	7,064,000	3,993,000
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	1,301,000	1,484,000
Derivative liabilities	635,000	459,000
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	4,285,000	15,007,000
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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Feb. 28, 2021	Feb. 28, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (13,614)	$ (15,007)
Recognized in OCI	9,076	10,469
Ending balance	(4,285)	(4,285)
Recognized in earnings	$ 253	$ 253

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, 2021	Aug. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	$ 1,042,617	$ 1,092,266
2031 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	300,000	0
2031 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	301,674	0
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	319,428	319,377
2026 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	0	350,000
2026 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	0	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	349,104	345,335
Revolving credit facility | Poland Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	40,068	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	$ 40,068	$ 40,713

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, 2021	Feb. 28, 2019	Feb. 28, 2021	Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years			3 years
Stock-based compensation	$ 12,696	$ 7,536	$ 21,758	$ 15,805
Equity method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			1,512,000	1,521,000
Weighted average grant-date fair value			$ 20.51	$ 18.32
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	711,648		711,648
Equivalent shares expected to vest	676,065		676,065

STOCKHOLDERS EQUITY AND EARNI_2

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Feb. 28, 2021	Feb. 28, 2021	Nov. 30, 2014
Earnings Per Share [Abstract]
Stock repurchase program, authorized amount			$ 100,000,000
Stock repurchase program, shares purchased (shares)	0	0
Stock repurchase program, remaining authorized repurchase amount	$ 27,600,000	$ 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		6 Months Ended
		Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Earnings Per Share [Abstract]
Earnings from continuing operations		$ 66,233	$ 63,596	$ 130,144	$ 146,351
Basic earnings per share:
Shares outstanding for basic earnings per share (shares)		120,345,432	118,919,455	120,052,459	118,644,823
Basic earnings per share from continuing operations (in USD per share)	[1]	$ 0.55	$ 0.53	$ 1.08	$ 1.23
Diluted earnings per share:
Shares outstanding for basic earnings per share (shares)		120,345,432	118,919,455	120,052,459	118,644,823
Effect of dilutive securities:
Stock-based incentive/purchase plans (shares)		1,406,427	1,487,801	1,619,735	1,658,436
Shares outstanding for diluted earnings per share (shares)		121,751,859	120,407,256	121,672,194	120,303,259
Diluted earnings per share from continuing operations (in USD per share)	[1]	$ 0.54	$ 0.53	$ 1.07	$ 1.22
[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) - CERCLA sites - USD ($) $ in Millions	Feb. 28, 2021	Aug. 31, 2020
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 6.8	$ 3.4
Accrued environmental loss contingencies, noncurrent	$ 2.4	$ 2.7

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details)	6 Months Ended
	Feb. 28, 2021segments
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			6 Months Ended		9 Months Ended
	Feb. 28, 2021	May 31, 2020	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020	May 31, 2020	Aug. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,462,270		$ 1,340,963	$ 2,854,073	$ 2,725,671
Adjusted EBITDA from continuing operations	141,733		137,721	285,366	297,526
Total assets	4,064,041			4,064,041			$ 4,081,728
Segments | Continuing Operations
Segment Reporting Information [Line Items]
Net sales	1,462,270		1,340,963	2,854,073	2,725,671
Adjusted EBITDA from continuing operations	141,733	$ 137,721		285,366		$ 297,526
Total assets	4,064,041			4,064,041			4,081,728
Segments | North America
Segment Reporting Information [Line Items]
Net sales	1,257,486		1,161,283	2,452,499	2,378,003
Adjusted EBITDA from continuing operations	171,612	152,831		327,246		327,563
Total assets	2,957,534			2,957,534			2,862,805
Segments | Europe
Segment Reporting Information [Line Items]
Net sales	202,066		180,079	396,662	345,468
Adjusted EBITDA from continuing operations	16,107	13,451		30,577		24,810
Total assets	566,195			566,195			532,850
Segments | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	1,462,270		1,340,963	2,854,073	2,725,671
Segments | Unaffiliated Customers | North America
Segment Reporting Information [Line Items]
Net sales	1,257,486		1,161,283	2,452,499	2,378,003
Segments | Unaffiliated Customers | Europe
Segment Reporting Information [Line Items]
Net sales	201,559		179,656	395,744	344,696
Segments | Raw material products
Segment Reporting Information [Line Items]
Net sales	259,787		195,720	472,854	379,548
Segments | Raw material products | North America
Segment Reporting Information [Line Items]
Net sales	255,012		193,312	465,249	374,935
Segments | Raw material products | Europe
Segment Reporting Information [Line Items]
Net sales	4,775		2,408	7,605	4,613
Segments | Steel Products
Segment Reporting Information [Line Items]
Net sales	671,683		585,173	1,280,795	1,156,080
Segments | Steel Products | North America
Segment Reporting Information [Line Items]
Net sales	514,201		437,648	971,858	878,811
Segments | Steel Products | Europe
Segment Reporting Information [Line Items]
Net sales	157,482		147,525	308,937	277,269
Segments | Downstream products
Segment Reporting Information [Line Items]
Net sales	434,159		465,523	905,661	993,450
Segments | Downstream products | North America
Segment Reporting Information [Line Items]
Net sales	400,397		441,765	837,426	941,492
Segments | Downstream products | Europe
Segment Reporting Information [Line Items]
Net sales	33,762		23,758	68,235	51,958
Segments | Other
Segment Reporting Information [Line Items]
Net sales	96,641		94,547	194,763	196,593
Segments | Other | North America
Segment Reporting Information [Line Items]
Net sales	87,876		88,558	177,966	182,765
Segments | Other | Europe
Segment Reporting Information [Line Items]
Net sales	5,540		5,965	10,967	10,856
Segments | Corporate
Segment Reporting Information [Line Items]
Net sales	2,718			4,912
Adjusted EBITDA from continuing operations	(45,986)
Total assets	540,312			540,312
Segments | Corporate | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	3,225		24	5,830	2,972
Segments | Corporate | Raw material products
Segment Reporting Information [Line Items]
Net sales	0		0	0	0
Segments | Corporate | Steel Products
Segment Reporting Information [Line Items]
Net sales	0		0	0	0
Segments | Corporate | Downstream products
Segment Reporting Information [Line Items]
Net sales	0		0	0	0
Segments | Corporate | Other
Segment Reporting Information [Line Items]
Net sales	3,225		24	5,830	2,972
Segments | Corporate and Other
Segment Reporting Information [Line Items]
Net sales			(399)		2,200
Adjusted EBITDA from continuing operations		$ (28,561)		(72,457)		$ (54,847)
Total assets							$ 686,073
Intersegment
Segment Reporting Information [Line Items]
Net sales	0		0	0	0
Intersegment | North America
Segment Reporting Information [Line Items]
Net sales	0		0	0	0
Intersegment | Europe
Segment Reporting Information [Line Items]
Net sales	507		423	918	772
Intersegment | Corporate
Segment Reporting Information [Line Items]
Net sales	$ (507)		$ (423)	$ (918)	$ (772)

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, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Segment Reporting [Abstract]
Earnings from continuing operations	$ 66,233	$ 63,596	$ 130,144	$ 146,351
Interest expense	14,021	15,888	28,280	32,466
Income taxes	20,941	22,845	42,534	50,177
Depreciation and amortization	41,573	41,389	83,372	82,330
Amortization of acquired unfavorable contract backlog	(1,509)	(5,997)	(3,032)	(14,328)
Asset impairments	474	0
Adjusted EBITDA from continuing operations	$ 141,733	$ 137,721	$ 285,366	$ 297,526