Commercial Metals (CMC) 10-Q 23 Mar 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Feb. 28, 2022	Mar. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2022
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		121,495,868
Entity Central Index Key	0000022444
Amendment Flag	false
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--08-31
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Income Statement [Abstract]
Net sales		$ 2,008,888	$ 1,462,270	$ 3,990,689	$ 2,854,073
Costs and operating expenses (income):
Cost of goods sold		1,614,965	1,228,343	3,201,375	2,403,162
Selling, general and administrative expenses		127,985	120,829	251,563	234,525
Loss on debt extinguishment		(16,052)	(16,841)	(16,052)	(16,841)
Interest expense		12,011	14,021	23,046	28,280
Asset impairments		1,228	474	1,228	4,068
Gain on sale of assets		(273,099)	(5,412)	(274,082)	(5,481)
Total costs and expenses		1,499,142	1,375,096	3,219,182	2,681,395
Earnings from continuing operations before income taxes		509,746	87,174	771,507	172,678
Income taxes		126,432	20,941	155,304	42,534
Earnings from continuing operations		383,314	66,233	616,203	130,144
Earnings from discontinued operations before income taxes		0	197	0	447
Income taxes		0	73	0	141
Earnings from discontinued operations		0	124	0	306
Net earnings		$ 383,314	$ 66,357	$ 616,203	$ 130,450
Basic earnings per share:
Earnings from continuing operations (in USD per share)	[1]	$ 3.16	$ 0.55	$ 5.08	$ 1.08
Earnings from discontinued operations (in USD per share)	[1]	0	0	0	0
Net earnings (in USD per share)	[1]	3.16	0.55	5.08	1.09
Diluted earnings per share:
Earnings from continuing operations (in USD per share)	[1]	3.12	0.54	5.02	1.07
Earnings from discontinued operations (in USD per share)	[1]	0	0	0	0
Net earnings (in USD per share)	[1]	$ 3.12	$ 0.55	$ 5.02	$ 1.07
Average basic shares outstanding (shares)		121,458,196	120,345,432	121,293,030	120,052,459
Average diluted shares outstanding (shares)		122,852,410	121,751,859	122,747,981	121,672,194
[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 (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 383,314	$ 66,357	$ 616,203	$ 130,450
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustment after reclassification	(14,461)	1,465	(54,149)	(6,923)
Derivatives:
Unrealized holding gain	33,197	7,723	55,451	8,887
Reclassification for realized gain	(5,277)	(259)	(8,346)	(313)
Net unrealized gain on derivatives	27,920	7,464	47,105	8,574
Defined benefit plans loss after amortization of prior service costs and net actuarial losses	(6)	(14)	(12)	(27)
Total other comprehensive income (loss), net of income taxes	13,453	8,915	(7,056)	1,624
Comprehensive income	$ 396,767	$ 75,272	$ 609,147	$ 132,074

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Current assets:
Cash and cash equivalents	$ 846,587	$ 497,745
Restricted cash	153,113	3,384
Accounts receivable (less allowance for doubtful accounts of $5,446 and $5,553)	1,153,868	1,105,580
Inventories, net	1,142,446	935,387
Prepaid and other current assets	192,096	169,649
Assets held for sale	2,138	25,083
Total current assets	3,490,248	2,736,828
Property, plant and equipment, net	1,649,264	1,566,123
Goodwill	65,775	66,137
Other noncurrent assets	298,933	269,583
Total assets	5,504,220	4,638,671
Current liabilities:
Accounts payable	414,025	450,723
Accrued expenses and other payables	383,622	475,384
Current maturities of long-term debt and short-term borrowings	27,554	54,366
Total current liabilities	825,201	980,473
Deferred income taxes	146,179	112,067
Other noncurrent liabilities	217,138	235,607
Long-term debt	1,445,755	1,015,415
Total liabilities	2,634,273	2,343,562
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 121,495,868 and 120,586,589 shares	1,290	1,290
Additional paid-in capital	366,162	368,064
Accumulated other comprehensive loss	(91,876)	(84,820)
Retained earnings	2,745,117	2,162,925
Less treasury stock 7,564,796 and 8,474,075 shares at cost	(150,978)	(152,582)
Stockholders' equity	2,869,715	2,294,877
Stockholders' equity attributable to non-controlling interests	232	232
Total stockholders' equity	2,869,947	2,295,109
Total liabilities and stockholders' equity	$ 5,504,220	$ 4,638,671

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 5,446	$ 5,553
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	121,495,868	120,586,589
Treasury stock, shares	7,564,796	8,474,075

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Cash flows from (used by) operating activities:
Net earnings	$ 383,314	$ 66,357	$ 616,203	$ 130,450
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization			82,360	83,372
Stock-based compensation	16,251		25,870	21,758
Deferred income taxes and other long-term taxes			34,980	(8,129)
Loss on debt extinguishment	(16,052)	(16,841)	(16,052)	(16,841)
Asset impairments			1,228	4,068
Other			835	(105)
Amortization of acquired unfavorable contract backlog	0	(1,509)	0	(3,032)
Net gain on disposals of assets and other	(273,099)	(5,412)	(274,082)	(5,481)
Changes in operating assets and liabilities			(449,078)	(238,539)
Net cash flows from operating activities			54,368	1,203
Cash flows from (used by) investing activities:
Proceeds from the sale of property, plant and equipment and other			309,563	20,338
Capital expenditures			(191,562)	(87,688)
Proceeds from insurance			3,081	0
Net cash flows from (used by) investing activities			121,082	(67,350)
Cash flows from (used by) financing activities:
Proceeds from issuance of long-term debt, net			740,403	296,250
Repayments of long-term debt			(313,174)	(357,792)
Debt extinguishment costs			(13,642)	(13,051)
Debt issuance costs			(2,977)	(1,124)
Proceeds from accounts receivable facilities			190,730	8,848
Repayments under accounts receivable facilities			(215,196)	(8,848)
Dividends			(34,011)	(28,833)
Treasury stock acquired			(17,010)	0
Stock issued under incentive and purchase plans, net of forfeitures			(10,719)	(4,536)
Contribution from non-controlling interest		19	0	19
Net cash flows from (used by) financing activities			324,404	(109,067)
Effect of exchange rate changes on cash			(1,283)	(419)
Increase (decrease) in cash, restricted cash and cash equivalents			498,571	(175,633)
Cash, restricted cash and cash equivalents at beginning of period	999,700	369,331	999,700	369,331
Cash, restricted cash and cash equivalents at end of period	$ 999,700	$ 369,331	$ 999,700	$ 369,331

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Supplemental information:
Cash paid for income taxes	$ 133,194	$ 48,757
Cash paid for interest	24,916	34,094
Noncash activities:
Liabilities related to additions of property, plant and equipment	35,781	16,252
Cash and cash equivalents	846,587	367,347
Restricted cash	153,113	1,984
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 999,700	$ 369,331

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, shares at Aug. 31, 2020		129,060,664
Beginning balance at Aug. 31, 2020	$ 1,889,413	$ 1,290	$ 358,912	$ (103,764)	$ 1,807,826	$ (175,063)	$ 212
Beginning balance, treasury stock, shares at Aug. 31, 2020						(9,839,759)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	130,450				130,450
Other comprehensive income (loss)	1,624
Dividends	(28,833)
Issuance of stock under incentive and purchase plans, net of forfeitures	(4,536)		(25,647)			$ 21,111
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,287,310
Stock-based compensation	15,935		15,935
Contribution from non-controlling interest	19						19
Reclassification of share-based liability awards	5,420		5,420
Ending balance, shares at Feb. 28, 2021		129,060,664
Ending balance at Feb. 28, 2021	2,009,492	$ 1,290	354,620	(102,140)	1,909,443	$ (153,952)	231
Ending balance, treasury stock, shares at Feb. 28, 2021						(8,552,449)
Beginning balance, shares at Nov. 30, 2020		129,060,664
Beginning balance at Nov. 30, 2020	1,934,899	$ 1,290	348,816	(111,055)	1,857,513	$ (161,877)	212
Beginning balance, treasury stock, shares at Nov. 30, 2020						(8,992,643)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	66,357				66,357
Other comprehensive income (loss)	8,915
Dividends	(14,427)				(14,427)
Issuance of stock under incentive and purchase plans, net of forfeitures	5,805		(2,120)			$ 7,925
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						440,194
Stock-based compensation	7,924		7,924
Contribution from non-controlling interest	19						19
Ending balance, shares at Feb. 28, 2021		129,060,664
Ending balance at Feb. 28, 2021	$ 2,009,492	$ 1,290	354,620	(102,140)	1,909,443	$ (153,952)	231
Ending balance, treasury stock, shares at Feb. 28, 2021						(8,552,449)
Beginning balance, shares at Aug. 31, 2021	129,060,664	129,060,664
Beginning balance at Aug. 31, 2021	$ 2,295,109	$ 1,290	368,064	(84,820)	2,162,925	$ (152,582)	232
Beginning balance, treasury stock, shares at Aug. 31, 2021	(8,474,075)					(8,474,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 616,203				616,203
Other comprehensive income (loss)	(7,056)
Dividends	$ (34,011)
Treasury stock acquired, shares	(495,000)					(495,000)
Treasury stock acquired	$ (17,010)					$ (17,010)
Issuance of stock under incentive and purchase plans, net of forfeitures	(10,719)		(29,333)			$ 18,614
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						1,404,279
Stock-based compensation	18,340		18,340
Contribution from non-controlling interest	0
Reclassification of share-based liability awards	$ 9,091		9,091
Ending balance, shares at Feb. 28, 2022	129,060,664	129,060,664
Ending balance at Feb. 28, 2022	$ 2,869,947	$ 1,290	366,162	(91,876)	2,745,117	$ (150,978)	232
Ending balance, treasury stock, shares at Feb. 28, 2022	(7,564,796)					(7,564,796)
Beginning balance, shares at Nov. 30, 2021		129,060,664
Beginning balance at Nov. 30, 2021	$ 2,486,189	$ 1,290	357,413	(105,329)	2,378,789	$ (146,206)	232
Beginning balance, treasury stock, shares at Nov. 30, 2021						(7,580,725)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	383,314				383,314
Other comprehensive income (loss)	13,453
Dividends	$ (16,986)				(16,986)
Treasury stock acquired, shares	(335,500)					(335,500)
Treasury stock acquired	$ (11,699)					$ (11,699)
Issuance of stock under incentive and purchase plans, net of forfeitures	5,652		(1,275)			$ 6,927
Issuance of stock under incentive and purchase plans, net of forfeitures, shares						351,429
Stock-based compensation	$ 10,024		10,024
Ending balance, shares at Feb. 28, 2022	129,060,664	129,060,664
Ending balance at Feb. 28, 2022	$ 2,869,947	$ 1,290	$ 366,162	$ (91,876)	$ 2,745,117	$ (150,978)	$ 232
Ending balance, treasury stock, shares at Feb. 28, 2022	(7,564,796)					(7,564,796)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in USD per share)	$ 0.14	$ 0.12	$ 0.28	$ 0.24

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
Accounting policies	NOTE 1. ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") on a basis consistent with that used in the Annual Report on Form 10-K for the year ended August 31, 2021 (the "2021 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 and notes included in the 2021 Form 10-K. The results of operations for the three and six month periods are not necessarily indicative of the results to be expected for the full fiscal year. Any reference in this Form 10-Q to the "corresponding period" relates to the relevant three or six month period ended February 28, 2021. Any reference in this Form 10-Q to a year refers to the fiscal year ended August 31st of that year, unless otherwise noted. Recently Issued Accounting Pronouncements In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This standard is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

CHANGES IN BUSINESS

CHANGES IN BUSINESS	6 Months Ended
	Feb. 28, 2022
Business Combinations [Abstract]
Changes in Business	NOTE 2. CHANGES IN BUSINESS Pending Acquisition On December 3, 2021, the Company signed a definitive agreement to acquire TAC Acquisition Corp. ("Tensar"), a portfolio company of Castle Harlan Inc.’s fund, Castle Harlan Partners V, L.P., and a leading global provider of engineered solutions for subgrade reinforcement and soil stabilization used in road, infrastructure and commercial construction projects. The transaction is expected to close during the third quarter of 2022, and is subject to the satisfaction or waiver of customary closing conditions, including customary regulatory review. Upon closing, the Company will pay a cash purchase price of approximately $550.0 million, subject to customary purchase price adjustments. The transaction is not contingent on any financing arrangements. Facility Closure and Disposition In October 2019, the Company closed the melting operations at its Rancho Cucamonga facility, which was part of the North America segment, and in August 2020, the Company announced plans to sell the facility. Additionally, in September 2021, the Company ceased operations at a rebar fabrication facility adjacent to the Rancho Cucamonga facility. Due to these closures, the Company recorded $5.4 million and $13.4 million of expenses in the three and six months ended February 28, 2021 related to asset impairments, severance, pension curtailment, environmental obligations and vendor agreement terminations. Expenses recorded in the three and six months ended February 28, 2022 were immaterial. The closures did not meet the criteria for discontinued operations. As of August 31, 2021, the associated assets of the Rancho Cucamonga facility and the adjacent rebar fabrication facility ("the Rancho Cucamonga facilities"), comprised of property, plant and equipment, net, met the criteria for classification as held for sale. As such, the Company classified $24.9 million within assets held for sale in the Company's consolidated balance sheets as of August 31, 2021. On September 29, 2021, the Company entered into a definitive agreement to sell the assets associated with the Rancho Cucamonga facilities. On December 28, 2021, the sale of the Rancho Cucamonga facilities was completed for gross proceeds of $313.0 million. A portion of the gross proceeds amounting to $39.0 million were set aside in a restricted cash account to facilitate the purchase of like-kind assets. In January 2022, the Company used $7.5 million of the restricted cash on a purchase of a like-kind asset. The remaining balance of $31.5 million was included in restricted cash as of February 28, 2022.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Feb. 28, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive income (loss)	NOTE 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables reflect the changes in accumulated other comprehensive income (loss) ("AOCI"): Three Months Ended February 28, 2022 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Obligation Total AOCI Balance, December 1, 2021 $ (145,368) $ 40,966 $ (927) $ (105,329) Other comprehensive income (loss) before reclassifications (14,461) 41,044 (8) 26,575 Reclassification for gain (1) — (6,536) — (6,536) Income tax (expense) benefit — (6,588) 2 (6,586) Net other comprehensive income (loss) (14,461) 27,920 (6) 13,453 Balance, February 28, 2022 $ (159,829) $ 68,886 $ (933) $ (91,876) Six Months Ended February 28, 2022 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Obligation Total AOCI Balance, September 1, 2021 $ (105,680) $ 21,781 $ (921) $ (84,820) Other comprehensive income (loss) before reclassifications (54,149) 68,518 (16) 14,353 Reclassification for gain (1) — (10,325) — (10,325) Income tax (expense) benefit — (11,088) 4 (11,084) Net other comprehensive income (loss) (54,149) 47,105 (12) (7,056) Balance, February 28, 2022 $ (159,829) $ 68,886 $ (933) $ (91,876) Three Months Ended February 28, 2021 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Obligation Total AOCI Balance, December 1, 2020 $ (96,321) $ (10,224) $ (4,510) $ (111,055) Other comprehensive income (loss) before reclassifications 1,465 9,535 (14) 10,986 Reclassification for gain (1) — (320) — (320) Income tax expense — (1,751) — (1,751) Net other comprehensive income (loss) 1,465 7,464 (14) 8,915 Balance, February 28, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) Six Months Ended February 28, 2021 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Obligation Total AOCI Balance, September 1, 2020 $ (87,933) $ (11,334) $ (4,497) $ (103,764) Other comprehensive income (loss) before reclassifications (6,923) 10,972 (34) 4,015 Reclassification for gain (1) — (387) — (387) Income tax (expense) benefit — (2,011) 7 (2,004) Net other comprehensive income (loss) (6,923) 8,574 (27) 1,624 Balance, February 28, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) _________________ (1) Reclassifications for gains on derivatives included in net earnings are recorded in cost of goods sold in the condensed consolidated statements of earnings.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Feb. 28, 2022
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 8% and 9% of net sales in the North America segment in the three and six months ended February 28, 2022, respectively, and 11% and 12% of net sales in the North America segment in the three and six months ended February 28, 2021, respectively. Revenue from contracts where the Company does not provide installation services is recognized over time using an output measure, and these contracts represented 8% and 9% of net sales in the North America segment in the three and six months ended February 28, 2022, respectively, and 9% of net sales in the North America segment in the three and six months ended February 28, 2021. 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) February 28, 2022 August 31, 2021 Contract assets (included in accounts receivable) $ 61,884 $ 64,168 Contract liabilities (included in accrued expenses and other payables) 25,302 23,948 The amount of revenue reclassified from August 31, 2021 contract liabilities during the six months ended February 28, 2022 was approximately $16.8 million. Remaining Performance Obligations Remaining performance obligations represent the transaction price of fabricated product contracts where revenue is recognized using an input or output measure for which work has not yet been performed. As of February 28, 2022, $805.9 million was allocated to remaining performance obligations in the North America segment related to those contracts.

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
	Feb. 28, 2022
Inventory Disclosure [Abstract]
Inventories, net	NOTE 5. INVENTORIES, NET The majority of the Company's inventories are in the form of semi-finished and finished goods. Under the Company’s business model, products are sold to external customers in various stages, from semi-finished billets through fabricated steel, leading these categories to be combined. As such, at February 28, 2022 and August 31, 2021, work in process inventories were immaterial. At February 28, 2022 and August 31, 2021, the Company's raw materials inventories were $319.2 million and $286.1 million, respectively.

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES	6 Months Ended
	Feb. 28, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangibles	NOTE 6. GOODWILL AND OTHER INTANGIBLES Goodwill by reportable segment at February 28, 2022 is detailed in the following table: (in thousands) North America Europe Consolidated Goodwill, gross (1) $ 71,941 $ 4,014 $ 75,955 Accumulated impairment (1) (10,036) (144) (10,180) Goodwill, net (1) $ 61,905 $ 3,870 $ 65,775 _________________ (1) The change in balance from August 31, 2021 was immaterial. The total gross carrying amounts of the Company's intangible assets subject to amortization were $20.2 million and $21.7 million, and the total net carrying amounts were $8.7 million and $10.1 million at February 28, 2022 and August 31, 2021, respectively. These assets were included in other noncurrent assets on the Company's condensed consolidated balance sheets. Amortization expense from continuing operations related to such intangible assets was immaterial for the three and six months ended February 28, 2022 and 2021. Excluding goodwill, the Company did not have any significant intangible assets with indefinite lives at February 28, 2022.

LEASES

LEASES	6 Months Ended
	Feb. 28, 2022
Leases [Abstract]
Operating Leases	NOTE 7. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheets: (in thousands) Classification in Condensed Consolidated Balance Sheets February 28, 2022 August 31, 2021 Assets: Operating assets Other noncurrent assets $ 113,446 $ 112,202 Finance assets Property, plant and equipment, net 54,793 55,308 Total leased assets $ 168,239 $ 167,510 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 28,229 $ 26,433 Long-term Other noncurrent liabilities 93,272 93,409 Total operating lease liabilities 121,501 119,842 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 16,639 16,040 Long-term Long-term debt 33,762 36,104 Total finance lease liabilities 50,401 52,144 Total lease liabilities $ 171,902 $ 171,986 The components of lease expense were as follows: Three Months Ended February 28, Six Months Ended February 28, (in thousands) 2022 2021 2022 2021 Operating lease expense $ 8,748 $ 8,651 $ 17,332 $ 17,373 Finance lease expense: Amortization of assets 3,219 3,219 6,454 6,458 Interest on lease liabilities 498 563 1,012 1,118 Total finance lease expense 3,717 3,782 7,466 7,576 Variable and short-term lease expense 4,989 4,324 10,151 9,286 Total lease expense $ 17,454 $ 16,757 $ 34,949 $ 34,235 The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table: February 28, 2022 August 31, 2021 Weighted average remaining lease term (years) Operating leases 5.8 6.2 Finance leases 3.3 3.6 Weighted average discount rate Operating leases 4.262 % 4.451 % Finance leases 3.903 % 4.079 % Cash flow and other information related to leases is included in the following table: Six Months Ended February 28, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 17,720 $ 17,812 Operating cash outflows from finance leases 1,019 1,125 Financing cash outflows from finance leases 8,445 7,761 Right of use assets obtained in exchange for lease obligations: Operating leases $ 19,009 $ 20,249 Finance leases 6,716 8,784 Future maturities of lease liabilities at February 28, 2022 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,908 $ 18,354 Year 2 27,741 15,949 Year 3 22,178 12,047 Year 4 17,363 5,232 Year 5 11,850 1,719 Thereafter 26,761 410 Total lease payments 138,801 53,711 Less imputed interest (17,300) (3,310) Present value of lease liabilities $ 121,501 $ 50,401
Finance Leases	NOTE 7. LEASES The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheets: (in thousands) Classification in Condensed Consolidated Balance Sheets February 28, 2022 August 31, 2021 Assets: Operating assets Other noncurrent assets $ 113,446 $ 112,202 Finance assets Property, plant and equipment, net 54,793 55,308 Total leased assets $ 168,239 $ 167,510 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 28,229 $ 26,433 Long-term Other noncurrent liabilities 93,272 93,409 Total operating lease liabilities 121,501 119,842 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 16,639 16,040 Long-term Long-term debt 33,762 36,104 Total finance lease liabilities 50,401 52,144 Total lease liabilities $ 171,902 $ 171,986 The components of lease expense were as follows: Three Months Ended February 28, Six Months Ended February 28, (in thousands) 2022 2021 2022 2021 Operating lease expense $ 8,748 $ 8,651 $ 17,332 $ 17,373 Finance lease expense: Amortization of assets 3,219 3,219 6,454 6,458 Interest on lease liabilities 498 563 1,012 1,118 Total finance lease expense 3,717 3,782 7,466 7,576 Variable and short-term lease expense 4,989 4,324 10,151 9,286 Total lease expense $ 17,454 $ 16,757 $ 34,949 $ 34,235 The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table: February 28, 2022 August 31, 2021 Weighted average remaining lease term (years) Operating leases 5.8 6.2 Finance leases 3.3 3.6 Weighted average discount rate Operating leases 4.262 % 4.451 % Finance leases 3.903 % 4.079 % Cash flow and other information related to leases is included in the following table: Six Months Ended February 28, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 17,720 $ 17,812 Operating cash outflows from finance leases 1,019 1,125 Financing cash outflows from finance leases 8,445 7,761 Right of use assets obtained in exchange for lease obligations: Operating leases $ 19,009 $ 20,249 Finance leases 6,716 8,784 Future maturities of lease liabilities at February 28, 2022 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,908 $ 18,354 Year 2 27,741 15,949 Year 3 22,178 12,047 Year 4 17,363 5,232 Year 5 11,850 1,719 Thereafter 26,761 410 Total lease payments 138,801 53,711 Less imputed interest (17,300) (3,310) Present value of lease liabilities $ 121,501 $ 50,401

CREDIT ARRANGEMENTS

CREDIT ARRANGEMENTS	6 Months Ended
	Feb. 28, 2022
Debt Disclosure [Abstract]
Credit arrangements	NOTE 8. CREDIT ARRANGEMENTS Long-term debt was as follows: (in thousands) Weighted Average Interest Rate as of February 28, 2022 February 28, 2022 August 31, 2021 2032 Notes 4.375% $ 300,000 $ — 2031 Notes 3.875% 300,000 300,000 2030 Notes 4.125% 300,000 — 2027 Notes 5.375% — 300,000 2023 Notes 4.875% 330,000 330,000 Series 2022 Bonds, due 2047 4.000% 145,060 — Poland Term Loan 4.780% 40,923 49,726 Short-term borrowings 2.750% — 26,560 Other 5.100% 19,492 19,492 Finance leases 50,401 52,144 Total debt 1,485,876 1,077,922 Less unamortized debt issuance costs (17,503) (8,141) Plus unamortized bond premium 4,936 — Total amounts outstanding 1,473,309 1,069,781 Less current maturities of long-term debt and short-term borrowings (27,554) (54,366) Long-term debt $ 1,445,755 $ 1,015,415 The Company's credit arrangements require compliance with certain non-financial and financial covenants, including an interest coverage ratio and a debt to capitalization ratio. At February 28, 2022, the Company was in compliance with all covenants contained in its credit arrangements. Senior Notes Activity In January 2022, the Company issued $300.0 million of 4.125% Senior Notes due January 2030 (the "2030 Notes") and $300.0 million of 4.375% Senior Notes due March 2032 (the "2032 Notes"). Aggregate issuance costs associated with the 2030 Notes and 2032 Notes were approximately $9.4 million. Interest on the 2030 Notes is payable semiannually on January 15 and July 15. Interest on the 2032 Notes is payable semiannually on March 15 and September 15. In July 2017, the Company issued $300.0 million of 5.375% Senior Notes due July 2027 (the “2027 Notes”). In February 2022, the Company redeemed all of the 2027 Notes and recognized a $16.1 million loss on debt extinguishment. Series 2022 Bonds In February 2022, the Company announced the issuance of $145.1 million in original aggregate principal amount of tax-exempt bonds (the “Series 2022 Bonds”) by the Industrial Development Authority of the County of Maricopa (the "MCIDA"). The Series 2022 Bonds were priced to yield 3.5% and provided gross proceeds of $150.0 million. The proceeds were loaned to the Company pursuant to a loan agreement between the Company and the MCIDA, and will be used to fund a portion of the acquisition, construction, equipping and/or operation, as applicable, of the Company’s third micro mill, to be located in Mesa, Arizona. Proceeds from the Series 2022 Bonds are being held in a trust account and will be disbursed as qualified expenditures are made for the construction of the micro mill. As of February 28, 2022, $31.0 million of proceeds were disbursed from the trust account. Remaining proceeds from the Series 2022 Bonds were recorded as restricted cash in the condensed consolidated balance sheet as of February 28, 2022. Issuance costs associated with the Series 2022 Bonds were $3.1 million. The Series 2022 Bonds accrue interest at 4.0%, payable semiannually, and have a maturity date in October 2047. Credit Facilities The Company had no amounts drawn under its $400.0 million revolving credit facility (the "Revolver") at February 28, 2022 or August 31, 2021. The availability under the Revolver was reduced by outstanding stand-by letters of credit totaling $1.4 million and $3.0 million at February 28, 2022 and August 31, 2021, respectively. The Company has a Term Loan facility (the "Poland Term Loan") through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP"). At February 28, 2022, PLN 171.4 million, or $40.9 million, was outstanding, compared to the maximum amount available under the facility, PLN 190.5 million, or $49.7 million, which was outstanding as of August 31, 2021. The Company also has credit facilities in Poland through its subsidiary, CMCP. At February 28, 2022 and August 31, 2021, CMCP's credit facilities totaled PLN 300.0 million, or $71.6 million and $78.3 million, respectively. There were no amounts outstanding under these facilities as of February 28, 2022 or August 31, 2021. 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 $4.1 million and $5.7 million at February 28, 2022 and August 31, 2021, respectively. Accounts Receivable Facilities The Company had no advance payments outstanding under its U.S. trade accounts receivable facility at February 28, 2022 or August 31, 2021.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Feb. 28, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 9. DERIVATIVES The Company's global operations and product lines expose it to risks from fluctuations in metal commodity prices, foreign currency exchange rates, interest rates and natural gas, electricity and other energy prices. One objective of the Company's risk management program is to mitigate these risks using derivative instruments. The Company enters into (i) metal commodity futures and forward contracts to mitigate the risk of unanticipated changes in net earnings 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) natural gas and electricity commodity derivatives to mitigate the risk related to price volatility of these commodities. At February 28, 2022, the notional values of the Company's foreign currency and commodity contract commitments were $324.5 million and $243.2 million, respectively. At August 31, 2021, the notional values of the Company's foreign currency and commodity contract commitments were $389.5 million and $213.4 million, respectively. The following table provides information regarding the Company's commodity contract commitments at February 28, 2022: Commodity Long/Short Total Aluminum Long 3,675 MT Aluminum Short 2,150 MT Copper Long 431 MT Copper Short 9,662 MT Electricity Long 1,767,000 MW(h) Natural Gas Long 4,890,200 MMBtu _________________ MT = Metric Ton MW(h) = Megawatt hour MMBtu = Metric Million British thermal unit 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. The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the condensed consolidated statements of earnings. All other activity related to the Company's derivative instruments and hedged items was immaterial for the periods presented. Three Months Ended February 28, Six Months Ended February 28, Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) Primary Location 2022 2021 2022 2021 Commodity Cost of goods sold $ (2,214) $ (11,025) $ 532 $ (16,614) Foreign exchange SG&A expenses (1,048) (125) (9,043) (1,990) Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Loss (in thousands) Three Months Ended February 28, Six Months Ended February 28, 2022 2021 2022 2021 Commodity $ 33,190 $ 7,723 $ 55,365 $ 8,887 The Company's natural gas and electricity commodity derivatives accounted for as cash flow hedging instruments have maturities extending to February 2025 and December 2030, respective ly. Included in the AOCI balance as of February 28, 2022 was an estimated net gain of $7.7 million from cash flow hedging instruments that is expected to be reclassified into earnings within the next twelve months. See Note 10, Fair Value, for the fair value of the Company's derivative instruments recorded in the condensed consol

FAIR VALUE

FAIR VALUE	6 Months Ended
	Feb. 28, 2022
Fair Value Disclosures [Abstract]
Fair value	NOTE 10. FAIR VALUE The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Levels within the hierarchy are defined within the Nature of Operations and Summary of Significant Accounting Policies footnote in the 2021 Form 10-K. The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) February 28, 2022 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 809,220 $ 809,220 $ — $ — Commodity derivative assets (2) 82,672 3,793 — 78,879 Foreign exchange derivative assets (2) 1,983 — 1,983 — Liabilities: Commodity derivative liabilities (2) 2,043 2,043 — — Foreign exchange derivative liabilities (2) 8,104 — 8,104 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2021 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 441,297 $ 441,297 $ — $ — Commodity derivative assets (2) 27,323 910 — 26,413 Foreign exchange derivative assets (2) 2,537 — 2,537 — Liabilities: Commodity derivative liabilities (2) 1,352 1,352 — — Foreign exchange derivative liabilities (2) 1,880 — 1,880 — _________________ (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. The following table summarizes the floating rate used to measure the fair value of the commodity derivative at February 28, 2022 and 2021: Floating rate (PLN) February 28, Low High Average 2022 271.87 815.64 451.69 2021 151.74 264.53 221.74 Below is a reconciliation of the beginning and ending balances of the Level 3 commodity derivative recognized in the condensed consolidated statements of comprehensive income. The fluctuation in energy rates over time causes volatility in the fair value estimate and is the primary reason for unrealized gains included in other comprehensive income ("OCI") in the three and six months ended February 28, 2022 and 2021. (in thousands) Three Months Ended February 28, 2022 Balance, December 1, 2021 $ 47,892 Total gains, realized and unrealized Unrealized holding gain before reclassification (1) 36,630 Reclassification for gain included in net earnings (2) (5,643) Balance, February 28, 2022 $ 78,879 (in thousands) Six Months Ended February 28, 2022 Balance, September 1, 2021 $ 26,413 Total gains, realized and unrealized Unrealized holding gain before reclassification (1) 61,838 Reclassification for gain included in net earnings (2) (9,372) Balance, February 28, 2022 $ 78,879 (in thousands) Three Months Ended February 28, 2021 Balance, December 1, 2020 $ (13,614) Total gains, realized and unrealized Unrealized holding gain before reclassification (1) 9,582 Reclassification for gain included in net earnings (2) (253) Balance, February 28, 2021 $ (4,285) (in thousands) Six Months Ended February 28, 2021 Balance, September 1, 2020 $ (15,007) Total losses, realized and unrealized Unrealized holding gain before reclassification (1) 10,975 Reclassification for gain included in net earnings (2) (253) Balance, February 28, 2021 $ (4,285) ________________ (1) Unrealized holding gains, less amounts reclassified, are included in OCI in the condensed consolidated statements of comprehensive income. (2) Gains 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 six months ended February 28, 2022 or 2021. The carrying values of the Company's short-term items, including documentary letters of credit and notes payable, approximate fair value. The carrying values and estimated fair values of the Company's financial assets and liabilities that are not required to be measured at fair value on the condensed consolidated balance sheets were as follows: February 28, 2022 August 31, 2021 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2032 Notes (1) Level 2 $ 300,000 $ 289,962 $ — $ — 2031 Notes (1) Level 2 300,000 282,312 300,000 306,279 2030 Notes (1) Level 2 300,000 291,018 — — 2027 Notes (1) Level 2 — — 300,000 316,839 2023 Notes (1) Level 2 330,000 337,055 330,000 348,071 Series 2022 Bonds, due 2047 (1) Level 2 145,060 150,430 — — Poland Term Loan (2) Level 2 40,923 40,923 49,726 49,726 Short-term borrowings (2) Level 2 — — 26,560 26,560 _________________ (1) The fair values of the notes and the Series 2022 Bonds 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	6 Months Ended
	Feb. 28, 2022
Share-based Payment Arrangement [Abstract]
Stock-based compensation plans	NOTE 11. STOCK-BASED COMPENSATION PLANS The Company's stock-based compensation plans are described in Note 13, Stock-Based Compensation Plans, to the consolidated financial statements in the 2021 Form 10-K. In general, restricted stock units 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 vest after a period of three years. During the six months ended February 28, 2022 and 2021, the Company granted the following awards under its stock-based compensation plans: February 28, 2022 February 28, 2021 (in thousands, except share and per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity method 1,440 $ 27.95 1,512 $ 20.51 Liability method 261 N/A 324 N/A The Company recorded immaterial mark-to-market adjustments on liability awards for the three and six months ended February 28, 2022 and 2021. At February 28, 2022, the Company had outstanding 591,483 equivalent shares accounted for under the liability method. The Company expects 561,908 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 February 28, Six Months Ended February 28, (in thousands) 2022 2021 2022 2021 Stock-based compensation expense $ 16,251 $ 12,696 $ 25,870 $ 21,758

STOCKHOLDERS EQUITY AND EARNING

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE	6 Months Ended
	Feb. 28, 2022
Earnings Per Share [Abstract]
Stockholder's equity and earnings per share	NOTE 12. STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE Basic EPS is computed based on the weighted average shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average shares of common stock plus the effect of dilutive securities outstanding during the period using the treasury stock method. The effect of dilutive securities includes the impact of outstanding stock-based incentive awards and shares purchased by employees through participation in the Company's employee stock purchase plan. The calculations of basic and diluted EPS from continuing operations were as follows: Three Months Ended February 28, Six Months Ended February 28, (in thousands, except share and per share data) 2022 2021 2022 2021 Earnings from continuing operations $ 383,314 $ 66,233 $ 616,203 $ 130,144 Average basic shares outstanding 121,458,196 120,345,432 121,293,030 120,052,459 Effect of dilutive securities 1,394,214 1,406,427 1,454,951 1,619,735 Average diluted shares outstanding 122,852,410 121,751,859 122,747,981 121,672,194 Earnings per share from continuing operations: Basic $ 3.16 $ 0.55 $ 5.08 $ 1.08 Diluted $ 3.12 $ 0.54 $ 5.02 $ 1.07 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 EPS calculation until the shares vest.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	NOTE 13. COMMITMENTS AND CONTINGENCIES In the ordinary course of conducting its business, the Company becomes involved in litigation, administrative proceedings and governmental investigations, including environmental matters. At February 28, 2022 and August 31, 2021, the amounts accrued for cleanup and remediation costs at certain sites in response to statutes enforced by the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ("CERCLA") were immaterial. Total accrued environmental liabilities, including CERCLA sites, were $4.3 million and $7.1 million at February 28, 2022 and August 31, 2021, respectively, of which $2.2 million and $2.3 million were classified as other long-term liabilities at February 28, 2022 and August 31, 2021, 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.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Feb. 28, 2022
Segment Reporting [Abstract]
Business segments	NOTE 14. BUSINESS SEGMENTS The Company structures its business into two reportable segments: North America and Europe. See Note 1, Nature of Operations and Summary of Significant Accounting Policies, to the consolidated financial statements in the 2021 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 and Corporate and Other: Three Months Ended February 28, 2022 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,614,224 $ 395,758 $ (1,094) $ 2,008,888 Adjusted EBITDA 535,463 81,149 (52,493) 564,119 Six Months Ended February 28, 2022 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 3,267,846 $ 724,814 $ (1,971) $ 3,990,689 Adjusted EBITDA 803,987 160,981 (86,827) 878,141 Total assets at February 28, 2022 3,553,719 823,127 1,127,374 5,504,220 Three Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,257,486 $ 202,066 $ 2,718 $ 1,462,270 Adjusted EBITDA 171,612 16,107 (45,986) 141,733 Six Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 2,452,499 $ 396,662 $ 4,912 $ 2,854,073 Adjusted EBITDA 327,246 30,577 (72,457) 285,366 Total assets at August 31, 2021 3,221,465 729,766 687,440 4,638,671 The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations: Three Months Ended February 28, Six Months Ended February 28, (in thousands) 2022 2021 2022 2021 Earnings from continuing operations $ 383,314 $ 66,233 $ 616,203 $ 130,144 Interest expense 12,011 14,021 23,046 28,280 Income taxes 126,432 20,941 155,304 42,534 Depreciation and amortization 41,134 41,573 82,360 83,372 Asset impairments 1,228 474 1,228 4,068 Amortization of acquired unfavorable contract backlog — (1,509) — (3,032) Adjusted EBITDA from continuing operations $ 564,119 $ 141,733 $ 878,141 $ 285,366 Disaggregation of Revenue The following tables display revenue by reportable segment and Corporate and Other from external customers, disaggregated by major product: Three Months Ended February 28, 2022 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 366,941 $ 5,864 $ — $ 372,805 Steel products 666,047 320,414 — 986,461 Downstream products 459,753 59,541 — 519,294 Other 121,483 9,530 (685) 130,328 Net sales from external customers 1,614,224 395,349 (685) 2,008,888 Intersegment net sales, eliminated on consolidation — 409 (409) — Net sales $ 1,614,224 $ 395,758 $ (1,094) $ 2,008,888 Six Months Ended February 28, 2022 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 720,033 $ 12,824 $ — $ 732,857 Steel products 1,341,089 563,559 — 1,904,648 Downstream products 974,149 129,613 — 1,103,762 Other 232,575 17,915 (1,068) 249,422 Net sales from external customers 3,267,846 723,911 (1,068) 3,990,689 Intersegment net sales, eliminated on consolidation — 903 (903) — Net sales $ 3,267,846 $ 724,814 $ (1,971) $ 3,990,689 Three Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 255,012 $ 4,775 $ — $ 259,787 Steel products 514,201 157,482 — 671,683 Downstream products 400,397 33,762 — 434,159 Other 87,876 5,540 3,225 96,641 Net sales from external customers 1,257,486 201,559 3,225 1,462,270 Intersegment net sales, eliminated on consolidation — 507 (507) — Net sales $ 1,257,486 $ 202,066 $ 2,718 $ 1,462,270 Six Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 465,249 $ 7,605 $ — $ 472,854 Steel products 971,858 308,937 — 1,280,795 Downstream products 837,426 68,235 — 905,661 Other 177,966 10,967 5,830 194,763 Net sales from external customers 2,452,499 395,744 5,830 2,854,073 Intersegment net sales, eliminated on consolidation — 918 (918) — Net sales $ 2,452,499 $ 396,662 $ 4,912 $ 2,854,073

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
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, 2021 (the "2021 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 and notes included in the 2021 Form 10-K. The results of operations for the three and six month periods are not necessarily indicative of the results to be expected for the full fiscal year. Any reference in this Form 10-Q to the "corresponding period" relates to the relevant three or six month period ended February 28, 2021. Any reference in this Form 10-Q to a year refers to the fiscal year ended August 31st of that year, unless otherwise noted.
Recently Issued Accounting Pronouncements	In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This standard is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted. The guidance will be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.In November 2021, the Financial Accounting Standards Board issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance. ASU 2021-10 aims to increase the transparency of government assistance through the disclosure of the types of assistance, an entity's accounting for the assistance and the effect of the assistance on an entity's financial statements. This standard is effective for annual periods beginning after December 15, 2021, with early adoption permitted. The Company will continue to evaluate the impact of this guidance based on government assistance received.
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 Nature of Operations and Summary of Significant Accounting Policies footnote in the 2021 Form 10-K.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Feb. 28, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following tables reflect the changes in accumulated other comprehensive income (loss) ("AOCI"): Three Months Ended February 28, 2022 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Obligation Total AOCI Balance, December 1, 2021 $ (145,368) $ 40,966 $ (927) $ (105,329) Other comprehensive income (loss) before reclassifications (14,461) 41,044 (8) 26,575 Reclassification for gain (1) — (6,536) — (6,536) Income tax (expense) benefit — (6,588) 2 (6,586) Net other comprehensive income (loss) (14,461) 27,920 (6) 13,453 Balance, February 28, 2022 $ (159,829) $ 68,886 $ (933) $ (91,876) Six Months Ended February 28, 2022 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Obligation Total AOCI Balance, September 1, 2021 $ (105,680) $ 21,781 $ (921) $ (84,820) Other comprehensive income (loss) before reclassifications (54,149) 68,518 (16) 14,353 Reclassification for gain (1) — (10,325) — (10,325) Income tax (expense) benefit — (11,088) 4 (11,084) Net other comprehensive income (loss) (54,149) 47,105 (12) (7,056) Balance, February 28, 2022 $ (159,829) $ 68,886 $ (933) $ (91,876) Three Months Ended February 28, 2021 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Obligation Total AOCI Balance, December 1, 2020 $ (96,321) $ (10,224) $ (4,510) $ (111,055) Other comprehensive income (loss) before reclassifications 1,465 9,535 (14) 10,986 Reclassification for gain (1) — (320) — (320) Income tax expense — (1,751) — (1,751) Net other comprehensive income (loss) 1,465 7,464 (14) 8,915 Balance, February 28, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) Six Months Ended February 28, 2021 (in thousands) Foreign Currency Translation Derivatives Defined Benefit Obligation Total AOCI Balance, September 1, 2020 $ (87,933) $ (11,334) $ (4,497) $ (103,764) Other comprehensive income (loss) before reclassifications (6,923) 10,972 (34) 4,015 Reclassification for gain (1) — (387) — (387) Income tax (expense) benefit — (2,011) 7 (2,004) Net other comprehensive income (loss) (6,923) 8,574 (27) 1,624 Balance, February 28, 2021 $ (94,856) $ (2,760) $ (4,524) $ (102,140) _________________ (1) Reclassifications for gains on derivatives included in net earnings are recorded in cost of goods sold in the condensed consolidated statements of earnings.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Feb. 28, 2022
Revenue from Contract with Customer [Abstract]
Information avout Assets and Liabilities from Contracts with Customers	The following table provides information about assets and liabilities from contracts with customers: (in thousands) February 28, 2022 August 31, 2021 Contract assets (included in accounts receivable) $ 61,884 $ 64,168 Contract liabilities (included in accrued expenses and other payables) 25,302 23,948

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES (Tables)	6 Months Ended
	Feb. 28, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill	Goodwill by reportable segment at February 28, 2022 is detailed in the following table: (in thousands) North America Europe Consolidated Goodwill, gross (1) $ 71,941 $ 4,014 $ 75,955 Accumulated impairment (1) (10,036) (144) (10,180) Goodwill, net (1) $ 61,905 $ 3,870 $ 65,775 _________________ (1) The change in balance from August 31, 2021 was immaterial.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Feb. 28, 2022
Leases [Abstract]
Schedule of Balance Sheet Components of Leases	The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's condensed consolidated balance sheets: (in thousands) Classification in Condensed Consolidated Balance Sheets February 28, 2022 August 31, 2021 Assets: Operating assets Other noncurrent assets $ 113,446 $ 112,202 Finance assets Property, plant and equipment, net 54,793 55,308 Total leased assets $ 168,239 $ 167,510 Liabilities: Operating lease liabilities: Current Accrued expenses and other payables $ 28,229 $ 26,433 Long-term Other noncurrent liabilities 93,272 93,409 Total operating lease liabilities 121,501 119,842 Finance lease liabilities: Current Current maturities of long-term debt and short-term borrowings 16,639 16,040 Long-term Long-term debt 33,762 36,104 Total finance lease liabilities 50,401 52,144 Total lease liabilities $ 171,902 $ 171,986
Lease Cost	The components of lease expense were as follows: Three Months Ended February 28, Six Months Ended February 28, (in thousands) 2022 2021 2022 2021 Operating lease expense $ 8,748 $ 8,651 $ 17,332 $ 17,373 Finance lease expense: Amortization of assets 3,219 3,219 6,454 6,458 Interest on lease liabilities 498 563 1,012 1,118 Total finance lease expense 3,717 3,782 7,466 7,576 Variable and short-term lease expense 4,989 4,324 10,151 9,286 Total lease expense $ 17,454 $ 16,757 $ 34,949 $ 34,235 The weighted average remaining lease term and discount rate for operating and finance leases are presented in the following table: February 28, 2022 August 31, 2021 Weighted average remaining lease term (years) Operating leases 5.8 6.2 Finance leases 3.3 3.6 Weighted average discount rate Operating leases 4.262 % 4.451 % Finance leases 3.903 % 4.079 %
Cash Flow and Other Information Related to Leases	Six Months Ended February 28, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 17,720 $ 17,812 Operating cash outflows from finance leases 1,019 1,125 Financing cash outflows from finance leases 8,445 7,761 Right of use assets obtained in exchange for lease obligations: Operating leases $ 19,009 $ 20,249 Finance leases 6,716 8,784
Maturity of Operating Lease Liabilities	Future maturities of lease liabilities at February 28, 2022 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,908 $ 18,354 Year 2 27,741 15,949 Year 3 22,178 12,047 Year 4 17,363 5,232 Year 5 11,850 1,719 Thereafter 26,761 410 Total lease payments 138,801 53,711 Less imputed interest (17,300) (3,310) Present value of lease liabilities $ 121,501 $ 50,401
Maturity of Finance Lease Liabilities	Future maturities of lease liabilities at February 28, 2022 are presented in the following table: (in thousands) Operating Leases Finance Leases Year 1 $ 32,908 $ 18,354 Year 2 27,741 15,949 Year 3 22,178 12,047 Year 4 17,363 5,232 Year 5 11,850 1,719 Thereafter 26,761 410 Total lease payments 138,801 53,711 Less imputed interest (17,300) (3,310) Present value of lease liabilities $ 121,501 $ 50,401

CREDIT ARRANGEMENTS (Tables)

CREDIT ARRANGEMENTS (Tables)	6 Months Ended
	Feb. 28, 2022
Debt Disclosure [Abstract]
Long-term debt, including the deferred gain from the termination of the interest rate swaps	Long-term debt was as follows: (in thousands) Weighted Average Interest Rate as of February 28, 2022 February 28, 2022 August 31, 2021 2032 Notes 4.375% $ 300,000 $ — 2031 Notes 3.875% 300,000 300,000 2030 Notes 4.125% 300,000 — 2027 Notes 5.375% — 300,000 2023 Notes 4.875% 330,000 330,000 Series 2022 Bonds, due 2047 4.000% 145,060 — Poland Term Loan 4.780% 40,923 49,726 Short-term borrowings 2.750% — 26,560 Other 5.100% 19,492 19,492 Finance leases 50,401 52,144 Total debt 1,485,876 1,077,922 Less unamortized debt issuance costs (17,503) (8,141) Plus unamortized bond premium 4,936 — Total amounts outstanding 1,473,309 1,069,781 Less current maturities of long-term debt and short-term borrowings (27,554) (54,366) Long-term debt $ 1,445,755 $ 1,015,415

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Feb. 28, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity contract commitments	The following table provides information regarding the Company's commodity contract commitments at February 28, 2022: Commodity Long/Short Total Aluminum Long 3,675 MT Aluminum Short 2,150 MT Copper Long 431 MT Copper Short 9,662 MT Electricity Long 1,767,000 MW(h) Natural Gas Long 4,890,200 MMBtu _________________ MT = Metric Ton MW(h) = Megawatt hour MMBtu = Metric Million British thermal unit
Derivative instruments, gain (loss)	The following tables summarize activities related to the Company's derivative instruments and hedged items recognized in the condensed consolidated statements of earnings. All other activity related to the Company's derivative instruments and hedged items was immaterial for the periods presented. Three Months Ended February 28, Six Months Ended February 28, Gain (Loss) on Derivatives Not Designated as Hedging Instruments (in thousands) Primary Location 2022 2021 2022 2021 Commodity Cost of goods sold $ (2,214) $ (11,025) $ 532 $ (16,614) Foreign exchange SG&A expenses (1,048) (125) (9,043) (1,990) Effective Portion of Derivatives Designated as Cash Flow Hedging Instruments Recognized in Accumulated Other Comprehensive Loss (in thousands) Three Months Ended February 28, Six Months Ended February 28, 2022 2021 2022 2021 Commodity $ 33,190 $ 7,723 $ 55,365 $ 8,887

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Feb. 28, 2022
Fair Value Disclosures [Abstract]
Financial assets and financial liabilities measured at fair value on a recurring basis	The following tables summarize information regarding the Company's financial assets and financial liabilities that were measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using (in thousands) February 28, 2022 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 809,220 $ 809,220 $ — $ — Commodity derivative assets (2) 82,672 3,793 — 78,879 Foreign exchange derivative assets (2) 1,983 — 1,983 — Liabilities: Commodity derivative liabilities (2) 2,043 2,043 — — Foreign exchange derivative liabilities (2) 8,104 — 8,104 — Fair Value Measurements at Reporting Date Using (in thousands) August 31, 2021 Quoted Prices in Significant Other Significant Assets: Investment deposit accounts (1) $ 441,297 $ 441,297 $ — $ — Commodity derivative assets (2) 27,323 910 — 26,413 Foreign exchange derivative assets (2) 2,537 — 2,537 — Liabilities: Commodity derivative liabilities (2) 1,352 1,352 — — Foreign exchange derivative liabilities (2) 1,880 — 1,880 — _________________ (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. The following table summarizes the floating rate used to measure the fair value of the commodity derivative at February 28, 2022 and 2021: Floating rate (PLN) February 28, Low High Average 2022 271.87 815.64 451.69 2021 151.74 264.53 221.74
Fair value, net derivative asset (liability) measured on recurring basis, unobservable input reconciliation	Below is a reconciliation of the beginning and ending balances of the Level 3 commodity derivative recognized in the condensed consolidated statements of comprehensive income. The fluctuation in energy rates over time causes volatility in the fair value estimate and is the primary reason for unrealized gains included in other comprehensive income ("OCI") in the three and six months ended February 28, 2022 and 2021. (in thousands) Three Months Ended February 28, 2022 Balance, December 1, 2021 $ 47,892 Total gains, realized and unrealized Unrealized holding gain before reclassification (1) 36,630 Reclassification for gain included in net earnings (2) (5,643) Balance, February 28, 2022 $ 78,879 (in thousands) Six Months Ended February 28, 2022 Balance, September 1, 2021 $ 26,413 Total gains, realized and unrealized Unrealized holding gain before reclassification (1) 61,838 Reclassification for gain included in net earnings (2) (9,372) Balance, February 28, 2022 $ 78,879 (in thousands) Three Months Ended February 28, 2021 Balance, December 1, 2020 $ (13,614) Total gains, realized and unrealized Unrealized holding gain before reclassification (1) 9,582 Reclassification for gain included in net earnings (2) (253) Balance, February 28, 2021 $ (4,285) (in thousands) Six Months Ended February 28, 2021 Balance, September 1, 2020 $ (15,007) Total losses, realized and unrealized Unrealized holding gain before reclassification (1) 10,975 Reclassification for gain included in net earnings (2) (253) Balance, February 28, 2021 $ (4,285) ________________ (1) Unrealized holding gains, less amounts reclassified, are included in OCI in the condensed consolidated statements of comprehensive income. (2) Gains 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: February 28, 2022 August 31, 2021 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value 2032 Notes (1) Level 2 $ 300,000 $ 289,962 $ — $ — 2031 Notes (1) Level 2 300,000 282,312 300,000 306,279 2030 Notes (1) Level 2 300,000 291,018 — — 2027 Notes (1) Level 2 — — 300,000 316,839 2023 Notes (1) Level 2 330,000 337,055 330,000 348,071 Series 2022 Bonds, due 2047 (1) Level 2 145,060 150,430 — — Poland Term Loan (2) Level 2 40,923 40,923 49,726 49,726 Short-term borrowings (2) Level 2 — — 26,560 26,560 _________________ (1) The fair values of the notes and the Series 2022 Bonds 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)	6 Months Ended
	Feb. 28, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Awards Granted	During the six months ended February 28, 2022 and 2021, the Company granted the following awards under its stock-based compensation plans: February 28, 2022 February 28, 2021 (in thousands, except share and per share data) Shares Granted Weighted Average Grant Date Fair Value Shares Granted Weighted Average Grant Date Fair Value Equity method 1,440 $ 27.95 1,512 $ 20.51 Liability method 261 N/A 324 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 February 28, Six Months Ended February 28, (in thousands) 2022 2021 2022 2021 Stock-based compensation expense $ 16,251 $ 12,696 $ 25,870 $ 21,758

STOCKHOLDERS_ EQUITY AND EARNIN

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE (Tables)	6 Months Ended
	Feb. 28, 2022
Earnings Per Share [Abstract]
Calculations of the basic and diluted earnings per share from continuing operations	The calculations of basic and diluted EPS from continuing operations were as follows: Three Months Ended February 28, Six Months Ended February 28, (in thousands, except share and per share data) 2022 2021 2022 2021 Earnings from continuing operations $ 383,314 $ 66,233 $ 616,203 $ 130,144 Average basic shares outstanding 121,458,196 120,345,432 121,293,030 120,052,459 Effect of dilutive securities 1,394,214 1,406,427 1,454,951 1,619,735 Average diluted shares outstanding 122,852,410 121,751,859 122,747,981 121,672,194 Earnings per share from continuing operations: Basic $ 3.16 $ 0.55 $ 5.08 $ 1.08 Diluted $ 3.12 $ 0.54 $ 5.02 $ 1.07

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Feb. 28, 2022
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 and Corporate and Other: Three Months Ended February 28, 2022 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,614,224 $ 395,758 $ (1,094) $ 2,008,888 Adjusted EBITDA 535,463 81,149 (52,493) 564,119 Six Months Ended February 28, 2022 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 3,267,846 $ 724,814 $ (1,971) $ 3,990,689 Adjusted EBITDA 803,987 160,981 (86,827) 878,141 Total assets at February 28, 2022 3,553,719 823,127 1,127,374 5,504,220 Three Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 1,257,486 $ 202,066 $ 2,718 $ 1,462,270 Adjusted EBITDA 171,612 16,107 (45,986) 141,733 Six Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Continuing Operations Net sales $ 2,452,499 $ 396,662 $ 4,912 $ 2,854,073 Adjusted EBITDA 327,246 30,577 (72,457) 285,366 Total assets at August 31, 2021 3,221,465 729,766 687,440 4,638,671
Reconciliations of earnings from continuing operations to adjusted operating profit	The following table presents a reconciliation of earnings from continuing operations to adjusted EBITDA from continuing operations: Three Months Ended February 28, Six Months Ended February 28, (in thousands) 2022 2021 2022 2021 Earnings from continuing operations $ 383,314 $ 66,233 $ 616,203 $ 130,144 Interest expense 12,011 14,021 23,046 28,280 Income taxes 126,432 20,941 155,304 42,534 Depreciation and amortization 41,134 41,573 82,360 83,372 Asset impairments 1,228 474 1,228 4,068 Amortization of acquired unfavorable contract backlog — (1,509) — (3,032) Adjusted EBITDA from continuing operations $ 564,119 $ 141,733 $ 878,141 $ 285,366
Net sales by major product	The following tables display revenue by reportable segment and Corporate and Other from external customers, disaggregated by major product: Three Months Ended February 28, 2022 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 366,941 $ 5,864 $ — $ 372,805 Steel products 666,047 320,414 — 986,461 Downstream products 459,753 59,541 — 519,294 Other 121,483 9,530 (685) 130,328 Net sales from external customers 1,614,224 395,349 (685) 2,008,888 Intersegment net sales, eliminated on consolidation — 409 (409) — Net sales $ 1,614,224 $ 395,758 $ (1,094) $ 2,008,888 Six Months Ended February 28, 2022 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 720,033 $ 12,824 $ — $ 732,857 Steel products 1,341,089 563,559 — 1,904,648 Downstream products 974,149 129,613 — 1,103,762 Other 232,575 17,915 (1,068) 249,422 Net sales from external customers 3,267,846 723,911 (1,068) 3,990,689 Intersegment net sales, eliminated on consolidation — 903 (903) — Net sales $ 3,267,846 $ 724,814 $ (1,971) $ 3,990,689 Three Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 255,012 $ 4,775 $ — $ 259,787 Steel products 514,201 157,482 — 671,683 Downstream products 400,397 33,762 — 434,159 Other 87,876 5,540 3,225 96,641 Net sales from external customers 1,257,486 201,559 3,225 1,462,270 Intersegment net sales, eliminated on consolidation — 507 (507) — Net sales $ 1,257,486 $ 202,066 $ 2,718 $ 1,462,270 Six Months Ended February 28, 2021 (in thousands) North America Europe Corporate and Other Total Major product: Raw materials $ 465,249 $ 7,605 $ — $ 472,854 Steel products 971,858 308,937 — 1,280,795 Downstream products 837,426 68,235 — 905,661 Other 177,966 10,967 5,830 194,763 Net sales from external customers 2,452,499 395,744 5,830 2,854,073 Intersegment net sales, eliminated on consolidation — 918 (918) — Net sales $ 2,452,499 $ 396,662 $ 4,912 $ 2,854,073

CHANGES IN BUSINESS (Details)

CHANGES IN BUSINESS (Details) - USD ($) $ in Thousands	Dec. 28, 2021	Dec. 03, 2021	Jan. 31, 2022	Feb. 28, 2021	Feb. 28, 2022	Aug. 31, 2021
Business Acquisition [Line Items]
Facility closure costs				$ 5,400	$ 13,400
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale					2,138	$ 25,083
Restricted cash	$ 39,000			$ 1,984	153,113	3,384
Payments to acquire assets			$ 7,500		31,000
Assets, Current
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restricted cash					31,500
Rancho Cucamonga Facility and Rebar Fabrication Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale					$ 24,900	$ 24,900
Proceeds from sale of assets	$ 313,000
TAC Acquisition Corp. (Tensar) | Scenario, Plan
Business Acquisition [Line Items]
Cash purchase price		$ 550,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI by Components) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ (105,329)	$ (111,055)	$ (84,820)	$ (103,764)
Other comprehensive income (loss) before reclassifications	26,575	10,986	14,353	4,015
Reclassification for gain	(6,536)	(320)	(10,325)	(387)
Income tax (expense) benefit	(6,586)	(1,751)	(11,084)	(2,004)
Total other comprehensive income (loss), net of income taxes	13,453	8,915	(7,056)	1,624
Ending balance	(91,876)	(102,140)	(91,876)	(102,140)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(145,368)	(96,321)	(105,680)	(87,933)
Other comprehensive income (loss) before reclassifications	(14,461)	1,465	(54,149)	(6,923)
Reclassification for gain	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Total other comprehensive income (loss), net of income taxes	(14,461)	1,465	(54,149)	(6,923)
Ending balance	(159,829)	(94,856)	(159,829)	(94,856)
Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	40,966	(10,224)	21,781	(11,334)
Other comprehensive income (loss) before reclassifications	41,044	9,535	68,518	10,972
Reclassification for gain	(6,536)	(320)	(10,325)	(387)
Income tax (expense) benefit	(6,588)	(1,751)	(11,088)	(2,011)
Total other comprehensive income (loss), net of income taxes	27,920	7,464	47,105	8,574
Ending balance	68,886	(2,760)	68,886	(2,760)
Defined Benefit Obligation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(927)	(4,510)	(921)	(4,497)
Other comprehensive income (loss) before reclassifications	(8)	(14)	(16)	(34)
Reclassification for gain	0	0	0	0
Income tax (expense) benefit	2	0	4	7
Total other comprehensive income (loss), net of income taxes	(6)	(14)	(12)	(27)
Ending balance	$ (933)	$ (4,524)	$ (933)	$ (4,524)

REVENUE RECOGNITION - Revenue R

REVENUE RECOGNITION - Revenue Recognition Method (Details) - Americas Fabrication - Recognized over Time	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Fabricated Product and Installation Services
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	8.00%	11.00%	9.00%	12.00%
Fabricated Product without Installation Services
Disaggregation of Revenue [Line Items]
Contract as percent of total segment revenue (percent)	8.00%	9.00%	9.00%	9.00%

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets (included in other current assets)	$ 61,884	$ 64,168
Contract liabilities (included in accrued expenses and other payables)	$ 25,302	$ 23,948

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) $ in Millions	6 Months Ended
	Feb. 28, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Revenue reclassified from contract liabilities	$ 16.8
Remaining performance obligation	$ 805.9

INVENTORIES, NET (Narrative) (D

INVENTORIES, NET (Narrative) (Details) - USD ($) $ in Millions	Feb. 28, 2022	Aug. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 319.2	$ 286.1

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLES (Changes in the Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Goodwill [Line Items]
Goodwill, gross	$ 75,955
Accumulated impairment losses	(10,180)
Goodwill, net	65,775	$ 66,137
North America
Goodwill [Line Items]
Goodwill, gross	71,941
Accumulated impairment losses	(10,036)
Goodwill, net	61,905
Europe
Goodwill [Line Items]
Goodwill, gross	4,014
Accumulated impairment losses	(144)
Goodwill, net	$ 3,870

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLES (Narrative) (Details) - USD ($) $ in Millions	Feb. 28, 2022	Aug. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amounts of the intangible assets subject to amortization	$ 20.2	$ 21.7
Net carrying amount of intangible assets subject to amortization	$ 8.7	$ 10.1

LEASES - Balance Sheet Componen

LEASES - Balance Sheet Components (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Leased Assets [Abstract]
Operating Lease, Right-of-Use Asset	$ 113,446	$ 112,202
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	54,793	55,308
Right-of-Use Asset	168,239	167,510
Lessee, Operating Lease, Description [Abstract]
Operating Lease, Liability, Current	$ 28,229	$ 26,433
Operating lease liabilities, Current [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent	$ 93,272	$ 93,409
Operating lease liabilities, Long-term [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Operating Lease, Liability, Total	$ 121,501	$ 119,842
Lessee, Finance Lease, Description [Abstract]
Finance Lease, Liability, Current	16,639	16,040
Finance Lease, Liability, Noncurrent	33,762	36,104
Finance Lease, Liability, Total	50,401	52,144
Lease Liability	$ 171,902	$ 171,986

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Leases [Abstract]
Operating lease expense	$ 8,748	$ 8,651	$ 17,332	$ 17,373
Finance lease expense:
Amortization of assets	3,219	3,219	6,454	6,458
Interest on lease liabilities	498	563	1,012	1,118
Total finance lease expense	3,717	3,782	7,466	7,576
Variable and short-term lease expense	4,989	4,324	10,151	9,286
Total lease expense	$ 17,454	$ 16,757	$ 34,949	$ 34,235

LEASES - Weighted Average Lease

LEASES - Weighted Average Lease Terms and Discount Rates (Details)	Feb. 28, 2022	Aug. 31, 2021
Leases [Abstract]
Operating leases, remaining term	5 years 9 months 18 days	6 years 2 months 12 days
Finance leases, remaining term	3 years 3 months 18 days	3 years 7 months 6 days
Operating leases, weighted average discount rate	4.262%	4.451%
Finance leases, weighted average discount rate	3.903%	4.079%

LEASES - Cash Flow and Other In

LEASES - Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 17,720	$ 17,812
Operating cash outflows from finance leases	1,019	1,125
Financing cash outflows from finance leases	8,445	7,761
Right-of-Use Assets Obtained in Exchange for Lease Obligations [Abstract]
Operating leases	19,009	20,249
Finance leases	$ 6,716	$ 8,784

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Year 1	$ 32,908
Year 2	27,741
Year 3	22,178
Year 4	17,363
Year 5	11,850
Thereafter	26,761
Total lease payments	138,801
Less imputed interest	(17,300)
Present value of lease liabilities	121,501	$ 119,842
Finance Lease, Liability, Payment, Due [Abstract]
Year 1	18,354
Year 2	15,949
Year 3	12,047
Year 4	5,232
Year 5	1,719
Thereafter	410
Total lease payments	53,711
Less imputed interest	(3,310)
Present value of lease liabilities	$ 50,401	$ 52,144

CREDIT ARRANGEMENTS (Schedule o

CREDIT ARRANGEMENTS (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Jan. 31, 2022	Aug. 31, 2021	Jul. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 1,485,876		$ 1,077,922
Less debt issuance costs	(17,503)	$ (9,400)	(8,141)
Total amounts outstanding	1,473,309		1,069,781
Less current maturities of long-term debt	(27,554)		(54,366)
Long-term debt	$ 1,445,755		1,015,415
2032 Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.375%	4.375%
Total debt	$ 300,000		0
2032 Notes | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 289,962		0
2031 Notes
Debt Instrument [Line Items]
Weighted average interest rate	3.875%
Total debt	$ 300,000		300,000
2031 Notes | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 282,312		306,279
2030 Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.125%	4.125%
Total debt	$ 300,000		0
2030 Notes | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 291,018		0
2027 Notes
Debt Instrument [Line Items]
Weighted average interest rate	5.375%			5.375%
Total debt	$ 0		300,000
2027 Notes | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 0		316,839
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	$ 337,055		348,071
Series 2022 Bonds, due 2047
Debt Instrument [Line Items]
Weighted average interest rate	4.00%
Total debt	$ 145,060		0
Less debt issuance costs	(3,100)
Plus unamortized bond premium	4,936		0
Series 2022 Bonds, due 2047 | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 150,430		0
Poland Term Loan | Revolving credit facility
Debt Instrument [Line Items]
Weighted average interest rate	4.78%
Total debt	$ 40,923		49,726
Poland Term Loan | Revolving credit facility | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt	$ 40,923		49,726
Other
Debt Instrument [Line Items]
Weighted average interest rate	5.10%
Total debt	$ 19,492		19,492
Finance leases
Debt Instrument [Line Items]
Total debt	$ 50,401		52,144
Short-term borrowings
Debt Instrument [Line Items]
Weighted average interest rate, short term	2.75%
Total debt	$ 0		26,560
Short-term borrowings | Significant Other Observable Inputs (Level 2) | Fair Value
Debt Instrument [Line Items]
Total debt			$ 26,560

CREDIT ARRANGEMENTS (Narrative)

CREDIT ARRANGEMENTS (Narrative) (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 28, 2022USD ($)	Jan. 31, 2022USD ($)	Feb. 28, 2022USD ($)	Feb. 28, 2021USD ($)	Feb. 28, 2022USD ($)	Feb. 28, 2021USD ($)	Feb. 28, 2022PLN (zł)	Aug. 31, 2021USD ($)	Aug. 31, 2021PLN (zł)	Mar. 31, 2021USD ($)	Jul. 31, 2017USD ($)
Debt Instrument [Line Items]
Less debt issuance costs	$ 17,503,000	$ 9,400,000	$ 17,503,000		$ 17,503,000			$ 8,141,000
Payments to acquire assets		7,500,000			31,000,000
Financial liabilities	1,485,876,000		1,485,876,000		1,485,876,000			1,077,922,000
Loss on debt extinguishment			(16,052,000)	$ (16,841,000)	(16,052,000)	$ (16,841,000)
CMCP
Debt Instrument [Line Items]
Revolving credit facility, amount drawn	0		0		0			0
Revolving credit facility current borrowing capacity	71,600,000		71,600,000		71,600,000		zł 300,000,000	78,300,000
Poland Program
Debt Instrument [Line Items]
Transfer of accounts receivable program limit	68,800,000		68,800,000		68,800,000		288,000,000
Advances outstanding under transfer of receivables programs							zł 0	26,600,000	zł 101,700,000
Revolving credit facility | Credit Agreement Maturing March 2026
Debt Instrument [Line Items]
Revolving credit facility, amount drawn	0		0		0			0
Revolving credit facility current borrowing capacity										$ 400,000,000
Stand-by letters of credit
Debt Instrument [Line Items]
Stand by letters of credit outstanding amount	$ 1,400,000		$ 1,400,000		$ 1,400,000			3,000,000
2030 Notes
Debt Instrument [Line Items]
Face amount of debt		$ 300,000,000
Weighted average interest rate	4.125%	4.125%	4.125%		4.125%		4.125%
Financial liabilities	$ 300,000,000		$ 300,000,000		$ 300,000,000			0
2032 Notes
Debt Instrument [Line Items]
Face amount of debt		$ 300,000,000
Weighted average interest rate	4.375%	4.375%	4.375%		4.375%		4.375%
Financial liabilities	$ 300,000,000		$ 300,000,000		$ 300,000,000			0
2027 Notes
Debt Instrument [Line Items]
Face amount of debt											$ 300,000,000
Weighted average interest rate	5.375%		5.375%		5.375%		5.375%				5.375%
Financial liabilities	$ 0		$ 0		$ 0			300,000,000
Loss on debt extinguishment					(16,100,000)
Series 2022 Bonds, due 2047
Debt Instrument [Line Items]
Face amount of debt	$ 145,100,000		$ 145,100,000		$ 145,100,000
Weighted average interest rate	4.00%		4.00%		4.00%		4.00%
Less debt issuance costs	$ 3,100,000		$ 3,100,000		$ 3,100,000
Yield	3.50%
Proceeds from issuance	$ 150,000,000
Financial liabilities	145,060,000		145,060,000		145,060,000			0
Poland Term Loan | CMCP
Debt Instrument [Line Items]
Stand by letters of credit outstanding amount	4,100,000		4,100,000		4,100,000			5,700,000
Financial liabilities	$ 40,900,000		$ 40,900,000		$ 40,900,000		zł 171,400,000	49,700,000	zł 190,500,000
Poland Term Loan | Revolving credit facility
Debt Instrument [Line Items]
Weighted average interest rate	4.78%		4.78%		4.78%		4.78%
Financial liabilities	$ 40,923,000		$ 40,923,000		$ 40,923,000			$ 49,726,000

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021	Aug. 31, 2021
Derivative [Line Items]
Unrealized holding gain	$ 33,197	$ 7,723	$ 55,451	$ 8,887
Cash flow hedging instruments expected to be reclassified into earnings within the next twelve months			7,700
Foreign exchange
Derivative [Line Items]
Derivative notional amount	324,500		324,500		$ 389,500
Commodity
Derivative [Line Items]
Derivative notional amount	243,200		243,200		$ 213,400
Unrealized holding gain	33,190	7,723	55,365	8,887
Commodity | Cost of goods sold
Derivative [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	$ (2,214)	$ (11,025)	$ 532	$ (16,614)

DERIVATIVES (Commodity Contract

DERIVATIVES (Commodity Contract Commitments) (Details) MWh in Thousands	6 Months Ended
	Feb. 28, 2022MMBTUMWht
Aluminum | Long
Derivative [Line Items]
Commodity contract commitments	3,675
Aluminum | Short
Derivative [Line Items]
Commodity contract commitments	2,150
Copper | Long
Derivative [Line Items]
Commodity contract commitments	431
Copper | Short
Derivative [Line Items]
Commodity contract commitments	9,662
Electricity | Long
Derivative [Line Items]
Commodity contract commitment, energy | MWh	1,767
Natural Gas | Long
Derivative [Line Items]
Commodity contract commitment, energy | MMBTU	4,890,200

DERIVATIVES (Derivatives Not De

DERIVATIVES (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on commodity derivatives accounted for as cash flow hedging instruments	$ 33,197	$ 7,723	$ 55,451	$ 8,887
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on commodity derivatives accounted for as cash flow hedging instruments	33,190	7,723	55,365	8,887
Commodity | Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	(2,214)	(11,025)	532	(16,614)
Foreign exchange | SG&A expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) before income taxes for derivatives not designated as hedges	$ (1,048)	$ (125)	$ (9,043)	$ (1,990)

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details)	6 Months Ended
	Feb. 28, 2022levels
Fair Value Disclosures [Abstract]
Number of fair value hierarchy	3

FAIR VALUE (Financial Assets an

FAIR VALUE (Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($)	Feb. 28, 2022	Aug. 31, 2021	Feb. 28, 2021
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	$ 271.87		$ 151.74
Significant Unobservable Inputs (Level 3) | Maximum | Commodity | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Energy floating rate	815.64		264.53
Significant Unobservable Inputs (Level 3) | Average | Commodity | Valuation Technique, Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Energy floating rate	451.69		$ 221.74
Fair value, measurements, recurring | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	809,220,000	$ 441,297,000
Fair value, measurements, recurring | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	82,672,000	27,323,000
Derivative liabilities	2,043,000	1,352,000
Fair value, measurements, recurring | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,983,000	2,537,000
Derivative liabilities	8,104,000	1,880,000
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	809,220,000	441,297,000
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	3,793,000	910,000
Derivative liabilities	2,043,000	1,352,000
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market investments	0	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,983,000	2,537,000
Derivative liabilities	8,104,000	1,880,000
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	78,879,000	26,413,000
Derivative liabilities	0	0
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3) | Foreign exchange
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Fair Value (Reconciliation of C

Fair Value (Reconciliation of Commodity Derivative Recognized in Other Comprehensive Income) (Details) - Commodity - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 47,892	$ (13,614)	$ 26,413	$ (15,007)
Unrealized holding gain before reclassification	36,630	9,582	61,838	10,975
Reclassification for gain included in net earnings	(5,643)	(253)	(9,372)	(253)
Ending balance	$ 78,879	$ (4,285)	$ 78,879	$ (4,285)

FAIR VALUE (Financial Assets _2

FAIR VALUE (Financial Assets and Liabilities Not Required to Be Measured at Fair Value) (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	$ 1,485,876	$ 1,077,922
2032 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	300,000	0
2032 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	289,962	0
2031 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	300,000	300,000
2031 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	282,312	306,279
2030 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	300,000	0
2030 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	291,018	0
2027 Notes
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	0	300,000
2027 Notes | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	0	316,839
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	337,055	348,071
Series 2022 Bonds, due 2047
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	145,060	0
Series 2022 Bonds, due 2047 | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	150,430	0
Short-term borrowings
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	0	26,560
Short-term borrowings | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities		26,560
Revolving credit facility | Poland Term Loan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	40,923	49,726
Revolving credit facility | Poland Term Loan | Level 2 | Fair Value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Financial liabilities	$ 40,923	$ 49,726

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period in years				3 years
Share-based compensation expense	$ 0	$ 0
Stock-based compensation	$ 16,251		$ 12,696	$ 25,870	$ 21,758
Equity method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted				1,440,000	1,512,000
Weighted average grant-date fair value				$ 27.95	$ 20.51
Liability method awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted				261,000	324,000
Equivalent shares outstanding	591,483			591,483
Equivalent shares expected to vest	561,908			561,908

STOCKHOLDERS EQUITY AND EARNI_2

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE (Calculations of the Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Earnings Per Share [Abstract]
Earnings from continuing operations		$ 383,314	$ 66,233	$ 616,203	$ 130,144
Average basic shares outstanding (shares)		121,458,196	120,345,432	121,293,030	120,052,459
Effect of dilutive securities (shares)		1,394,214	1,406,427	1,454,951	1,619,735
Average diluted shares outstanding (shares)		122,852,410	121,751,859	122,747,981	121,672,194
Earnings per share from continuing operations:
Basic (in USD per share)	[1]	$ 3.16	$ 0.55	$ 5.08	$ 1.08
Diluted (in USD per share)	[1]	$ 3.12	$ 0.54	$ 5.02	$ 1.07
[1]	Earnings Per Share ("EPS") is calculated independently for each component and may not sum to Net EPS due to rounding.

STOCKHOLDERS EQUITY AND EARNI_3

STOCKHOLDERS EQUITY AND EARNINGS PER SHARE (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Feb. 28, 2022	Feb. 28, 2022	Oct. 31, 2021
Earnings Per Share [Abstract]
Stock repurchase program, authorized amount			$ 350,000,000
Treasury stock acquired, shares	335,500	495,000
Treasury stock acquired (in dollars per share)	$ 34.85	$ 34.34
Stock repurchase program, remaining authorized repurchase amount	$ 333,000,000	$ 333,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - CERCLA sites - USD ($) $ in Millions	Feb. 28, 2022	Aug. 31, 2021
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 4.3	$ 7.1
Accrued environmental loss contingencies, noncurrent	$ 2.2	$ 2.3

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details)	6 Months Ended
	Feb. 28, 2022segments
Segment Reporting [Abstract]
Number of reporting segments	2

BUSINESS SEGMENTS (Summary of C

BUSINESS SEGMENTS (Summary of Certain Financial Information from Continuing Operations by Reportable Segment and Major Product) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021	May 31, 2021	Aug. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 2,008,888	$ 1,462,270	$ 3,990,689	$ 2,854,073
Adjusted EBITDA from continuing operations	564,119	141,733	878,141	285,366
Total assets	5,504,220		5,504,220			$ 4,638,671
Segments | Continuing Operations
Segment Reporting Information [Line Items]
Net sales	2,008,888	1,462,270	3,990,689	2,854,073
Adjusted EBITDA from continuing operations	564,119	141,733	878,141		$ 285,366
Total assets	5,504,220		5,504,220			4,638,671
Segments | North America
Segment Reporting Information [Line Items]
Net sales	1,614,224	1,257,486	3,267,846	2,452,499
Adjusted EBITDA from continuing operations	535,463	171,612	803,987		327,246
Total assets	3,553,719		3,553,719			3,221,465
Segments | Europe
Segment Reporting Information [Line Items]
Net sales	395,758	202,066	724,814	396,662
Adjusted EBITDA from continuing operations	81,149	16,107	160,981		30,577
Total assets	823,127		823,127			729,766
Segments | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	2,008,888	1,462,270	3,990,689	2,854,073
Segments | Unaffiliated Customers | North America
Segment Reporting Information [Line Items]
Net sales	1,614,224	1,257,486	3,267,846	2,452,499
Segments | Unaffiliated Customers | Europe
Segment Reporting Information [Line Items]
Net sales	395,349	201,559	723,911	395,744
Segments | Raw materials
Segment Reporting Information [Line Items]
Net sales	372,805	259,787	732,857	472,854
Segments | Raw materials | North America
Segment Reporting Information [Line Items]
Net sales	366,941	255,012	720,033	465,249
Segments | Raw materials | Europe
Segment Reporting Information [Line Items]
Net sales	5,864	4,775	12,824	7,605
Segments | Steel Products
Segment Reporting Information [Line Items]
Net sales	986,461	671,683	1,904,648	1,280,795
Segments | Steel Products | North America
Segment Reporting Information [Line Items]
Net sales	666,047	514,201	1,341,089	971,858
Segments | Steel Products | Europe
Segment Reporting Information [Line Items]
Net sales	320,414	157,482	563,559	308,937
Segments | Downstream products
Segment Reporting Information [Line Items]
Net sales	519,294	434,159	1,103,762	905,661
Segments | Downstream products | North America
Segment Reporting Information [Line Items]
Net sales	459,753	400,397	974,149	837,426
Segments | Downstream products | Europe
Segment Reporting Information [Line Items]
Net sales	59,541	33,762	129,613	68,235
Segments | Other
Segment Reporting Information [Line Items]
Net sales	130,328	96,641	249,422	194,763
Segments | Other | North America
Segment Reporting Information [Line Items]
Net sales	121,483	87,876	232,575	177,966
Segments | Other | Europe
Segment Reporting Information [Line Items]
Net sales	9,530	5,540	17,915	10,967
Segments | Corporate
Segment Reporting Information [Line Items]
Net sales	(1,094)	2,718	(1,971)
Adjusted EBITDA from continuing operations	(52,493)	(45,986)
Segments | Corporate | Unaffiliated Customers
Segment Reporting Information [Line Items]
Net sales	(685)	3,225	(1,068)	5,830
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	(685)	3,225	(1,068)	5,830
Segments | Corporate and Other
Segment Reporting Information [Line Items]
Net sales				4,912
Adjusted EBITDA from continuing operations			(86,827)		$ (72,457)
Total assets	1,127,374		1,127,374			$ 687,440
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	409	507	903	918
Intersegment | Corporate
Segment Reporting Information [Line Items]
Net sales	$ (409)	$ (507)	$ (903)	$ (918)

BUSINESS SEGMENTS (Reconciliati

BUSINESS SEGMENTS (Reconciliations of Earnings from Continuing Operations to Adjusted Operating Profit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Segment Reporting [Abstract]
Earnings from continuing operations	$ 383,314	$ 66,233	$ 616,203	$ 130,144
Interest expense	12,011	14,021	23,046	28,280
Income taxes	126,432	20,941	155,304	42,534
Depreciation and amortization	41,134	41,573	82,360	83,372
Asset impairments	1,228	474
Amortization of acquired unfavorable contract backlog	0	(1,509)	0	(3,032)
Adjusted EBITDA from continuing operations	$ 564,119	$ 141,733	$ 878,141	$ 285,366