v3.22.4
BUSINESS SEGMENTS
 3 Months Ended
Nov. 30, 2022
Segment Reporting [Abstract]  
Business segments
NOTE 14. OPERATING 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 2022 Form 10-K and Note 2, Changes in Business, 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 by reportable segment and Corporate and Other:
Three Months Ended November 30, 2022
(in thousands)North AmericaEuropeCorporate and OtherTotal
Net sales$1,816,899 $406,513 $3,901 $2,227,313 
Adjusted EBITDA377,956 64,505 (39,725)402,736 
Total assets at November 30, 20224,568,633 1,171,324 534,010 6,273,967 
Three Months Ended November 30, 2021
(in thousands)North AmericaEuropeCorporate and OtherTotal
Net sales$1,653,622 $329,056 $(877)$1,981,801 
Adjusted EBITDA268,524 79,832 (34,334)314,022 
Total assets at August 31, 20224,467,314 1,056,101 713,612 6,237,027 

The following table presents a reconciliation of net earnings to adjusted EBITDA:
 Three Months Ended November 30,
(in thousands)20222021
Net earnings$261,774 $232,889 
Interest expense13,045 11,035 
Income taxes76,725 28,872 
Depreciation and amortization51,183 41,226 
Asset impairments9 — 
Adjusted EBITDA$402,736 $314,022 
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 November 30, 2022
(in thousands)North AmericaEuropeCorporate and OtherTotal
Major product:
Raw materials$292,320 $4,867 $— $297,187 
Steel products705,462 311,936 — 1,017,398 
Downstream products641,934 59,582 — 701,516 
Construction-related solutions142,372 19,446 — 161,818 
Other33,160 10,118 6,116 49,394 
Net sales from external customers1,815,248 405,949 6,116 2,227,313 
Intersegment net sales, eliminated on consolidation1,651 564 (2,215)— 
Net sales$1,816,899 $406,513 $3,901 $2,227,313 
Three Months Ended November 30, 2021
(in thousands)North AmericaEuropeCorporate and OtherTotal
Major product:
Raw materials$353,092 $6,960 $— $360,052 
Steel products675,042 243,145 — 918,187 
Downstream products514,396 70,072 — 584,468 
Construction-related solutions82,499 — — 82,499 
Other28,593 8,385 (383)36,595 
Net sales from external customers1,653,622 328,562 (383)1,981,801 
Intersegment net sales, eliminated on consolidation— 494 (494)— 
Net sales$1,653,622 $329,056 $(877)$1,981,801