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

Cover Page

Cover Page - shares	9 Months Ended
	May 31, 2021	Jun. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 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		120,586,589
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		9 Months Ended
		May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Income Statement [Abstract]
Net sales		$ 1,845,041	$ 1,341,683	$ 4,699,114	$ 4,067,354
Costs and expenses:
Cost of goods sold		1,533,768	1,116,353	3,936,930	3,385,963
Selling, general and administrative expenses		130,448	115,965	359,492	342,502
Loss on debt extinguishment		0	0	16,841	0
Interest expense		11,965	15,409	40,245	47,875
Asset impairments		277	5,983	4,345	6,513
Total costs and expenses		1,676,458	1,253,710	4,357,853	3,782,853
Earnings from continuing operations before income taxes		168,583	87,973	341,261	284,501
Income taxes		38,175	23,804	80,709	73,981
Earnings from continuing operations		130,408	64,169	260,552	210,520
Earnings from discontinued operations before income taxes		0	745	0	1,941
Income taxes		0	180	0	581
Earnings from discontinued operations		0	565	0	1,360
Net earnings		$ 130,408	$ 64,734	$ 260,552	$ 211,880
Basic earnings per share:
Earnings from continuing operations (in USD per share)	[1]	$ 1.08	$ 0.54	$ 2.17	$ 1.77
Earnings (loss) from discontinued operations (in USD per share)	[1]	0	0	0	0.01
Net earnings (in USD per share)	[1]	1.08	0.54	2.17	1.78
Diluted earnings per share:
Earnings from continuing operations (in USD per share)	[1]	1.07	0.53	2.14	1.75
Earnings (loss) from discontinued operations (in USD per share)	[1]	0	0	0	0.01
Net earnings (in USD per share)	[1]	$ 1.07	$ 0.54	$ 2.14	$ 1.76
Average basic shares outstanding (shares)		120,613,652	119,192,962	120,241,579	118,828,870
Average diluted shares outstanding (shares)		122,193,655	120,278,741	121,852,144	120,277,737
[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		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 130,408	$ 64,734	$ 260,552	$ 211,880
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustment	11,775	(8,035)	4,852	(2,179)
Net unrealized gain (loss) on derivatives:
Unrealized holding gain (loss)	12,145	(5,143)	21,032	(8,075)
Reclassification for gain included in net earnings	(616)	(81)	(929)	(253)
Net unrealized gain (loss) on derivatives	11,529	(5,224)	20,103	(8,328)
Defined benefit obligation:
Amortization of prior services	(14)	(8)	(41)	(24)
Defined benefit obligation	(14)	(8)	(41)	(24)
Other comprehensive income (loss)	23,290	(13,267)	24,914	(10,531)
Comprehensive income	$ 153,698	$ 51,467	$ 285,466	$ 201,349

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020
Current assets:
Cash and cash equivalents	$ 443,120	$ 542,103
Accounts receivable (less allowance for doubtful accounts of $6,688 and $9,597)	1,073,115	880,728
Inventories, net	833,101	625,393
Prepaid and other current assets	169,139	165,879
Total current assets	2,518,475	2,214,103
Property, plant and equipment, net	1,562,503	1,571,067
Goodwill	66,331	64,321
Other noncurrent assets	243,766	232,237
Total assets	4,391,075	4,081,728
Current liabilities:
Accounts payable	340,238	266,102
Accrued expenses and other payables	456,394	461,012
Current maturities of long-term debt and short-term borrowings	56,735	18,149
Total current liabilities	853,367	745,263
Deferred income taxes	118,335	130,810
Other noncurrent liabilities	242,647	250,706
Long-term debt	1,020,129	1,065,536
Total liabilities	2,234,478	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 120,585,771 and 119,220,905 shares	1,290	1,290
Additional paid-in capital	361,433	358,912
Accumulated other comprehensive loss	(78,850)	(103,764)
Retained earnings	2,025,083	1,807,826
Less treasury stock 8,474,893 and 9,839,759 shares at cost	(152,590)	(175,063)
Stockholders' equity	2,156,366	1,889,201
Stockholders' equity attributable to noncontrolling interests	231	212
Total stockholders' equity	2,156,597	1,889,413
Total liabilities and stockholders' equity	$ 4,391,075	$ 4,081,728

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6,688	$ 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	120,585,771	119,220,905
Treasury stock, shares	8,474,893	9,839,759

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2021	May 31, 2020
Cash flows from (used by) operating activities:
Net earnings	$ 260,552	$ 211,880
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization	125,176	124,104
Stock-based compensation	35,558	21,975
Deferred income taxes and other long-term taxes	(17,175)	47,761
Loss on debt extinguishment	16,841	0
Net gain on disposals of subsidiaries, assets and other	(9,390)	(5,476)
Amortization of acquired unfavorable contract backlog	(4,540)	(18,676)
Asset impairments	4,345	6,513
Other	243	1,933
Changes in operating assets and liabilities	(317,378)	141,819
Net cash flows from operating activities	94,232	531,833
Cash flows from (used by) investing activities:
Capital expenditures	(127,395)	(134,092)
Proceeds from the sale of property, plant and equipment and other	25,890	14,091
Other	(2,500)	974
Acquisitions, net of cash acquired	0	(9,850)
Net cash flows used by investing activities:	(104,005)	(128,877)
Cash flows from (used by) financing activities:
Proceeds from issuance of long-term debt, net	309,187	22,566
Repayments of long-term debt	(361,855)	(110,470)
Debt extinguishment costs	(13,128)	0
Debt issuance costs	(2,830)	0
Proceeds from accounts receivable facilities	145,864	171,133
Repayments under accounts receivable facilities	(118,312)	(171,285)
Dividends	(43,295)	(42,768)
Stock issued under incentive and purchase plans, net of forfeitures	(3,807)	(1,921)
Contribution from noncontrolling interest	19	16
Net cash flows used by financing activities	(88,157)	(132,729)
Effect of exchange rate changes on cash	(423)	210
Increase (decrease) in cash, restricted cash and cash equivalents	(98,353)	270,437
Cash, restricted cash and cash equivalents at beginning of period	446,611	464,166
Cash, restricted cash and cash equivalents at end of period	446,611	464,166
Supplemental information:
Cash paid for income taxes	59,041	29,566
Cash paid for interest	43,403	49,159
Noncash activities:
Liabilities related to additions of property, plant and equipment	$ 16,601	$ 31,881

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	May 31, 2021	May 31, 2020
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 443,120	$ 462,110
Restricted Cash	3,491	2,056
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 446,611	$ 464,166

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	211,880				211,880
Other comprehensive income (loss)	(10,531)
Dividends	(42,768)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(1,921)		(21,751)			$ 19,830
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,140,195
Stock-based compensation	17,419		17,419
Contribution from noncontrolling interest	16						16
Reclassification of share-based liability awards	2,510		2,510
Ending balance at May. 31, 2020	1,800,662	$ 1,290	356,846	(134,657)	1,754,491	$ (177,520)	212
Ending balance, shares at May. 31, 2020		129,060,664
Ending balance, treasury stock, shares at May. 31, 2020						(9,995,531)
Beginning balance at Feb. 29, 2020	1,758,055	$ 1,290	351,481	(121,390)	1,704,045	$ (177,583)	212
Beginning balance, shares at Feb. 29, 2020		129,060,664
Beginning balance, treasury stock, shares at Feb. 29, 2020						(9,998,775)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	64,734
Other comprehensive income (loss)	(13,267)
Dividends	(14,288)				(14,288)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	542		479			$ 63
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						3,244
Stock-based compensation	4,886		4,886
Ending balance at May. 31, 2020	1,800,662	$ 1,290	356,846	(134,657)	1,754,491	$ (177,520)	212
Ending balance, shares at May. 31, 2020		129,060,664
Ending balance, treasury stock, shares at May. 31, 2020						(9,995,531)
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	$ 260,552				260,552
Other comprehensive income (loss)	24,914
Dividends	(43,295)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	(3,807)		(26,280)			$ 22,473
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,364,866
Stock-based compensation	23,381		23,381
Contribution from noncontrolling interest	19						19
Reclassification of share-based liability awards	5,420		5,420
Ending balance at May. 31, 2021	$ 2,156,597	$ 1,290	361,433	(78,850)	2,025,083	$ (152,590)	231
Ending balance, shares at May. 31, 2021	129,060,664	129,060,664
Ending balance, treasury stock, shares at May. 31, 2021	(8,474,893)					(8,474,893)
Beginning balance at Feb. 28, 2021	$ 2,009,492	$ 1,290	354,620	(102,140)	1,909,443	$ (153,952)	231
Beginning balance, shares at Feb. 28, 2021		129,060,664
Beginning balance, treasury stock, shares at Feb. 28, 2021						(8,552,449)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	130,408
Other comprehensive income (loss)	23,290
Dividends	(14,768)				(14,768)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	729		(633)			$ 1,362
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						77,556
Stock-based compensation	7,446		7,446
Ending balance at May. 31, 2021	$ 2,156,597	$ 1,290	$ 361,433	$ (78,850)	$ 2,025,083	$ (152,590)	$ 231
Ending balance, shares at May. 31, 2021	129,060,664	129,060,664
Ending balance, treasury stock, shares at May. 31, 2021	(8,474,893)					(8,474,893)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in USD per share)	$ 0.12	$ 0.12	$ 0.36	$ 0.36

ACCOUNTING POLICIES

ACCOUNTING POLICIES	9 Months Ended
	May 31, 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 nine 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 nine month period ended May 31, 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	9 Months Ended
	May 31, 2021
Business Combinations [Abstract]
Changes in Business	Facility Closure and Disposition 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 $13.4 million of expense in the nine months ended May 31, 2021, all of which was recorded in the first two quarters of 2021, and $0.9 million and $7.2 million of expense in the three and nine months ended May 31, 2020, respectively, 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 May 31, 2021, does not qualify for held for sale accounting.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	May 31, 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 May 31, 2021 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, March 1, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) Other comprehensive income (loss) before reclassifications 11,775 14,056 (14) 25,817 Amounts reclassified from AOCI — (719) — (719) Income tax benefit — (1,808) — (1,808) Net other comprehensive income (loss) 11,775 11,529 (14) 23,290 Balance, May 31, 2021 $ (83,081) $ 8,769 $ (4,538) $ (78,850) Nine Months Ended May 31, 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 4,852 25,028 (48) 29,832 Amounts reclassified from AOCI — (1,106) — (1,106) Income tax expense (benefit) — (3,819) 7 (3,812) Net other comprehensive income (loss) 4,852 20,103 (41) 24,914 Balance, May 31, 2021 $ (83,081) $ 8,769 $ (4,538) $ (78,850) Three Months Ended May 31, 2020 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, March 1, 2020 $ (115,642) $ (1,998) $ (3,750) $ (121,390) Other comprehensive loss before reclassifications (8,037) (6,350) (10) (14,397) Amounts reclassified to (from) AOCI 2 (98) — (96) Income tax expense — 1,224 2 1,226 Net other comprehensive loss (8,035) (5,224) (8) (13,267) Balance, May 31, 2020 $ (123,677) $ (7,222) $ (3,758) $ (134,657) Nine Months Ended May 31, 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 loss before reclassifications (2,179) (9,969) (34) (12,182) Amounts reclassified from AOCI — (312) — (312) Income tax expense — 1,953 10 1,963 Net other comprehensive loss (2,179) (8,328) (24) (10,531) Balance, May 31, 2020 $ (123,677) $ (7,222) $ (3,758) $ (134,657) Items reclassified out of AOCI were immaterial for the three and nine months ended May 31, 2021 and May 31, 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	9 Months Ended
	May 31, 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 7% and 10% of net sales in the North America segment in the three and nine months ended May 31, 2021, respectively, and 11% and 12% of net sales in the North America segment in the three and nine months ended May 31, 2020, 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 nine months ended May 31, 2021, and 12% and 11% in the three and nine months ended May 31, 2020, respectively. Remaining 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. The following table provides information about assets and liabilities from contracts with customers: (in thousands) May 31, 2021 August 31, 2020 Contract assets (included in accounts receivable) $ 67,906 $ 53,275 Contract liabilities (included in accrued expenses and other payables) 22,151 25,450 The entire contract liability as of August 31, 2020 was recognized as revenue in the nine months ended May 31, 2021. 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 May 31, 2021, $776.7 million was allocated to remaining performance obligations in the North America segment related to those contracts.

INVENTORIES, NET

INVENTORIES, NET	9 Months Ended
	May 31, 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 May 31, 2021 and August 31, 2020, work in process inventories were immaterial. At May 31, 2021 and August 31, 2020, the Company's raw materials inventories were $238.0 million and $123.9 million, respectively.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	9 Months Ended
	May 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangibles	Goodwill by reportable segment at May 31, 2021 is detailed in the following table: (in thousands) North America Europe Consolidated Goodwill, gross* $ 71,941 $ 4,590 $ 76,531 Accumulated impairment losses* (10,036) (164) (10,200) Goodwill, net* $ 61,905 $ 4,426 $ 66,331 _________________ * 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 $21.9 million and $22.1 million, and the total net carrying amounts were $11.0 million and $12.6 million at May 31, 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 nine months ended May 31, 2021 and 2020. Excluding goodwill, the Company did not have any significant intangible assets with indefinite lives at May 31, 2021. At May 31, 2021 and August 31, 2020, the net carrying amount of the acquired unfavorable contract backlog liability was $1.5 million and $6.0 million, respectively. Amortization of the acquired unfavorable contract backlog was $1.5 million and $4.5 million for the three and nine months ended May 31, 2021, respectively, and $4.4 million and $18.7 million for the corresponding periods, and was recorded as an increase to net sales in the Company’s condensed consolidated statements of earnings.

LEASES

LEASES	9 Months Ended
	May 31, 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 May 31, 2021 August 31, 2020 Assets: Operating assets Other noncurrent assets $ 114,774 $ 114,905 Finance assets Property, plant and equipment, net 54,501 50,642 Total leased assets $ 169,275 $ 165,547 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 26,799 $ 27,604 Long-term Other noncurrent liabilities 96,063 95,810 Total operating lease liabilities 122,862 123,414 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 15,613 14,373 Long-term Long-term debt 36,757 35,851 Total finance lease liabilities 52,370 50,224 Total lease liabilities $ 175,232 $ 173,638 The components of lease cost were as follows: Three Months Ended May 31, Nine Months Ended May 31, (in thousands) 2021 2020 2021 2020 Operating lease expense $ 8,377 $ 9,129 $ 25,750 $ 26,734 Finance lease expense: Amortization of assets 3,270 3,343 9,729 8,228 Interest on lease liabilities 555 456 1,673 1,322 Total finance lease expense 3,825 3,799 11,402 9,550 Variable and short-term lease expense 4,584 4,233 13,871 12,547 Total lease expense $ 16,786 $ 17,161 $ 51,023 $ 48,831 The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table: May 31, 2021 August 31, 2020 Weighted average remaining lease term (years) Operating leases 6.4 6.3 Finance leases 3.7 3.8 Weighted average discount rate Operating leases 4.476 % 4.283 % Finance leases 4.194 % 4.270 % Cash flow and other information related to leases is included in the following table: Nine Months Ended May 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 25,862 $ 27,003 Operating cash outflows from finance leases 1,665 1,243 Financing cash outflows from finance leases 11,706 9,607 Right of use assets obtained in exchange for lease obligations: Operating leases $ 23,019 $ 38,363 Finance leases 14,002 16,277 Future maturities of lease liabilities at May 31, 2021 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,255 $ 17,495 Year 2 26,992 15,228 Year 3 21,553 12,637 Year 4 16,576 8,229 Year 5 12,303 2,238 Thereafter 32,922 758 Total lease payments 142,601 56,585 Less imputed interest 19,739 4,215 Present value of lease liabilities $ 122,862 $ 52,370
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 May 31, 2021 August 31, 2020 Assets: Operating assets Other noncurrent assets $ 114,774 $ 114,905 Finance assets Property, plant and equipment, net 54,501 50,642 Total leased assets $ 169,275 $ 165,547 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 26,799 $ 27,604 Long-term Other noncurrent liabilities 96,063 95,810 Total operating lease liabilities 122,862 123,414 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 15,613 14,373 Long-term Long-term debt 36,757 35,851 Total finance lease liabilities 52,370 50,224 Total lease liabilities $ 175,232 $ 173,638 The components of lease cost were as follows: Three Months Ended May 31, Nine Months Ended May 31, (in thousands) 2021 2020 2021 2020 Operating lease expense $ 8,377 $ 9,129 $ 25,750 $ 26,734 Finance lease expense: Amortization of assets 3,270 3,343 9,729 8,228 Interest on lease liabilities 555 456 1,673 1,322 Total finance lease expense 3,825 3,799 11,402 9,550 Variable and short-term lease expense 4,584 4,233 13,871 12,547 Total lease expense $ 16,786 $ 17,161 $ 51,023 $ 48,831 The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table: May 31, 2021 August 31, 2020 Weighted average remaining lease term (years) Operating leases 6.4 6.3 Finance leases 3.7 3.8 Weighted average discount rate Operating leases 4.476 % 4.283 % Finance leases 4.194 % 4.270 % Cash flow and other information related to leases is included in the following table: Nine Months Ended May 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 25,862 $ 27,003 Operating cash outflows from finance leases 1,665 1,243 Financing cash outflows from finance leases 11,706 9,607 Right of use assets obtained in exchange for lease obligations: Operating leases $ 23,019 $ 38,363 Finance leases 14,002 16,277 Future maturities of lease liabilities at May 31, 2021 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,255 $ 17,495 Year 2 26,992 15,228 Year 3 21,553 12,637 Year 4 16,576 8,229 Year 5 12,303 2,238 Thereafter 32,922 758 Total lease payments 142,601 56,585 Less imputed interest 19,739 4,215 Present value of lease liabilities $ 122,862 $ 52,370

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	9 Months Ended
	May 31, 2021
Debt Disclosure [Abstract]
Credit arrangements	Long-term debt was as follows: (in thousands) Weighted Average Interest Rate as of May 31, 2021 May 31, 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% 54,606 40,713 Short-term borrowings 1.000% 28,900 — Other 5.100% 19,492 21,329 Finance leases 52,370 50,224 Total debt 1,085,368 1,092,266 Less debt issuance costs 8,504 8,581 Total amounts outstanding 1,076,864 1,083,685 Less current maturities of long-term debt and short-term borrowings 56,735 18,149 Long-term debt $ 1,020,129 $ 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 in the nine month period ended May 31, 2021. 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 nine months ended May 31, 2021, the Company recognized a $16.8 million loss on debt extinguishment related to the retirement of the 2026 Notes. In March 2021, the Company entered into a Fifth Amended and Restated Credit Agreement (as amended, the "Credit Agreement") with a revolving credit facility (the "Revolver") of $400.0 million and a maturity date in March 2026, replacing the Fourth Amended and Restated Credit Agreement with a revolving credit facility of $350.0 million and a maturity date in June 2022. The Company had no amounts drawn under the Revolver or the previous revolving credit facility at May 31, 2021 or August 31, 2020. The availability under the Revolver and the previous revolving credit facility was reduced by outstanding stand-by letters of credit totaling $3.0 million at May 31, 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"), upon which an incremental principal amount of PLN 50.0 million, or $13.7 million, was drawn in March 2021. At May 31, 2021, the maximum amount available under the facility, PLN 200.0 million, or $54.6 million, was outstanding, compared to PLN 150.0 million, or $40.7 million, outstanding as of August 31, 2020. During the third quarter of 2021, the Company amended certain terms of the credit facilities in Poland through its subsidiary, CMCP, reducing the total credit facilities from PLN 275.0 million to PLN 250.0 million, or $68.3 million, as of May 31, 2021, and extending the expiration date from March 2022 to March 2024. No amounts were outstanding under these facilities as of May 31, 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 May 31, 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 May 31, 2021, the Company was in compliance with all covenants contained in its debt agreements. Accounts Receivable Facilities In April 2021, the Company amended certain terms of the U.S. trade accounts receivable facility (the "U.S. Facility"), reducing the maximum facility from $200 million to $150 million and extending the expiration date from November 2021 to March 2023. The Company had no advance payments outstanding under the U.S. Facility at May 31, 2021 or August 31, 2020.

DERIVATIVES

DERIVATIVES	9 Months Ended
	May 31, 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 May 31, 2021, the notional values of the Company's foreign currency and commodity commitments were $274.1 million and $239.4 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 May 31, 2021: Commodity Long/Short Total Aluminum Long 4,150 MT Aluminum Short 1,750 MT Copper Long 624 MT Copper Short 8,981 MT Electricity Long 1,917,000 MW(h) _________________ MT = Metric Ton MW(h) = Megawatt hour The Company designates only those contracts which closely match the terms of the underlying transaction as hedges for accounting purposes. Certain foreign currency and commodity contracts were not designated as hedges for accounting purposes, although management believes they are essential economic hedges. Commodity derivatives not designated as hedging instrument s resulted in a loss, before income taxes, of $7.9 million and $24.5 million, in the three and nine months ended May 31, 2021, respectively, and a gain , before income taxes, of $1.5 million and $1.9 million in the three and nine months ended May 31, 2020, respectively, primarily recorded in cost of goods sold within the condensed consolidated statements of earnings. Commodity derivatives accounted for as cash flow hedging instruments resulted in a net gain of $12.2 million and $21.0 million, in the three and nine months ended May 31, 2021, respectively, and a net loss of $5.2 million and $8.1 million, in the three and nine

FAIR VALUE

FAIR VALUE	9 Months Ended
	May 31, 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 the 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) May 31, 2021 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 415,850 $ 415,850 $ — $ — Commodity derivative assets (2) 11,193 712 — 10,481 Foreign exchange derivative assets (2) 5,482 — 5,482 — Liabilities: Commodity derivative liabilities (2) 6,325 6,325 — — Foreign exchange derivative liabilities (2) 1,236 — 1,236 — 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. May 31, 2021 Unobservable Inputs Low High Average Floating rate (PLN) 217.38 296.36 251.10 May 31, 2020 Unobservable Inputs Low High Average Floating rate (PLN) 151.74 265.00 207.50 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 unrealized gains and losses included in other comprehensive income ("OCI") in the three and nine months ended May 31, 2021 and 2020. (in thousands) Three Months Ended May 31, 2021 Balance, March 1, 2021 $ (4,285) Total gains, realized and unrealized Unrealized holding gain (1) 15,459 Reclassification for gain included in net earnings (2) (693) Balance, May 31, 2021 $ 10,481 (in thousands) Nine Months Ended May 31, 2021 Balance, September 1, 2020 $ (15,007) Total gains, realized and unrealized Unrealized holding gain (1) 26,434 Reclassification for gain included in net earnings (2) (946) Balance, May 31, 2021 $ 10,481 (in thousands) Three Months Ended May 31, 2020 Balance, March 1, 2020 $ (3,586) Total losses, realized and unrealized Unrealized holding loss (1) (6,443) Reclassification for loss included in net earnings (2) — Balance, May 31, 2020 $ (10,029) (in thousands) Nine Months Ended May 31, 2020 Balance, September 1, 2019 $ — New commodity contract 1,083 Total losses, realized and unrealized Unrealized holding loss (1) (11,112) Reclassification for loss included in net earnings (2) — Balance, May 31, 2020 $ (10,029) ________________ (1) Unrealized holding gains/(losses) are included in OCI in the condensed consolidated statements of comprehensive income. (2) (Gains)/losses included in net earnings are recorded in cost of goods sold in the condensed consolidated statements of earnings. There were no material non-recurring fair value remeasurements during the three and nine months ended May 31, 2021 or 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: May 31, 2021 August 31, 2020 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2031 Notes (1) Level 2 $ 300,000 $ 298,455 $ — $ — 2027 Notes (1) Level 2 300,000 318,003 300,000 319,377 2023 Notes (1) Level 2 330,000 347,912 330,000 345,335 Poland Term Loan (2) Level 2 54,606 54,606 40,713 40,713 Short-term borrowings (2) Level 2 28,900 28,900 — — 2026 Notes (1) Level 2 — — 350,000 367,374 _________________ (1) The fair values of the Notes were determined based on indicated market values. (2) The Poland Term Loan and short-term borrowings contain variable interest rates, and as a result, the carrying values approximate fair value.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	9 Months Ended
	May 31, 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 nine months ended May 31, 2021 and 2020, the Company granted the following awards under its stock-based compensation plans: May 31, 2021 May 31, 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 nine months ended May 31, 2021, the Company recorded expense of $3.2 million and $5.0 million, respectively, for mark-to-market adjustments on liability awards, and recorded immaterial mark-to-market adjustments on liability awards for the three and nine months ended May 31, 2020. At May 31, 2021, the Company had outstanding 711,148 equivalent shares accounted for under the liability method. The Company expects 675,590 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 May 31, Nine Months Ended May 31, (in thousands) 2021 2020 2021 2020 Stock-based compensation expense $ 13,800 $ 6,170 $ 35,558 $ 21,975

STOCKHOLDERS EQUITY AND EARNING

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE	9 Months Ended
	May 31, 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 May 31, Nine Months Ended May 31, (in thousands, except share data) 2021 2020 2021 2020 Earnings from continuing operations $ 130,408 $ 64,169 $ 260,552 $ 210,520 Basic earnings per share: Shares outstanding for basic earnings per share 120,613,652 119,192,962 120,241,579 118,828,870 Basic earnings per share from continuing operations $ 1.08 $ 0.54 $ 2.17 $ 1.77 Diluted earnings per share: Shares outstanding for basic earnings per share 120,613,652 119,192,962 120,241,579 118,828,870 Effect of dilutive securities: Stock-based incentive/purchase plans 1,580,003 1,085,779 1,610,565 1,448,867 Shares outstanding for diluted earnings per share 122,193,655 120,278,741 121,852,144 120,277,737 Diluted earnings per share from continuing operations $ 1.07 $ 0.53 $ 2.14 $ 1.75 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 nine months ended May 31, 2021, CMC did not repurchase any shares of common stock. CMC had remaining authorization to repurchase $27.6 million of common stock at May 31, 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	May 31, 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. 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 May 31, 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 accrued environmental liabilities, including CERCLA sites, were $6.1 million and $3.4 million at May 31, 2021 and August 31, 2020, respectively, of which $2.5 million and $2.7 million were classified as other long-term liabilities at May 31, 2021 and August 31, 2020, respectively. These amounts have not been discounted to their present values. Due to evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties 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	9 Months Ended
	May 31, 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 May 31, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,558,068 $ 284,107 $ 2,866 $ 1,845,041 Adjusted EBITDA 207,330 50,005 (36,214) 221,121 Nine Months Ended May 31, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 4,010,567 $ 680,769 $ 7,778 $ 4,699,114 Adjusted EBITDA 534,576 80,582 (108,671) 506,487 Total assets at May 31, 2021 3,089,579 675,880 625,616 4,391,075 Three Months Ended May 31, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,167,081 $ 173,817 $ 785 $ 1,341,683 Adjusted EBITDA 159,394 14,270 (26,882) 146,782 Nine Months Ended May 31, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 3,545,084 $ 519,285 $ 2,985 $ 4,067,354 Adjusted EBITDA 486,957 39,080 (81,729) 444,308 Total assets at August 31, 2020 * 2,862,805 532,850 686,073 4,081,728 _________________ *Total assets listed in Corporate and Other at August 31, 2020 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 May 31, Nine Months Ended May 31, (in thousands) 2021 2020 2021 2020 Earnings from continuing operations $ 130,408 $ 64,169 $ 260,552 $ 210,520 Interest expense 11,965 15,409 40,245 47,875 Income taxes 38,175 23,804 80,709 73,981 Depreciation and amortization 41,804 41,765 125,176 124,095 Amortization of acquired unfavorable contract backlog (1,508) (4,348) (4,540) (18,676) Asset impairments 277 5,983 4,345 6,513 Adjusted EBITDA $ 221,121 $ 146,782 $ 506,487 $ 444,308 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 May 31, 2021 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 346,614 $ 5,904 $ — $ 352,518 Steel products 626,084 215,088 — 841,172 Downstream products 475,714 56,444 — 532,158 Other 109,656 6,277 3,260 119,193 Net sales-unaffiliated customers 1,558,068 283,713 3,260 1,845,041 Intersegment net sales, eliminated on consolidation — 394 (394) — Net sales $ 1,558,068 $ 284,107 $ 2,866 $ 1,845,041 Nine Months Ended May 31, 2021 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 811,863 $ 13,509 $ — $ 825,372 Steel products 1,597,942 524,025 — 2,121,967 Downstream products 1,313,140 124,679 — 1,437,819 Other 287,622 17,244 9,090 313,956 Net sales-unaffiliated customers 4,010,567 679,457 9,090 4,699,114 Intersegment net sales, eliminated on consolidation — 1,312 (1,312) — Net sales $ 4,010,567 $ 680,769 $ 7,778 $ 4,699,114 Three Months Ended May 31, 2020 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 159,174 $ 2,499 $ — $ 161,673 Steel products 420,169 132,741 — 552,910 Downstream products 494,519 32,885 — 527,404 Other 93,219 5,340 1,137 99,696 Net sales-unaffiliated customers 1,167,081 173,465 1,137 1,341,683 Intersegment net sales, eliminated on consolidation — 352 (352) — Net sales $ 1,167,081 $ 173,817 $ 785 $ 1,341,683 Nine Months Ended May 31, 2020 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 534,109 $ 7,112 $ — $ 541,221 Steel products 1,298,980 410,010 — 1,708,990 Downstream products 1,436,011 84,843 — 1,520,854 Other 275,984 16,196 4,109 296,289 Net sales-unaffiliated customers 3,545,084 518,161 4,109 4,067,354 Intersegment net sales, eliminated on consolidation — 1,124 (1,124) — Net sales $ 3,545,084 $ 519,285 $ 2,985 $ 4,067,354

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	May 31, 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 nine 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 nine month period ended May 31, 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 the 2020 Form 10-K.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	May 31, 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 May 31, 2021 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, March 1, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) Other comprehensive income (loss) before reclassifications 11,775 14,056 (14) 25,817 Amounts reclassified from AOCI — (719) — (719) Income tax benefit — (1,808) — (1,808) Net other comprehensive income (loss) 11,775 11,529 (14) 23,290 Balance, May 31, 2021 $ (83,081) $ 8,769 $ (4,538) $ (78,850) Nine Months Ended May 31, 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 4,852 25,028 (48) 29,832 Amounts reclassified from AOCI — (1,106) — (1,106) Income tax expense (benefit) — (3,819) 7 (3,812) Net other comprehensive income (loss) 4,852 20,103 (41) 24,914 Balance, May 31, 2021 $ (83,081) $ 8,769 $ (4,538) $ (78,850) Three Months Ended May 31, 2020 (in thousands) Foreign Currency Translation Unrealized Gain (Loss) on Derivatives Defined Benefit Obligation Total AOCI Balance, March 1, 2020 $ (115,642) $ (1,998) $ (3,750) $ (121,390) Other comprehensive loss before reclassifications (8,037) (6,350) (10) (14,397) Amounts reclassified to (from) AOCI 2 (98) — (96) Income tax expense — 1,224 2 1,226 Net other comprehensive loss (8,035) (5,224) (8) (13,267) Balance, May 31, 2020 $ (123,677) $ (7,222) $ (3,758) $ (134,657) Nine Months Ended May 31, 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 loss before reclassifications (2,179) (9,969) (34) (12,182) Amounts reclassified from AOCI — (312) — (312) Income tax expense — 1,953 10 1,963 Net other comprehensive loss (2,179) (8,328) (24) (10,531) Balance, May 31, 2020 $ (123,677) $ (7,222) $ (3,758) $ (134,657)

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	May 31, 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) May 31, 2021 August 31, 2020 Contract assets (included in accounts receivable) $ 67,906 $ 53,275 Contract liabilities (included in accrued expenses and other payables) 22,151 25,450

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Tables)	9 Months Ended
	May 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill	Goodwill by reportable segment at May 31, 2021 is detailed in the following table: (in thousands) North America Europe Consolidated Goodwill, gross* $ 71,941 $ 4,590 $ 76,531 Accumulated impairment losses* (10,036) (164) (10,200) Goodwill, net* $ 61,905 $ 4,426 $ 66,331 _________________ * The change in balance from August 31, 2020 was immaterial.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	May 31, 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 May 31, 2021 August 31, 2020 Assets: Operating assets Other noncurrent assets $ 114,774 $ 114,905 Finance assets Property, plant and equipment, net 54,501 50,642 Total leased assets $ 169,275 $ 165,547 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 26,799 $ 27,604 Long-term Other noncurrent liabilities 96,063 95,810 Total operating lease liabilities 122,862 123,414 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 15,613 14,373 Long-term Long-term debt 36,757 35,851 Total finance lease liabilities 52,370 50,224 Total lease liabilities $ 175,232 $ 173,638
Lease Cost	The components of lease cost were as follows: Three Months Ended May 31, Nine Months Ended May 31, (in thousands) 2021 2020 2021 2020 Operating lease expense $ 8,377 $ 9,129 $ 25,750 $ 26,734 Finance lease expense: Amortization of assets 3,270 3,343 9,729 8,228 Interest on lease liabilities 555 456 1,673 1,322 Total finance lease expense 3,825 3,799 11,402 9,550 Variable and short-term lease expense 4,584 4,233 13,871 12,547 Total lease expense $ 16,786 $ 17,161 $ 51,023 $ 48,831 The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table: May 31, 2021 August 31, 2020 Weighted average remaining lease term (years) Operating leases 6.4 6.3 Finance leases 3.7 3.8 Weighted average discount rate Operating leases 4.476 % 4.283 % Finance leases 4.194 % 4.270 %
Cash Flow and Other Information Related to Leases	Nine Months Ended May 31, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 25,862 $ 27,003 Operating cash outflows from finance leases 1,665 1,243 Financing cash outflows from finance leases 11,706 9,607 Right of use assets obtained in exchange for lease obligations: Operating leases $ 23,019 $ 38,363 Finance leases 14,002 16,277
Maturity of Operating Lease Liabilities	aturities of lease liabilities at May 31, 2021 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,255 $ 17,495 Year 2 26,992 15,228 Year 3 21,553 12,637 Year 4 16,576 8,229 Year 5 12,303 2,238 Thereafter 32,922 758 Total lease payments 142,601 56,585 Less imputed interest 19,739 4,215 Present value of lease liabilities $ 122,862 $ 52,370
Maturity of Finance Lease Liabilities	aturities of lease liabilities at May 31, 2021 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,255 $ 17,495 Year 2 26,992 15,228 Year 3 21,553 12,637 Year 4 16,576 8,229 Year 5 12,303 2,238 Thereafter 32,922 758 Total lease payments 142,601 56,585 Less imputed interest 19,739 4,215 Present value of lease liabilities $ 122,862 $ 52,370

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	9 Months Ended
	May 31, 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 May 31, 2021 May 31, 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% 54,606 40,713 Short-term borrowings 1.000% 28,900 — Other 5.100% 19,492 21,329 Finance leases 52,370 50,224 Total debt 1,085,368 1,092,266 Less debt issuance costs 8,504 8,581 Total amounts outstanding 1,076,864 1,083,685 Less current maturities of long-term debt and short-term borrowings 56,735 18,149 Long-term debt $ 1,020,129 $ 1,065,536

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	May 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity contract commitments	The following table provides information regarding the Company's commodity contract commitments at May 31, 2021: Commodity Long/Short Total Aluminum Long 4,150 MT Aluminum Short 1,750 MT Copper Long 624 MT Copper Short 8,981 MT Electricity Long 1,917,000 MW(h) _________________ MT = Metric Ton

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	May 31, 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) May 31, 2021 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 415,850 $ 415,850 $ — $ — Commodity derivative assets (2) 11,193 712 — 10,481 Foreign exchange derivative assets (2) 5,482 — 5,482 — Liabilities: Commodity derivative liabilities (2) 6,325 6,325 — — Foreign exchange derivative liabilities (2) 1,236 — 1,236 — 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. May 31, 2021 Unobservable Inputs Low High Average Floating rate (PLN) 217.38 296.36 251.10 May 31, 2020 Unobservable Inputs Low High Average Floating rate (PLN) 151.74 265.00 207.50
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 unrealized gains and losses included in other comprehensive income ("OCI") in the three and nine months ended May 31, 2021 and 2020. (in thousands) Three Months Ended May 31, 2021 Balance, March 1, 2021 $ (4,285) Total gains, realized and unrealized Unrealized holding gain (1) 15,459 Reclassification for gain included in net earnings (2) (693) Balance, May 31, 2021 $ 10,481 (in thousands) Nine Months Ended May 31, 2021 Balance, September 1, 2020 $ (15,007) Total gains, realized and unrealized Unrealized holding gain (1) 26,434 Reclassification for gain included in net earnings (2) (946) Balance, May 31, 2021 $ 10,481 (in thousands) Three Months Ended May 31, 2020 Balance, March 1, 2020 $ (3,586) Total losses, realized and unrealized Unrealized holding loss (1) (6,443) Reclassification for loss included in net earnings (2) — Balance, May 31, 2020 $ (10,029) (in thousands) Nine Months Ended May 31, 2020 Balance, September 1, 2019 $ — New commodity contract 1,083 Total losses, realized and unrealized Unrealized holding loss (1) (11,112) Reclassification for loss included in net earnings (2) — Balance, May 31, 2020 $ (10,029) ________________ (1) Unrealized holding gains/(losses) are included in OCI in the condensed consolidated statements of comprehensive income. (2) (Gains)/losses included in net earnings are recorded in cost of goods sold in the condensed consolidated statements of earnings.
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: May 31, 2021 August 31, 2020 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2031 Notes (1) Level 2 $ 300,000 $ 298,455 $ — $ — 2027 Notes (1) Level 2 300,000 318,003 300,000 319,377 2023 Notes (1) Level 2 330,000 347,912 330,000 345,335 Poland Term Loan (2) Level 2 54,606 54,606 40,713 40,713 Short-term borrowings (2) Level 2 28,900 28,900 — — 2026 Notes (1) Level 2 — — 350,000 367,374 _________________ (1) The fair values of the Notes were determined based on indicated market values. (2) The Poland Term Loan and short-term borrowings contain variable interest rates, and as a result, the carrying values approximate fair value.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	9 Months Ended
	May 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Awards Granted	During the nine months ended May 31, 2021 and 2020, the Company granted the following awards under its stock-based compensation plans: May 31, 2021 May 31, 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 May 31, Nine Months Ended May 31, (in thousands) 2021 2020 2021 2020 Stock-based compensation expense $ 13,800 $ 6,170 $ 35,558 $ 21,975

STOCKHOLDERS_ EQUITY AND EARNIN

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE (Tables)	9 Months Ended
	May 31, 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 May 31, Nine Months Ended May 31, (in thousands, except share data) 2021 2020 2021 2020 Earnings from continuing operations $ 130,408 $ 64,169 $ 260,552 $ 210,520 Basic earnings per share: Shares outstanding for basic earnings per share 120,613,652 119,192,962 120,241,579 118,828,870 Basic earnings per share from continuing operations $ 1.08 $ 0.54 $ 2.17 $ 1.77 Diluted earnings per share: Shares outstanding for basic earnings per share 120,613,652 119,192,962 120,241,579 118,828,870 Effect of dilutive securities: Stock-based incentive/purchase plans 1,580,003 1,085,779 1,610,565 1,448,867 Shares outstanding for diluted earnings per share 122,193,655 120,278,741 121,852,144 120,277,737 Diluted earnings per share from continuing operations $ 1.07 $ 0.53 $ 2.14 $ 1.75

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	May 31, 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 May 31, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,558,068 $ 284,107 $ 2,866 $ 1,845,041 Adjusted EBITDA 207,330 50,005 (36,214) 221,121 Nine Months Ended May 31, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 4,010,567 $ 680,769 $ 7,778 $ 4,699,114 Adjusted EBITDA 534,576 80,582 (108,671) 506,487 Total assets at May 31, 2021 3,089,579 675,880 625,616 4,391,075 Three Months Ended May 31, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,167,081 $ 173,817 $ 785 $ 1,341,683 Adjusted EBITDA 159,394 14,270 (26,882) 146,782 Nine Months Ended May 31, 2020 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 3,545,084 $ 519,285 $ 2,985 $ 4,067,354 Adjusted EBITDA 486,957 39,080 (81,729) 444,308 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 May 31, Nine Months Ended May 31, (in thousands) 2021 2020 2021 2020 Earnings from continuing operations $ 130,408 $ 64,169 $ 260,552 $ 210,520 Interest expense 11,965 15,409 40,245 47,875 Income taxes 38,175 23,804 80,709 73,981 Depreciation and amortization 41,804 41,765 125,176 124,095 Amortization of acquired unfavorable contract backlog (1,508) (4,348) (4,540) (18,676) Asset impairments 277 5,983 4,345 6,513 Adjusted EBITDA $ 221,121 $ 146,782 $ 506,487 $ 444,308
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 May 31, 2021 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 346,614 $ 5,904 $ — $ 352,518 Steel products 626,084 215,088 — 841,172 Downstream products 475,714 56,444 — 532,158 Other 109,656 6,277 3,260 119,193 Net sales-unaffiliated customers 1,558,068 283,713 3,260 1,845,041 Intersegment net sales, eliminated on consolidation — 394 (394) — Net sales $ 1,558,068 $ 284,107 $ 2,866 $ 1,845,041 Nine Months Ended May 31, 2021 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 811,863 $ 13,509 $ — $ 825,372 Steel products 1,597,942 524,025 — 2,121,967 Downstream products 1,313,140 124,679 — 1,437,819 Other 287,622 17,244 9,090 313,956 Net sales-unaffiliated customers 4,010,567 679,457 9,090 4,699,114 Intersegment net sales, eliminated on consolidation — 1,312 (1,312) — Net sales $ 4,010,567 $ 680,769 $ 7,778 $ 4,699,114 Three Months Ended May 31, 2020 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 159,174 $ 2,499 $ — $ 161,673 Steel products 420,169 132,741 — 552,910 Downstream products 494,519 32,885 — 527,404 Other 93,219 5,340 1,137 99,696 Net sales-unaffiliated customers 1,167,081 173,465 1,137 1,341,683 Intersegment net sales, eliminated on consolidation — 352 (352) — Net sales $ 1,167,081 $ 173,817 $ 785 $ 1,341,683 Nine Months Ended May 31, 2020 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 534,109 $ 7,112 $ — $ 541,221 Steel products 1,298,980 410,010 — 1,708,990 Downstream products 1,436,011 84,843 — 1,520,854 Other 275,984 16,196 4,109 296,289 Net sales-unaffiliated customers 3,545,084 518,161 4,109 4,067,354 Intersegment net sales, eliminated on consolidation — 1,124 (1,124) — Net sales $ 3,545,084 $ 519,285 $ 2,985 $ 4,067,354

CHANGES IN BUSINESS (Details)

CHANGES IN BUSINESS (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	May 31, 2021	May 31, 2021	May 31, 2020
Business Combinations [Abstract]
Facility closure costs	$ 0.9	$ 13.4	$ 7.2

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (102,140)	$ (121,390)	$ (103,764)	$ (124,126)
Other comprehensive income before reclassifications	25,817	(14,397)	29,832	(12,182)
Amounts reclassified from AOCI	(719)	(96)	(1,106)	(312)
Income taxes	(1,808)	1,226	(3,812)	1,963
Other comprehensive income (loss)	23,290	(13,267)	24,914	(10,531)
Ending balance	(78,850)	(134,657)	(78,850)	(134,657)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(94,856)	(115,642)	(87,933)	(121,498)
Other comprehensive income before reclassifications	11,775	(8,037)	4,852	(2,179)
Amounts reclassified from AOCI	0	2	0	0
Income taxes	0	0	0	0
Other comprehensive income (loss)	11,775	(8,035)	4,852	(2,179)
Ending balance	(83,081)	(123,677)	(83,081)	(123,677)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(2,760)	(1,998)	(11,334)	1,106
Other comprehensive income before reclassifications	14,056	(6,350)	25,028	(9,969)
Amounts reclassified from AOCI	(719)	(98)	(1,106)	(312)
Income taxes	(1,808)	1,224	(3,819)	1,953
Other comprehensive income (loss)	11,529	(5,224)	20,103	(8,328)
Ending balance	8,769	(7,222)	8,769	(7,222)
Defined Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(4,524)	(3,750)	(4,497)	(3,734)
Other comprehensive income before reclassifications	(14)	(10)	(48)	(34)
Amounts reclassified from AOCI	0	0	0	0
Income taxes	0	2	7	10
Other comprehensive income (loss)	(14)	(8)	(41)	(24)
Ending balance	$ (4,538)	$ (3,758)	$ (4,538)	$ (3,758)

REVENUE RECOGNITION - Revenue R

REVENUE RECOGNITION - Revenue Recognition Method (Details) - Americas Fabrication - Recognized over Time	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Fabricated Product and Installation Services
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	7.00%	11.00%	10.00%	12.00%
Fabricated Product without Installation Services
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	9.00%	12.00%	9.00%	11.00%

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets (included in other current assets)	$ 67,906	$ 53,275
Contract liabilities (included in accrued expenses and other payables)	$ 22,151	$ 25,450

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details) $ in Millions	May 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 776.7

INVENTORIES, NET (Narrative) (D

INVENTORIES, NET (Narrative) (Details) - USD ($) $ in Millions	May 31, 2021	Aug. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 238	$ 123.9

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLES (Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020
Goodwill [Line Items]
Goodwill, gross	$ 76,531
Accumulated impairment losses	(10,200)
Goodwill, net	66,331	$ 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	4,590
Accumulated impairment losses	(164)
Goodwill, net	$ 4,426

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Aug. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amounts of the intangible assets subject to amortization	$ 21,900		$ 21,900		$ 22,100
Net carrying amount of intangible assets subject to amortization	11,000		11,000		12,600
Carrying amount of acquired unfavorable contract backlog liability	1,500		1,500		$ 6,000
Amortization of unfavorable contract backlog	$ 1,500	$ 4,400	$ 4,500	$ 18,700

LEASES - Balance Sheet Componen

LEASES - Balance Sheet Components (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020
Leased Assets [Abstract]
Operating Lease, Right-of-Use Asset	$ 114,774	$ 114,905
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	54,501	50,642
Right-of-Use Asset	169,275	165,547
Lessee, Operating Lease, Description [Abstract]
Operating Lease, Liability, Current	$ 26,799	27,604
Operating lease liabilities, Current [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent	$ 96,063	95,810
Operating lease liabilities, Long-term [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Liability, Total	$ 122,862	123,414
Lessee, Finance Lease, Description [Abstract]
Finance Lease, Liability, Current	15,613	14,373
Finance Lease, Liability, Noncurrent	36,757	35,851
Finance Lease, Liability, Total	52,370	50,224
Lease Liability	$ 175,232	$ 173,638

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Leases [Abstract]
Operating lease expense	$ 8,377	$ 9,129	$ 25,750	$ 26,734
Finance lease expense:
Amortization of assets	3,270	3,343	9,729	8,228
Interest on lease liabilities	555	456	1,673	1,322
Total finance lease expense	3,825	3,799	11,402	9,550
Variable and short-term lease expense	4,584	4,233	13,871	12,547
Total lease expense	$ 16,786	$ 17,161	$ 51,023	$ 48,831

LEASES - Weighted Average Lease

LEASES - Weighted Average Lease Terms and Discount Rates (Details)	May 31, 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 8 months 12 days	3 years 9 months 18 days
Operating leases, weighted average discount rate	4.476%	4.283%
Finance leases, weighted average discount rate	4.194%	4.27%

LEASES - Cash Flow and Other In

LEASES - Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2021	May 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 25,862	$ 27,003
Operating cash outflows from finance leases	1,665	1,243
Financing cash outflows from finance leases	11,706	9,607
Right-of-Use Assets Obtained in Exchange for Lease Obligations [Abstract]
Operating leases	23,019	38,363
Finance leases	$ 14,002	$ 16,277

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Year 1	$ 32,255
Year 2	26,992
Year 3	21,553
Year 4	16,576
Year 5	12,303
Thereafter	32,922
Total lease payments	142,601
Less imputed interest	19,739
Present value of lease liabilities	122,862	$ 123,414
Finance Lease, Liability, Payment, Due [Abstract]
Year 1	17,495
Year 2	15,228
Year 3	12,637
Year 4	8,229
Year 5	2,238
Thereafter	758
Total lease payments	56,585
Less imputed interest	4,215
Present value of lease liabilities	$ 52,370	$ 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	May 31, 2021	Aug. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 1,085,368	$ 1,092,266
Less debt issuance costs	8,504	8,581
Total amounts outstanding	1,076,864	1,083,685
Less current maturities of long-term debt	56,735	18,149
Long-term debt	$ 1,020,129	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
2031 Notes | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 298,455	0
2027 Notes
Debt Instrument [Line Items]
Weighted average interest rate	5.375%
Total debt	$ 300,000	300,000
2027 Notes | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 318,003	$ 319,377
2026 Notes
Debt Instrument [Line Items]
Weighted average interest rate	5.75%	5.75%
Total debt	$ 0	$ 350,000
2026 Notes | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 0	367,374
2023 Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.875%
Total debt	$ 330,000	330,000
2023 Notes | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 347,912	345,335
Poland Term Loan | Revolving credit facility
Debt Instrument [Line Items]
Weighted average interest rate	1.71%
Total debt	$ 54,606	40,713
Poland Term Loan | Revolving credit facility | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 54,606	40,713
Other
Debt Instrument [Line Items]
Weighted average interest rate	5.10%
Total debt	$ 19,492	21,329
Finance leases
Debt Instrument [Line Items]
Total debt	$ 52,370	50,224
Short-term borrowings
Debt Instrument [Line Items]
Total debt		0
Weighted average interest rate, short term	1.00%
Short-term borrowings | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 28,900	$ 0

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2021USD ($)	May 31, 2021USD ($)	May 31, 2020USD ($)	May 31, 2021USD ($)	May 31, 2020USD ($)	May 31, 2021PLN (zł)	Apr. 01, 2021USD ($)	Feb. 28, 2021PLN (zł)	Aug. 31, 2020USD ($)	Aug. 31, 2020PLN (zł)
Debt Instrument [Line Items]
Financial liabilities		$ 1,085,368,000		$ 1,085,368,000					$ 1,092,266,000
Less debt issuance costs		8,504,000		8,504,000					8,581,000
Loss on debt extinguishment		0	$ 0	(16,841,000)	$ 0
Advances outstanding under transfer of receivables programs		28,900,000		28,900,000		zł 105,900,000
2026 Notes
Debt Instrument [Line Items]
Early Repayment of Senior Debt	$ 77,800,000
Financial liabilities		$ 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%
Loss on debt extinguishment	16,800,000
2031 Notes
Debt Instrument [Line Items]
Financial liabilities		$ 300,000,000		$ 300,000,000					$ 0
Long-term Debt, Weighted Average Interest Rate, at Point in Time		3.875%		3.875%		3.875%
Less debt issuance costs		$ 4,900,000		$ 4,900,000
CMCP
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity		68,300,000		68,300,000		zł 250,000,000		zł 275,000,000
CMCP | Poland Term Loan
Debt Instrument [Line Items]
Stand by letters of credit outstanding amount		900,000		900,000					800,000
Term loan, maximum principal amount		13,700,000		13,700,000		50,000,000
Financial liabilities		54,600,000		54,600,000		zł 200,000,000			40,700,000	zł 150,000,000
Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility, amount drawn		0		0					0
Revolving credit facility | Poland Term Loan
Debt Instrument [Line Items]
Financial liabilities		$ 54,606,000		$ 54,606,000					$ 40,713,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time		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
Poland Program
Debt Instrument [Line Items]
Transfer of accounts receivable program limit		60,100,000		60,100,000		zł 220,000,000
The Revolver Maturity Date in March 2026 | Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity		400,000,000		400,000,000
Revolving Credit Facility Maturity Date in June 2022 | Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity		$ 350,000,000		$ 350,000,000
U.S. Program
Debt Instrument [Line Items]
Transfer of accounts receivable program limit	$ 200,000,000						$ 150,000,000

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020	Aug. 31, 2020
Derivative [Line Items]
Unrealized holding gain (loss)	$ 12,145	$ (5,143)	$ 21,032	$ (8,075)
Foreign exchange
Derivative [Line Items]
Derivative notional amount	274,100		274,100		$ 138,500
Commodity
Derivative [Line Items]
Derivative notional amount	239,400		239,400		$ 195,800
Unrealized holding gain (loss)	$ 12,200	$ (5,200)	$ 21,000	$ (8,100)

DERIVATIVES (Commodity Contract

DERIVATIVES (Commodity Contract Commitments) (Details) MWh in Thousands	9 Months Ended
	May 31, 2021MWht
Aluminum | Long
Derivative [Line Items]
Commodity contract commitments	4,150
Aluminum | Short
Derivative [Line Items]
Commodity contract commitments	1,750
Copper | Long
Derivative [Line Items]
Commodity contract commitments	624
Copper | Short
Derivative [Line Items]
Commodity contract commitments	8,981
Electricity | Long
Derivative [Line Items]
Commodity contract commitment, electricity | MWh	1,917

DERIVATIVES (Derivatives Not De

DERIVATIVES (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on commodity derivatives accounted for as cash flow hedging instruments	$ 12,145	$ (5,143)	$ 21,032	$ (8,075)
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on commodity derivatives accounted for as cash flow hedging instruments	12,200	(5,200)	21,000	(8,100)
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	$ (7,900)	$ 1,500	$ (24,500)	$ 1,900

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details)	9 Months Ended
	May 31, 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 ($)	May 31, 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	$ 217.38
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	296.36
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	251.10
Fair value, measurements, recurring | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	415,850,000	$ 449,824,000
Fair value, measurements, recurring | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	11,193,000	202,000
Derivative liabilities	6,325,000	19,000,000
Fair value, measurements, recurring | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	5,482,000	1,484,000
Derivative liabilities	1,236,000	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	415,850,000	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	712,000	202,000
Derivative liabilities	6,325,000	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	5,482,000	1,484,000
Derivative liabilities	1,236,000	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	10,481,000	0
Derivative liabilities	0	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	9 Months Ended
	May 31, 2021	May 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (4,285)	$ (15,007)
Ending balance	10,481	10,481
Recognized in earnings	$ (693)	$ (946)

FAIR VALUE (Financial Assets _2

FAIR VALUE (Financial Assets and Liabilities Not Required to Be Measured at Fair Value) (Details) - USD ($) $ in Thousands	May 31, 2021	Aug. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	$ 1,085,368	$ 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	298,455	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	318,003	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	347,912	345,335
Short-term borrowings
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		0
Short-term borrowings | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	28,900	0
Revolving credit facility | Poland Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	54,606	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	$ 54,606	$ 40,713

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2019	May 31, 2021	May 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years			3 years
Stock-based compensation	$ 13,800	$ 6,170	$ 35,558	$ 21,975
Share-based Payment Arrangement, Expense	$ 3,200		$ 5,000
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	711,148		711,148
Equivalent shares expected to vest	675,590		675,590

STOCKHOLDERS EQUITY AND EARNI_2

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($)	3 Months Ended	9 Months Ended
	May 31, 2021	May 31, 2021	Feb. 28, 2015
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		9 Months Ended
		May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Earnings Per Share [Abstract]
Earnings from continuing operations		$ 130,408	$ 64,169	$ 260,552	$ 210,520
Basic earnings per share:
Shares outstanding for basic earnings per share (shares)		120,613,652	119,192,962	120,241,579	118,828,870
Basic earnings per share from continuing operations (in USD per share)	[1]	$ 1.08	$ 0.54	$ 2.17	$ 1.77
Diluted earnings per share:
Shares outstanding for basic earnings per share (shares)		120,613,652	119,192,962	120,241,579	118,828,870
Effect of dilutive securities:
Stock-based incentive/purchase plans (shares)		1,580,003	1,085,779	1,610,565	1,448,867
Shares outstanding for diluted earnings per share (shares)		122,193,655	120,278,741	121,852,144	120,277,737
Diluted earnings per share from continuing operations (in USD per share)	[1]	$ 1.07	$ 0.53	$ 2.14	$ 1.75
[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	May 31, 2021	Aug. 31, 2020
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 6.1	$ 3.4
Accrued environmental loss contingencies, noncurrent	$ 2.5	$ 2.7

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details)	9 Months Ended
	May 31, 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			9 Months Ended		12 Months Ended
	May 31, 2021	Aug. 31, 2020	May 31, 2020	May 31, 2021	May 31, 2020	Aug. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,845,041		$ 1,341,683	$ 4,699,114	$ 4,067,354
Adjusted EBITDA	221,121		146,782	506,487	444,308
Total assets	4,391,075	$ 4,081,728		4,391,075		$ 4,081,728
Segments | Continuing Operations
Segment Reporting Information [Line Items]
Net sales	1,845,041		1,341,683	4,699,114	4,067,354
Adjusted EBITDA	221,121	146,782		506,487		444,308
Total assets	4,391,075	4,081,728		4,391,075		4,081,728
Segments | North America
Segment Reporting Information [Line Items]
Net sales	1,558,068		1,167,081	4,010,567	3,545,084
Adjusted EBITDA	207,330	159,394		534,576		486,957
Total assets	3,089,579	2,862,805		3,089,579		2,862,805
Segments | Europe
Segment Reporting Information [Line Items]
Net sales	284,107		173,817	680,769	519,285
Adjusted EBITDA	50,005	14,270		80,582		39,080
Total assets	675,880	532,850		675,880		532,850
Segments | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	1,845,041		1,341,683	4,699,114	4,067,354
Segments | Unaffiliated Customers | North America
Segment Reporting Information [Line Items]
Net sales	1,558,068		1,167,081	4,010,567	3,545,084
Segments | Unaffiliated Customers | Europe
Segment Reporting Information [Line Items]
Net sales	283,713		173,465	679,457	518,161
Segments | Raw materials
Segment Reporting Information [Line Items]
Net sales	352,518		161,673	825,372	541,221
Segments | Raw materials | North America
Segment Reporting Information [Line Items]
Net sales	346,614		159,174	811,863	534,109
Segments | Raw materials | Europe
Segment Reporting Information [Line Items]
Net sales	5,904		2,499	13,509	7,112
Segments | Steel Products
Segment Reporting Information [Line Items]
Net sales	841,172		552,910	2,121,967	1,708,990
Segments | Steel Products | North America
Segment Reporting Information [Line Items]
Net sales	626,084		420,169	1,597,942	1,298,980
Segments | Steel Products | Europe
Segment Reporting Information [Line Items]
Net sales	215,088		132,741	524,025	410,010
Segments | Downstream products
Segment Reporting Information [Line Items]
Net sales	532,158		527,404	1,437,819	1,520,854
Segments | Downstream products | North America
Segment Reporting Information [Line Items]
Net sales	475,714		494,519	1,313,140	1,436,011
Segments | Downstream products | Europe
Segment Reporting Information [Line Items]
Net sales	56,444		32,885	124,679	84,843
Segments | Other
Segment Reporting Information [Line Items]
Net sales	119,193		99,696	313,956	296,289
Segments | Other | North America
Segment Reporting Information [Line Items]
Net sales	109,656		93,219	287,622	275,984
Segments | Other | Europe
Segment Reporting Information [Line Items]
Net sales	6,277		5,340	17,244	16,196
Segments | Corporate
Segment Reporting Information [Line Items]
Net sales	2,866			7,778
Adjusted EBITDA	(36,214)
Total assets	625,616	686,073		625,616		686,073
Segments | Corporate | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	3,260		1,137	9,090	4,109
Segments | Corporate | Raw materials
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	3,260		1,137	9,090	4,109
Segments | Corporate and Other
Segment Reporting Information [Line Items]
Net sales			785		2,985
Adjusted EBITDA		$ (26,882)		(108,671)		$ (81,729)
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	394		352	1,312	1,124
Intersegment | Corporate
Segment Reporting Information [Line Items]
Net sales	$ (394)		$ (352)	$ (1,312)	$ (1,124)

BUSINESS SEGMENTS (Reconciliati

BUSINESS SEGMENTS (Reconciliations of Earnings from Continuing Operations to Adjusted Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2021	May 31, 2020	May 31, 2021	May 31, 2020
Segment Reporting [Abstract]
Earnings from continuing operations	$ 130,408	$ 64,169	$ 260,552	$ 210,520
Interest expense	11,965	15,409	40,245	47,875
Income taxes	38,175	23,804	80,709	73,981
Depreciation and amortization	41,804	41,765	125,176	124,095
Amortization of acquired unfavorable contract backlog	(1,508)	(4,348)	(4,540)	(18,676)
Asset impairments	277	5,983
Adjusted EBITDA	$ 221,121	$ 146,782	$ 506,487	$ 444,308