Company Quick10K Filing
Commercial Metals
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 119 $1,817
10-Q 2020-03-25 Quarter: 2020-02-29
10-Q 2020-01-07 Quarter: 2019-11-30
10-K 2019-10-23 Annual: 2019-08-31
10-Q 2019-06-27 Quarter: 2019-05-31
10-Q 2019-03-26 Quarter: 2019-02-28
10-Q 2019-01-08 Quarter: 2018-11-30
10-K 2018-10-25 Annual: 2018-08-31
10-Q 2018-06-27 Quarter: 2018-05-31
10-Q 2018-03-26 Quarter: 2018-02-28
10-Q 2018-01-08 Quarter: 2017-11-30
10-K 2017-10-26 Annual: 2017-08-31
10-Q 2017-06-28 Quarter: 2017-05-31
10-Q 2017-03-28 Quarter: 2017-02-28
10-Q 2017-01-09 Quarter: 2016-11-30
10-K 2016-10-31 Annual: 2016-08-31
10-Q 2016-06-29 Quarter: 2016-05-31
10-Q 2016-03-29 Quarter: 2016-02-29
10-Q 2016-01-08 Quarter: 2015-11-30
10-K 2015-10-30 Annual: 2015-08-31
10-Q 2015-06-29 Quarter: 2015-05-31
10-Q 2015-03-31 Quarter: 2015-02-28
10-Q 2015-01-09 Quarter: 2015-01-09
10-K 2014-10-30 Annual: 2014-08-31
10-Q 2014-07-01 Quarter: 2014-05-31
10-Q 2014-03-31 Quarter: 2014-02-28
10-Q 2014-01-09 Quarter: 2013-11-30
10-K 2013-10-28 Annual: 2013-08-31
10-Q 2013-04-01 Quarter: 2013-02-28
10-Q 2013-01-09 Quarter: 2012-11-30
10-K 2012-10-30 Annual: 2012-08-31
10-Q 2012-06-29 Quarter: 2012-05-31
10-Q 2012-04-06 Quarter: 2012-02-29
10-Q 2012-01-09 Quarter: 2011-11-30
10-K 2011-10-31 Annual: 2011-08-31
10-Q 2011-07-08 Quarter: 2011-05-31
10-Q 2011-04-08 Quarter: 2011-02-28
10-Q 2011-01-07 Quarter: 2010-11-30
10-K 2010-10-29 Annual: 2010-08-31
10-Q 2010-07-09 Quarter: 2010-05-31
10-Q 2010-04-08 Quarter: 2010-02-28
10-Q 2010-01-08 Quarter: 2009-11-30
8-K 2020-03-19 Earnings, Exhibits
8-K 2020-03-18 Other Events, Exhibits
8-K 2020-03-01 Leave Agreement, Officers, Exhibits
8-K 2020-02-28 Officers, Exhibits
8-K 2020-02-04 Officers
8-K 2020-01-08 Officers, Shareholder Vote
8-K 2020-01-06 Earnings, Exhibits
8-K 2020-01-02 Other Events, Exhibits
8-K 2019-10-23
8-K 2019-10-22
8-K 2019-10-22 Officers
8-K 2019-09-20 Amend Bylaw, Exhibits
8-K 2019-08-13 Officers
8-K 2019-07-02 Officers, Exhibits
8-K 2019-06-20 Earnings, Exhibits
8-K 2019-06-19 Other Events, Exhibits
8-K 2019-03-21 Earnings, Exhibits
8-K 2019-03-20 Other Events, Exhibits
8-K 2019-01-09 Shareholder Vote
8-K 2019-01-07 Earnings, Exhibits
8-K 2019-01-02 Other Events, Exhibits
8-K 2018-12-13 Regulation FD, Exhibits
8-K 2018-11-05 M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-23 Other Events, Exhibits
8-K 2018-08-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-21 Earnings, Exhibits
8-K 2018-06-20 Other Events, Exhibits
8-K 2018-05-03 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-04-19 Enter Agreement, Other Events, Exhibits
8-K 2018-04-19 Regulation FD, Other Events, Exhibits
8-K 2018-04-01 Officers, Exhibits
8-K 2018-03-22 Earnings, Exhibits
8-K 2018-03-21 Other Events, Exhibits
8-K 2018-02-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-01-09 Officers, Shareholder Vote
8-K 2018-01-03 Earnings, Exhibits
8-K 2018-01-02 Other Events, Exhibits
8-K 2017-12-29 Enter Agreement, Off-BS Arrangement, Regulation FD, Other Events, Exhibits
CMC 2020-02-29
Part I. Financial Information
Item 1. Financial Statements
Note 1. Accounting Policies
Note 2. Changes in Business
Note 3. Accumulated Other Comprehensive Income (Loss)
Note 4. Revenue Recognition
Note 5. Inventories, Net
Note 6. Goodwill and Other Intangibles
Note 7. Leases
Note 8. Credit Arrangements
Note 9. Derivatives
Note 10. Fair Value
Note 11. Stock-Based Compensation Plans
Note 12. Stockholders' Equity and Earnings per Share
Note 13. Commitments and Contingencies
Note 14. Business Segments
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 cmc-2292020xex311.htm
EX-31.2 cmc-2292020xex312.htm
EX-32.1 cmc-2292020xex321.htm
EX-32.2 cmc-2292020xex322.htm

Commercial Metals Earnings 2020-02-29

CMC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
X 2,621 11,291 6,979 14,464 1,689 1,005 1,386 4,284 12% 3.1 9%
CRS 2,244 3,188 1,668 2,380 445 167 364 2,767 19% 7.6 5%
WOR 2,219 2,511 1,562 3,760 480 163 340 2,880 13% 8.5 7%
GGB 2,145 51,281 25,342 0 0 0 0 2,139 0%
CMC 1,817 3,767 2,203 5,594 734 164 442 3,002 13% 6.8 4%
ROCK 1,272 907 277 1,011 231 59 102 1,190 23% 11.7 6%
MTL 833 317,625 550,820 0 0 0 0 833 0%
AKS 722 4,687 4,211 6,791 0 206 581 2,626 0% 4.5 4%
SXC 574 2,082 1,360 1,532 40 38 148 1,324 3% 9.0 2%
SXCP 531 1,634 1,038 908 32 52 224 1,348 4% 6.0 3%

cmc-20200229
0000022444false2020Q2119,061,889--08-318,3888,403232,44266,7421,4401,421233,88268,1630.120.120.120.12110.60.61.11.1350.0350.03.03.00.8three yearsthree yearsthree yearsthree years2.71.80.70.70.73.63.63.600000224442019-09-012020-02-29xbrli:shares00000224442020-03-24iso4217:USD00000224442019-12-012020-02-2900000224442018-12-012019-02-2800000224442018-09-012019-02-28iso4217:USDxbrli:shares0000022444us-gaap:AccumulatedTranslationAdjustmentMember2019-09-012020-02-290000022444us-gaap:AccumulatedTranslationAdjustmentMember2018-09-012019-02-2800000224442020-02-2900000224442019-08-310000022444us-gaap:CommonStockMember2019-08-310000022444us-gaap:CommonStockMember2020-02-2900000224442018-08-3100000224442019-02-280000022444us-gaap:CommonStockMember2019-11-300000022444us-gaap:AdditionalPaidInCapitalMember2019-11-300000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-11-300000022444us-gaap:RetainedEarningsMember2019-11-300000022444us-gaap:TreasuryStockMember2019-11-300000022444us-gaap:NoncontrollingInterestMember2019-11-3000000224442019-11-300000022444us-gaap:RetainedEarningsMember2019-12-012020-02-290000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-012020-02-290000022444us-gaap:AdditionalPaidInCapitalMember2019-12-012020-02-290000022444us-gaap:TreasuryStockMember2019-12-012020-02-290000022444us-gaap:NoncontrollingInterestMember2019-12-012020-02-290000022444us-gaap:AdditionalPaidInCapitalMember2020-02-290000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-02-290000022444us-gaap:RetainedEarningsMember2020-02-290000022444us-gaap:TreasuryStockMember2020-02-290000022444us-gaap:NoncontrollingInterestMember2020-02-290000022444us-gaap:AdditionalPaidInCapitalMember2019-08-310000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-08-310000022444us-gaap:RetainedEarningsMember2019-08-310000022444us-gaap:TreasuryStockMember2019-08-310000022444us-gaap:NoncontrollingInterestMember2019-08-310000022444us-gaap:RetainedEarningsMember2019-09-012020-02-290000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-012020-02-290000022444us-gaap:AdditionalPaidInCapitalMember2019-09-012020-02-290000022444us-gaap:TreasuryStockMember2019-09-012020-02-290000022444us-gaap:NoncontrollingInterestMember2019-09-012020-02-290000022444us-gaap:CommonStockMember2018-11-300000022444us-gaap:AdditionalPaidInCapitalMember2018-11-300000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-11-300000022444us-gaap:RetainedEarningsMember2018-11-300000022444us-gaap:TreasuryStockMember2018-11-300000022444us-gaap:NoncontrollingInterestMember2018-11-3000000224442018-11-300000022444us-gaap:RetainedEarningsMember2018-12-012019-02-280000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-012019-02-280000022444us-gaap:AdditionalPaidInCapitalMember2018-12-012019-02-280000022444us-gaap:TreasuryStockMember2018-12-012019-02-280000022444us-gaap:NoncontrollingInterestMember2018-12-012019-02-280000022444us-gaap:CommonStockMember2019-02-280000022444us-gaap:AdditionalPaidInCapitalMember2019-02-280000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-02-280000022444us-gaap:RetainedEarningsMember2019-02-280000022444us-gaap:TreasuryStockMember2019-02-280000022444us-gaap:NoncontrollingInterestMember2019-02-280000022444us-gaap:CommonStockMember2018-08-310000022444us-gaap:AdditionalPaidInCapitalMember2018-08-310000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-08-310000022444us-gaap:RetainedEarningsMember2018-08-310000022444us-gaap:TreasuryStockMember2018-08-310000022444us-gaap:NoncontrollingInterestMember2018-08-310000022444us-gaap:RetainedEarningsMember2018-09-012019-02-280000022444us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-09-012019-02-280000022444us-gaap:AdditionalPaidInCapitalMember2018-09-012019-02-280000022444us-gaap:TreasuryStockMember2018-09-012019-02-280000022444us-gaap:NoncontrollingInterestMember2018-09-012019-02-280000022444us-gaap:AccountingStandardsUpdate201602Memberus-gaap:OtherNoncurrentAssetsMember2019-09-010000022444cmc:AccruedExpensesandOtherPayablesMemberus-gaap:AccountingStandardsUpdate201602Member2019-09-010000022444us-gaap:AccountingStandardsUpdate201602Memberus-gaap:OtherNoncurrentLiabilitiesMember2019-09-010000022444us-gaap:AccountingStandardsUpdate201602Member2019-12-012020-02-29cmc:fabrication_facility00000224442018-11-0500000224442017-12-012018-02-2800000224442017-09-012018-02-280000022444us-gaap:AccumulatedTranslationAdjustmentMember2019-11-300000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-11-300000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-11-300000022444us-gaap:AccumulatedTranslationAdjustmentMember2019-12-012020-02-290000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-012020-02-290000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-012020-02-290000022444us-gaap:AccumulatedTranslationAdjustmentMember2020-02-290000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-02-290000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-02-290000022444us-gaap:AccumulatedTranslationAdjustmentMember2019-08-310000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-08-310000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-08-310000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-09-012020-02-290000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-09-012020-02-290000022444us-gaap:AccumulatedTranslationAdjustmentMember2018-11-300000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-11-300000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-11-300000022444us-gaap:AccumulatedTranslationAdjustmentMember2018-12-012019-02-280000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-12-012019-02-280000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-012019-02-280000022444us-gaap:AccumulatedTranslationAdjustmentMember2019-02-280000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-02-280000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-02-280000022444us-gaap:AccumulatedTranslationAdjustmentMember2018-08-310000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-08-310000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-08-310000022444us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-09-012019-02-280000022444us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-09-012019-02-28xbrli:pure0000022444cmc:AmericasFabricationMembercmc:FabricatedProductandInstallationServicesMemberus-gaap:TransferredOverTimeMember2019-12-012020-02-290000022444cmc:AmericasFabricationMembercmc:FabricatedProductandInstallationServicesMemberus-gaap:TransferredOverTimeMember2019-09-012020-02-290000022444cmc:AmericasFabricationMembercmc:FabricatedProductwithoutInstallationServicesMemberus-gaap:TransferredOverTimeMember2019-12-012020-02-290000022444cmc:AmericasFabricationMembercmc:FabricatedProductwithoutInstallationServicesMemberus-gaap:TransferredOverTimeMember2019-09-012020-02-290000022444cmc:AmericasFabricationMemberus-gaap:TransferredAtPointInTimeMember2019-12-012020-02-290000022444cmc:AmericasFabricationMemberus-gaap:TransferredAtPointInTimeMember2019-09-012020-02-2900000224442020-03-012020-02-2900000224442021-03-012020-02-2900000224442022-03-012020-02-290000022444cmc:AmericasRecyclingMembercmc:SteelProductsMember2019-12-012020-02-290000022444cmc:AmericasMillsMembercmc:SteelProductsMember2019-12-012020-02-290000022444cmc:AmericasFabricationMembercmc:SteelProductsMember2019-12-012020-02-290000022444cmc:InternationalMillsMembercmc:SteelProductsMember2019-12-012020-02-290000022444us-gaap:CorporateMembercmc:SteelProductsMember2019-12-012020-02-290000022444cmc:SteelProductsMember2019-12-012020-02-290000022444cmc:FerrousScrapMembercmc:AmericasRecyclingMember2019-12-012020-02-290000022444cmc:FerrousScrapMembercmc:AmericasMillsMember2019-12-012020-02-290000022444cmc:AmericasFabricationMembercmc:FerrousScrapMember2019-12-012020-02-290000022444cmc:FerrousScrapMembercmc:InternationalMillsMember2019-12-012020-02-290000022444us-gaap:CorporateMembercmc:FerrousScrapMember2019-12-012020-02-290000022444cmc:FerrousScrapMember2019-12-012020-02-290000022444cmc:NonferrousScrapMembercmc:AmericasRecyclingMember2019-12-012020-02-290000022444cmc:NonferrousScrapMembercmc:AmericasMillsMember2019-12-012020-02-290000022444cmc:AmericasFabricationMembercmc:NonferrousScrapMember2019-12-012020-02-290000022444cmc:NonferrousScrapMembercmc:InternationalMillsMember2019-12-012020-02-290000022444us-gaap:CorporateMembercmc:NonferrousScrapMember2019-12-012020-02-290000022444cmc:NonferrousScrapMember2019-12-012020-02-290000022444cmc:ConstructionMaterialsMembercmc:AmericasRecyclingMember2019-12-012020-02-290000022444cmc:ConstructionMaterialsMembercmc:AmericasMillsMember2019-12-012020-02-290000022444cmc:AmericasFabricationMembercmc:ConstructionMaterialsMember2019-12-012020-02-290000022444cmc:ConstructionMaterialsMembercmc:InternationalMillsMember2019-12-012020-02-290000022444us-gaap:CorporateMembercmc:ConstructionMaterialsMember2019-12-012020-02-290000022444cmc:ConstructionMaterialsMember2019-12-012020-02-290000022444cmc:OtherProductMembercmc:AmericasRecyclingMember2019-12-012020-02-290000022444cmc:OtherProductMembercmc:AmericasMillsMember2019-12-012020-02-290000022444cmc:AmericasFabricationMembercmc:OtherProductMember2019-12-012020-02-290000022444cmc:OtherProductMembercmc:InternationalMillsMember2019-12-012020-02-290000022444cmc:OtherProductMemberus-gaap:CorporateMember2019-12-012020-02-290000022444cmc:OtherProductMember2019-12-012020-02-290000022444cmc:AmericasRecyclingMember2019-12-012020-02-290000022444cmc:AmericasMillsMember2019-12-012020-02-290000022444cmc:AmericasFabricationMember2019-12-012020-02-290000022444cmc:InternationalMillsMember2019-12-012020-02-290000022444us-gaap:CorporateMember2019-12-012020-02-290000022444cmc:AmericasRecyclingMembercmc:SteelProductsMember2019-09-012020-02-290000022444cmc:AmericasMillsMembercmc:SteelProductsMember2019-09-012020-02-290000022444cmc:AmericasFabricationMembercmc:SteelProductsMember2019-09-012020-02-290000022444cmc:InternationalMillsMembercmc:SteelProductsMember2019-09-012020-02-290000022444us-gaap:CorporateMembercmc:SteelProductsMember2019-09-012020-02-290000022444cmc:SteelProductsMember2019-09-012020-02-290000022444cmc:FerrousScrapMembercmc:AmericasRecyclingMember2019-09-012020-02-290000022444cmc:FerrousScrapMembercmc:AmericasMillsMember2019-09-012020-02-290000022444cmc:AmericasFabricationMembercmc:FerrousScrapMember2019-09-012020-02-290000022444cmc:FerrousScrapMembercmc:InternationalMillsMember2019-09-012020-02-290000022444us-gaap:CorporateMembercmc:FerrousScrapMember2019-09-012020-02-290000022444cmc:FerrousScrapMember2019-09-012020-02-290000022444cmc:NonferrousScrapMembercmc:AmericasRecyclingMember2019-09-012020-02-290000022444cmc:NonferrousScrapMembercmc:AmericasMillsMember2019-09-012020-02-290000022444cmc:AmericasFabricationMembercmc:NonferrousScrapMember2019-09-012020-02-290000022444cmc:NonferrousScrapMembercmc:InternationalMillsMember2019-09-012020-02-290000022444us-gaap:CorporateMembercmc:NonferrousScrapMember2019-09-012020-02-290000022444cmc:NonferrousScrapMember2019-09-012020-02-290000022444cmc:ConstructionMaterialsMembercmc:AmericasRecyclingMember2019-09-012020-02-290000022444cmc:ConstructionMaterialsMembercmc:AmericasMillsMember2019-09-012020-02-290000022444cmc:AmericasFabricationMembercmc:ConstructionMaterialsMember2019-09-012020-02-290000022444cmc:ConstructionMaterialsMembercmc:InternationalMillsMember2019-09-012020-02-290000022444us-gaap:CorporateMembercmc:ConstructionMaterialsMember2019-09-012020-02-290000022444cmc:ConstructionMaterialsMember2019-09-012020-02-290000022444cmc:OtherProductMembercmc:AmericasRecyclingMember2019-09-012020-02-290000022444cmc:OtherProductMembercmc:AmericasMillsMember2019-09-012020-02-290000022444cmc:AmericasFabricationMembercmc:OtherProductMember2019-09-012020-02-290000022444cmc:OtherProductMembercmc:InternationalMillsMember2019-09-012020-02-290000022444cmc:OtherProductMemberus-gaap:CorporateMember2019-09-012020-02-290000022444cmc:OtherProductMember2019-09-012020-02-290000022444cmc:AmericasRecyclingMember2019-09-012020-02-290000022444cmc:AmericasMillsMember2019-09-012020-02-290000022444cmc:AmericasFabricationMember2019-09-012020-02-290000022444cmc:InternationalMillsMember2019-09-012020-02-290000022444us-gaap:CorporateMember2019-09-012020-02-290000022444cmc:AmericasRecyclingMembercmc:SteelProductsMember2018-12-012019-02-280000022444cmc:AmericasMillsMembercmc:SteelProductsMember2018-12-012019-02-280000022444cmc:AmericasFabricationMembercmc:SteelProductsMember2018-12-012019-02-280000022444cmc:InternationalMillsMembercmc:SteelProductsMember2018-12-012019-02-280000022444us-gaap:CorporateMembercmc:SteelProductsMember2018-12-012019-02-280000022444cmc:SteelProductsMember2018-12-012019-02-280000022444cmc:FerrousScrapMembercmc:AmericasRecyclingMember2018-12-012019-02-280000022444cmc:FerrousScrapMembercmc:AmericasMillsMember2018-12-012019-02-280000022444cmc:AmericasFabricationMembercmc:FerrousScrapMember2018-12-012019-02-280000022444cmc:FerrousScrapMembercmc:InternationalMillsMember2018-12-012019-02-280000022444us-gaap:CorporateMembercmc:FerrousScrapMember2018-12-012019-02-280000022444cmc:FerrousScrapMember2018-12-012019-02-280000022444cmc:NonferrousScrapMembercmc:AmericasRecyclingMember2018-12-012019-02-280000022444cmc:NonferrousScrapMembercmc:AmericasMillsMember2018-12-012019-02-280000022444cmc:AmericasFabricationMembercmc:NonferrousScrapMember2018-12-012019-02-280000022444cmc:NonferrousScrapMembercmc:InternationalMillsMember2018-12-012019-02-280000022444us-gaap:CorporateMembercmc:NonferrousScrapMember2018-12-012019-02-280000022444cmc:NonferrousScrapMember2018-12-012019-02-280000022444cmc:ConstructionMaterialsMembercmc:AmericasRecyclingMember2018-12-012019-02-280000022444cmc:ConstructionMaterialsMembercmc:AmericasMillsMember2018-12-012019-02-280000022444cmc:AmericasFabricationMembercmc:ConstructionMaterialsMember2018-12-012019-02-280000022444cmc:ConstructionMaterialsMembercmc:InternationalMillsMember2018-12-012019-02-280000022444us-gaap:CorporateMembercmc:ConstructionMaterialsMember2018-12-012019-02-280000022444cmc:ConstructionMaterialsMember2018-12-012019-02-280000022444cmc:OtherProductMembercmc:AmericasRecyclingMember2018-12-012019-02-280000022444cmc:OtherProductMembercmc:AmericasMillsMember2018-12-012019-02-280000022444cmc:AmericasFabricationMembercmc:OtherProductMember2018-12-012019-02-280000022444cmc:OtherProductMembercmc:InternationalMillsMember2018-12-012019-02-280000022444cmc:OtherProductMemberus-gaap:CorporateMember2018-12-012019-02-280000022444cmc:OtherProductMember2018-12-012019-02-280000022444cmc:AmericasRecyclingMember2018-12-012019-02-280000022444cmc:AmericasMillsMember2018-12-012019-02-280000022444cmc:AmericasFabricationMember2018-12-012019-02-280000022444cmc:InternationalMillsMember2018-12-012019-02-280000022444us-gaap:CorporateMember2018-12-012019-02-280000022444cmc:AmericasRecyclingMembercmc:SteelProductsMember2018-09-012019-02-280000022444cmc:AmericasMillsMembercmc:SteelProductsMember2018-09-012019-02-280000022444cmc:AmericasFabricationMembercmc:SteelProductsMember2018-09-012019-02-280000022444cmc:InternationalMillsMembercmc:SteelProductsMember2018-09-012019-02-280000022444us-gaap:CorporateMembercmc:SteelProductsMember2018-09-012019-02-280000022444cmc:SteelProductsMember2018-09-012019-02-280000022444cmc:FerrousScrapMembercmc:AmericasRecyclingMember2018-09-012019-02-280000022444cmc:FerrousScrapMembercmc:AmericasMillsMember2018-09-012019-02-280000022444cmc:AmericasFabricationMembercmc:FerrousScrapMember2018-09-012019-02-280000022444cmc:FerrousScrapMembercmc:InternationalMillsMember2018-09-012019-02-280000022444us-gaap:CorporateMembercmc:FerrousScrapMember2018-09-012019-02-280000022444cmc:FerrousScrapMember2018-09-012019-02-280000022444cmc:NonferrousScrapMembercmc:AmericasRecyclingMember2018-09-012019-02-280000022444cmc:NonferrousScrapMembercmc:AmericasMillsMember2018-09-012019-02-280000022444cmc:AmericasFabricationMembercmc:NonferrousScrapMember2018-09-012019-02-280000022444cmc:NonferrousScrapMembercmc:InternationalMillsMember2018-09-012019-02-280000022444us-gaap:CorporateMembercmc:NonferrousScrapMember2018-09-012019-02-280000022444cmc:NonferrousScrapMember2018-09-012019-02-280000022444cmc:ConstructionMaterialsMembercmc:AmericasRecyclingMember2018-09-012019-02-280000022444cmc:ConstructionMaterialsMembercmc:AmericasMillsMember2018-09-012019-02-280000022444cmc:AmericasFabricationMembercmc:ConstructionMaterialsMember2018-09-012019-02-280000022444cmc:ConstructionMaterialsMembercmc:InternationalMillsMember2018-09-012019-02-280000022444us-gaap:CorporateMembercmc:ConstructionMaterialsMember2018-09-012019-02-280000022444cmc:ConstructionMaterialsMember2018-09-012019-02-280000022444cmc:OtherProductMembercmc:AmericasRecyclingMember2018-09-012019-02-280000022444cmc:OtherProductMembercmc:AmericasMillsMember2018-09-012019-02-280000022444cmc:AmericasFabricationMembercmc:OtherProductMember2018-09-012019-02-280000022444cmc:OtherProductMembercmc:InternationalMillsMember2018-09-012019-02-280000022444cmc:OtherProductMemberus-gaap:CorporateMember2018-09-012019-02-280000022444cmc:OtherProductMember2018-09-012019-02-280000022444cmc:AmericasRecyclingMember2018-09-012019-02-280000022444cmc:AmericasMillsMember2018-09-012019-02-280000022444cmc:AmericasFabricationMember2018-09-012019-02-280000022444cmc:InternationalMillsMember2018-09-012019-02-280000022444us-gaap:CorporateMember2018-09-012019-02-280000022444cmc:AmericasRecyclingMember2020-02-290000022444cmc:AmericasMillsMember2020-02-290000022444cmc:AmericasFabricationMember2020-02-290000022444cmc:InternationalMillsMember2020-02-290000022444cmc:A300MillionNotesat5.375dueJuly2027Member2020-02-290000022444cmc:A300MillionNotesat5.375dueJuly2027Member2019-08-310000022444cmc:A350millionnotesat5.75dueApril2026Member2020-02-290000022444cmc:A350millionnotesat5.75dueApril2026Member2019-08-310000022444cmc:A330MillionNotesAt4875DueMay2023Member2020-02-290000022444cmc:A330MillionNotesAt4875DueMay2023Member2019-08-310000022444us-gaap:MediumTermNotesMemberus-gaap:RevolvingCreditFacilityMember2020-02-290000022444us-gaap:MediumTermNotesMemberus-gaap:RevolvingCreditFacilityMember2019-08-310000022444us-gaap:RevolvingCreditFacilityMembercmc:PolandCreditFacilitiesMember2020-02-290000022444us-gaap:RevolvingCreditFacilityMembercmc:PolandCreditFacilitiesMember2019-08-310000022444us-gaap:ShortTermDebtMember2020-02-290000022444us-gaap:ShortTermDebtMember2019-08-310000022444cmc:OtherDebtMember2020-02-290000022444cmc:OtherDebtMember2019-08-310000022444cmc:FinanceLeasesMember2020-02-290000022444cmc:FinanceLeasesMember2019-08-310000022444us-gaap:RevolvingCreditFacilityMember2019-08-310000022444us-gaap:RevolvingCreditFacilityMember2020-02-290000022444us-gaap:LetterOfCreditMember2019-08-310000022444us-gaap:LetterOfCreditMember2020-02-29iso4217:PLN0000022444cmc:CmcpMember2020-02-290000022444cmc:CmcpMember2019-08-310000022444cmc:U.S.ProgramMember2019-08-310000022444cmc:U.S.ProgramMember2020-02-290000022444cmc:PolandProgramMember2020-02-290000022444cmc:PolandProgramMember2019-08-310000022444us-gaap:ForeignExchangeContractMember2020-02-290000022444us-gaap:CommodityContractMember2020-02-290000022444us-gaap:ForeignExchangeContractMember2019-08-310000022444us-gaap:CommodityContractMember2019-08-31utr:t0000022444cmc:AluminumMemberus-gaap:LongMember2019-09-012020-02-290000022444cmc:CopperMemberus-gaap:LongMember2019-09-012020-02-290000022444us-gaap:ShortMembercmc:CopperMember2019-09-012020-02-29utr:MWh0000022444us-gaap:ElectricityMemberus-gaap:LongMember2019-09-012020-02-290000022444us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2019-12-012020-02-290000022444us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2018-12-012019-02-280000022444us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2019-09-012020-02-290000022444us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2018-09-012019-02-280000022444us-gaap:ForeignExchangeContractMemberus-gaap:OperatingExpenseMember2019-12-012020-02-290000022444us-gaap:ForeignExchangeContractMemberus-gaap:OperatingExpenseMember2018-12-012019-02-280000022444us-gaap:ForeignExchangeContractMemberus-gaap:OperatingExpenseMember2019-09-012020-02-290000022444us-gaap:ForeignExchangeContractMemberus-gaap:OperatingExpenseMember2018-09-012019-02-28cmc:levels0000022444us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-02-290000022444us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-02-290000022444us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-02-290000022444us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-02-290000022444us-gaap:CommodityMemberus-gaap:FairValueMeasurementsRecurringMember2020-02-290000022444us-gaap:CommodityMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-02-290000022444us-gaap:CommodityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-02-290000022444us-gaap:CommodityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-02-290000022444us-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2020-02-290000022444us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeMember2020-02-290000022444us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeMember2020-02-290000022444us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeMember2020-02-290000022444us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2019-08-310000022444us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2019-08-310000022444us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-08-310000022444us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2019-08-310000022444us-gaap:CommodityMemberus-gaap:FairValueMeasurementsRecurringMember2019-08-310000022444us-gaap:CommodityMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-08-310000022444us-gaap:CommodityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-08-310000022444us-gaap:CommodityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-08-310000022444us-gaap:ForeignExchangeMemberus-gaap:FairValueMeasurementsRecurringMember2019-08-310000022444us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeMember2019-08-310000022444us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeMember2019-08-310000022444us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeMember2019-08-310000022444us-gaap:EstimateOfFairValueFairValueDisclosureMembercmc:A300MillionNotesat5.375dueJuly2027Memberus-gaap:FairValueInputsLevel2Member2020-02-290000022444us-gaap:EstimateOfFairValueFairValueDisclosureMembercmc:A300MillionNotesat5.375dueJuly2027Memberus-gaap:FairValueInputsLevel2Member2019-08-310000022444us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Membercmc:A350millionnotesat5.75dueApril2026Member2020-02-290000022444us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Membercmc:A350millionnotesat5.75dueApril2026Member2019-08-310000022444us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Membercmc:A330MillionNotesAt4875DueMay2023Member2020-02-290000022444us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Membercmc:A330MillionNotesAt4875DueMay2023Member2019-08-310000022444us-gaap:ShortTermDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2020-02-290000022444us-gaap:ShortTermDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2019-08-310000022444us-gaap:RestrictedStockUnitsRSUMember2019-09-012020-02-290000022444cmc:PerformanceStockUnitsPsuMember2019-09-012020-02-290000022444cmc:RSUsAndPSUsMember2019-09-012020-02-290000022444cmc:RSUsAndPSUsMember2018-09-012019-02-280000022444us-gaap:PhantomShareUnitsPSUsMember2019-09-012020-02-290000022444us-gaap:PhantomShareUnitsPSUsMember2018-09-012019-02-280000022444us-gaap:PhantomShareUnitsPSUsMember2020-02-290000022444us-gaap:RestrictedStockUnitsRSUMembercmc:Fiscal2020Member2019-09-012020-02-290000022444cmc:PerformanceStockUnitsPsuMembercmc:Fiscal2020Member2019-09-012020-02-2900000224442014-11-300000022444cmc:CerclaSitesMember2019-08-310000022444cmc:CerclaSitesMember2020-02-29cmc:segments0000022444us-gaap:SegmentContinuingOperationsMember2019-12-012020-02-290000022444us-gaap:MaterialReconcilingItemsMembercmc:AmericasRecyclingMember2019-12-012020-02-290000022444us-gaap:MaterialReconcilingItemsMembercmc:AmericasMillsMember2019-12-012020-02-290000022444cmc:AmericasFabricationMemberus-gaap:MaterialReconcilingItemsMember2019-12-012020-02-290000022444us-gaap:MaterialReconcilingItemsMembercmc:InternationalMillsMember2019-12-012020-02-290000022444us-gaap:CorporateMemberus-gaap:MaterialReconcilingItemsMember2019-12-012020-02-290000022444us-gaap:MaterialReconcilingItemsMemberus-gaap:SegmentContinuingOperationsMember2019-12-012020-02-290000022444us-gaap:OperatingSegmentsMembercmc:AmericasRecyclingMember2019-12-012020-02-290000022444us-gaap:OperatingSegmentsMembercmc:AmericasMillsMember2019-12-012020-02-290000022444cmc:AmericasFabricationMemberus-gaap:OperatingSegmentsMember2019-12-012020-02-290000022444us-gaap:OperatingSegmentsMembercmc:InternationalMillsMember2019-12-012020-02-290000022444us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2019-12-012020-02-290000022444us-gaap:OperatingSegmentsMemberus-gaap:SegmentContinuingOperationsMember2019-12-012020-02-290000022444us-gaap:SegmentContinuingOperationsMember2019-09-012020-02-290000022444us-gaap:MaterialReconcilingItemsMembercmc:AmericasRecyclingMember2019-09-012020-02-290000022444us-gaap:MaterialReconcilingItemsMembercmc:AmericasMillsMember2019-09-012020-02-290000022444cmc:AmericasFabricationMemberus-gaap:MaterialReconcilingItemsMember2019-09-012020-02-290000022444us-gaap:MaterialReconcilingItemsMembercmc:InternationalMillsMember2019-09-012020-02-290000022444us-gaap:CorporateMemberus-gaap:MaterialReconcilingItemsMember2019-09-012020-02-290000022444us-gaap:MaterialReconcilingItemsMemberus-gaap:SegmentContinuingOperationsMember2019-09-012020-02-290000022444us-gaap:OperatingSegmentsMembercmc:AmericasRecyclingMember2019-09-012020-02-290000022444us-gaap:OperatingSegmentsMembercmc:AmericasMillsMember2019-09-012020-02-290000022444cmc:AmericasFabricationMemberus-gaap:OperatingSegmentsMember2019-09-012020-02-290000022444us-gaap:OperatingSegmentsMembercmc:InternationalMillsMember2019-09-012020-02-290000022444us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2019-09-012020-02-290000022444us-gaap:OperatingSegmentsMemberus-gaap:SegmentContinuingOperationsMember2019-09-012020-02-290000022444us-gaap:OperatingSegmentsMembercmc:AmericasRecyclingMember2020-02-290000022444us-gaap:OperatingSegmentsMembercmc:AmericasMillsMember2020-02-290000022444cmc:AmericasFabricationMemberus-gaap:OperatingSegmentsMember2020-02-290000022444us-gaap:OperatingSegmentsMembercmc:InternationalMillsMember2020-02-290000022444us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2020-02-290000022444us-gaap:OperatingSegmentsMemberus-gaap:SegmentContinuingOperationsMember2020-02-290000022444us-gaap:SegmentContinuingOperationsMember2018-12-012019-02-280000022444us-gaap:MaterialReconcilingItemsMembercmc:AmericasRecyclingMember2018-12-012019-02-280000022444us-gaap:MaterialReconcilingItemsMembercmc:AmericasMillsMember2018-12-012019-02-280000022444cmc:AmericasFabricationMemberus-gaap:MaterialReconcilingItemsMember2018-12-012019-02-280000022444us-gaap:MaterialReconcilingItemsMembercmc:InternationalMillsMember2018-12-012019-02-280000022444us-gaap:CorporateMemberus-gaap:MaterialReconcilingItemsMember2018-12-012019-02-280000022444us-gaap:MaterialReconcilingItemsMemberus-gaap:SegmentContinuingOperationsMember2018-12-012019-02-280000022444us-gaap:OperatingSegmentsMembercmc:AmericasRecyclingMember2018-12-012019-02-280000022444us-gaap:OperatingSegmentsMembercmc:AmericasMillsMember2018-12-012019-02-280000022444cmc:AmericasFabricationMemberus-gaap:OperatingSegmentsMember2018-12-012019-02-280000022444us-gaap:OperatingSegmentsMembercmc:InternationalMillsMember2018-12-012019-02-280000022444us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2018-12-012019-02-280000022444us-gaap:OperatingSegmentsMemberus-gaap:SegmentContinuingOperationsMember2018-12-012019-02-280000022444us-gaap:SegmentContinuingOperationsMember2018-09-012019-02-280000022444us-gaap:MaterialReconcilingItemsMembercmc:AmericasRecyclingMember2018-09-012019-02-280000022444us-gaap:MaterialReconcilingItemsMembercmc:AmericasMillsMember2018-09-012019-02-280000022444cmc:AmericasFabricationMemberus-gaap:MaterialReconcilingItemsMember2018-09-012019-02-280000022444us-gaap:MaterialReconcilingItemsMembercmc:InternationalMillsMember2018-09-012019-02-280000022444us-gaap:CorporateMemberus-gaap:MaterialReconcilingItemsMember2018-09-012019-02-280000022444us-gaap:MaterialReconcilingItemsMemberus-gaap:SegmentContinuingOperationsMember2018-09-012019-02-280000022444us-gaap:OperatingSegmentsMembercmc:AmericasRecyclingMember2018-09-012019-02-280000022444us-gaap:OperatingSegmentsMembercmc:AmericasMillsMember2018-09-012019-02-280000022444cmc:AmericasFabricationMemberus-gaap:OperatingSegmentsMember2018-09-012019-02-280000022444us-gaap:OperatingSegmentsMembercmc:InternationalMillsMember2018-09-012019-02-280000022444us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2018-09-012019-02-280000022444us-gaap:OperatingSegmentsMemberus-gaap:SegmentContinuingOperationsMember2018-09-012019-02-280000022444us-gaap:OperatingSegmentsMembercmc:AmericasRecyclingMember2019-08-310000022444us-gaap:OperatingSegmentsMembercmc:AmericasMillsMember2019-08-310000022444cmc:AmericasFabricationMemberus-gaap:OperatingSegmentsMember2019-08-310000022444us-gaap:OperatingSegmentsMembercmc:InternationalMillsMember2019-08-310000022444us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2019-08-310000022444us-gaap:OperatingSegmentsMemberus-gaap:SegmentContinuingOperationsMember2019-08-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________
FORM 10-Q 
___________________________________
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 29, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission file number 1-4304
___________________________________
COMMERCIAL METALS COMPANY
(Exact Name of Registrant as Specified in Its Charter)
___________________________________ 
Delaware75-0725338
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
6565 N. MacArthur Blvd.
Irving, Texas 75039
(Address of Principal Executive Offices) (Zip Code)
(214) 689-4300
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 par valueCMCNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 ("Exchange Act") during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of March 24, 2020, 119,061,889 shares of the registrant's common stock, par value $0.01 per share, were outstanding.



COMMERCIAL METALS COMPANY AND SUBSIDIARIES
TABLE OF CONTENTS

 

2


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS



COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
Three Months EndedSix Months Ended
(in thousands, except share data)February 29, 2020February 28, 2019February 29, 2020February 28, 2019
Net sales$1,340,963  $1,402,783  $2,725,671  $2,680,125  
Costs and expenses:
Cost of goods sold1,123,096  1,252,493  2,269,610  2,370,926  
Selling, general and administrative expenses115,538  98,726  227,067  215,943  
Interest expense15,888  18,495  32,466  35,158  
1,254,522  1,369,714  2,529,143  2,622,027  
Earnings from continuing operations before income taxes 86,441  33,069  196,528  58,098  
Income taxes22,845  18,141  50,177  23,750  
Earnings from continuing operations63,596  14,928  146,351  34,348  
Earnings (loss) from discontinued operations before income taxes301  (1,075) 1,196  (618) 
Income taxes99  3  401  138  
Earnings (loss) from discontinued operations202  (1,078) 795  (756) 
Net earnings$63,798  $13,850  $147,146  $33,592  
Basic earnings per share*
Earnings from continuing operations$0.53  $0.13  $1.23  $0.29  
Earnings (loss) from discontinued operations  (0.01) 0.01  (0.01) 
Net earnings$0.54  $0.12  $1.24  $0.29  
Diluted earnings per share*
Earnings from continuing operations$0.53  $0.13  $1.22  $0.29  
Earnings (loss) from discontinued operations  (0.01) 0.01  (0.01) 
Net earnings$0.53  $0.12  $1.22  $0.28  
Average basic shares outstanding118,919,455  117,854,335  118,644,823  117,677,422  
Average diluted shares outstanding120,407,256  118,942,758  120,303,259  118,996,427  
See notes to condensed consolidated financial statements.
 _________________
*Earnings Per Share ("EPS") is calculated independently for each component and may not sum to Net EPS due to rounding.


3



COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months EndedSix Months Ended
(in thousands) February 29, 2020February 28, 2019February 29, 2020February 28, 2019
Net earnings   $63,798  $13,850  $147,146  $33,592  
Other comprehensive income, net of income taxes:  
Foreign currency translation adjustment  (1,066) 514  5,858  (9,143) 
Reclassification for translation gain (loss) realized upon liquidation of investment in foreign entity (2) 936  (2) 837  
Foreign currency translation adjustment  (1,068) 1,450  5,856  (8,306) 
Net unrealized loss on derivatives:  
Unrealized holding loss(3,646) (86) (2,932) (121) 
Reclassification for loss included in net earnings  (83) (42) (172) (84) 
Net unrealized loss on derivatives  (3,729) (128) (3,104) (205) 
Defined benefit obligation:
Amortization of prior services  (8) (8) (16) (15) 
Reclassification for settlement losses        1,316  
Defined benefit obligation  (8) (8) (16) 1,301  
Other comprehensive income (loss) (4,805) 1,314  2,736  (7,210) 
Comprehensive income  $58,993  $15,164  $149,882  $26,382  
See notes to condensed consolidated financial statements.

4



COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share data)February 29, 2020August 31, 2019
Assets
Current assets:
Cash and cash equivalents$232,442  $192,461  
Accounts receivable (less allowance for doubtful accounts of $8,388 and $8,403)961,694  1,016,088  
Inventories, net714,842  692,368  
Other current assets176,000  179,088  
Total current assets2,084,978  2,080,005  
Property, plant and equipment, net1,522,342  1,500,971  
Goodwill64,172  64,138  
Other noncurrent assets236,446  113,657  
Total assets$3,907,938  $3,758,771  
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$275,491  $288,005  
Accrued expenses and other payables329,920  353,786  
Acquired unfavorable contract backlog21,008  35,360  
Current maturities of long-term debt and short-term borrowings22,715  17,439  
Total current liabilities649,134  694,590  
Deferred income taxes123,726  79,290  
Other noncurrent liabilities232,450  133,620  
Long-term debt1,144,573  1,227,214  
Total liabilities2,149,883  2,134,714  
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 119,061,889 and 117,924,938 shares
1,290  1,290  
Additional paid-in capital351,481  358,668  
Accumulated other comprehensive loss(121,390) (124,126) 
Retained earnings1,704,045  1,585,379  
Less treasury stock 9,998,775 and 11,135,726 shares at cost
(177,583) (197,350) 
Stockholders' equity1,757,843  1,623,861  
Stockholders' equity attributable to noncontrolling interests212  196  
Total stockholders' equity1,758,055  1,624,057  
Total liabilities and stockholders' equity$3,907,938  $3,758,771  
See notes to condensed consolidated financial statements.

5



COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 Six Months Ended
(in thousands)February 29, 2020February 28, 2019
Cash flows from (used by) operating activities:
Net earnings$147,146  $33,592  
Adjustments to reconcile net earnings to cash flows from (used by) operating activities:
Depreciation and amortization82,338  76,430  
Deferred income taxes and other long-term taxes42,142  11,705  
Stock-based compensation15,805  10,007  
Amortization of acquired unfavorable contract backlog(14,328) (34,808) 
Net gain on disposals of subsidiaries, assets and other(5,585) (1,202) 
Other1,571  (281) 
Changes in operating assets and liabilities(15,673) (80,809) 
Beneficial interest in securitized accounts receivable  (367,521) 
Net cash flows from (used by) operating activities253,416  (352,887) 
Cash flows from (used by) investing activities:
Capital expenditures(96,592) (67,497) 
Proceeds from the sale of property, plant and equipment14,004  2,042  
Acquisitions, net of cash acquired(9,850) (700,982) 
Proceeds from insurance, sale of discontinued operations and other974  5,798  
Beneficial interest in securitized accounts receivable  367,521  
Net cash flows used by investing activities:(91,464) (393,118) 
Cash flows from (used by) financing activities:
Proceeds from issuance of long-term debt11,299  180,000  
Repayments of long-term debt(106,880) (14,605) 
Proceeds from accounts receivable programs85,686  140,070  
Repayments under accounts receivable programs(81,314) (92,664) 
Dividends(28,480) (28,181) 
Stock issued under incentive and purchase plans, net of forfeitures(2,463) (2,856) 
Contribution from noncontrolling interests16  10  
Net cash flows from (used by) financing activities(122,136) 181,774  
Effect of exchange rate changes on cash337  (221) 
Increase (decrease) in cash, restricted cash and cash equivalents40,153  (564,452) 
Cash, restricted cash and cash equivalents at beginning of period193,729  632,615  
Cash, restricted cash and cash equivalents at end of period$233,882  $68,163  
See notes to condensed consolidated financial statements.

Supplemental information:Six Months Ended
(in thousands)February 29, 2020February 28, 2019
Cash paid for income taxes$27,759  $1,771  
Cash paid for interest29,484  31,518  
Noncash activities:
Liabilities related to additions of property, plant and equipment29,176  26,186  
Cash and cash equivalents$232,442  $66,742  
Restricted cash1,440  1,421  
Total cash, restricted cash and cash equivalents$233,882  $68,163  


6



COMMERCIAL METALS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
Three Months Ended February 29, 2020
 Common StockAdditionalAccumulated
Other
 Treasury Stock Non- 
(in thousands, except share data)Number of
Shares
AmountPaid-In
Capital
Comprehensive
Loss
Retained
Earnings
Number of
Shares
Amountcontrolling
Interests
Total
Balance, November 30, 2019129,060,664  $1,290  $347,192  $(116,585) $1,654,489  (10,410,799) $(184,885) $196  $1,701,697  
Net earnings63,798  63,798  
Other comprehensive loss(4,805) (4,805) 
Dividends ($0.12 per share)(14,242) (14,242) 
Issuance of stock under incentive and purchase plans, net of forfeitures(1,948) 412,024  7,302  5,354  
Stock-based compensation6,237  6,237  
Contribution of noncontrolling interests16  16  
Balance, February 29, 2020129,060,664  $1,290  $351,481  $(121,390) $1,704,045  (9,998,775) $(177,583) $212  $1,758,055  
Six Months Ended February 29, 2020
 Common StockAdditionalAccumulated
Other
 Treasury Stock Non- 
(in thousands, except share data)Number of
Shares
AmountPaid-In
Capital
Comprehensive
Loss
Retained
Earnings
Number of
Shares
Amountcontrolling
Interests
Total
Balance, September 1, 2019129,060,664  $1,290  $358,668  $(124,126) $1,585,379  (11,135,726) $(197,350) $196  $1,624,057  
Net earnings147,146  147,146  
Other comprehensive income2,736  2,736  
Dividends ($0.12 per share)(28,480) (28,480) 
Issuance of stock under incentive and purchase plans, net of forfeitures(22,230) 1,136,951  19,767  (2,463) 
Stock-based compensation15,043  15,043  
Contribution of noncontrolling interests16  16  
Balance, February 29, 2020129,060,664  $1,290  $351,481  $(121,390) $1,704,045  (9,998,775) $(177,583) $212  $1,758,055  

7


Three Months Ended February 28, 2019
 Common StockAdditionalAccumulated
Other
 Treasury Stock Non- 
(in thousands, except share data)Number of
Shares
AmountPaid-In
Capital
Comprehensive
Loss
Retained
Earnings
Number of
Shares
Amountcontrolling
Interests
Total
Balance, November 30, 2018129,060,664  $1,290  $342,893  $(102,201) $1,449,374  (11,426,463) $(202,515) $186  $1,489,027  
Net earnings13,850  13,850  
Other comprehensive income1,314  1,314  
Dividends ($0.12 per share)(14,065) (14,065) 
Issuance of stock under incentive and purchase plans, net of forfeitures(1,733) 286,869  5,097  3,364  
Stock-based compensation4,996  4,996  
Contribution of noncontrolling interest10  10  
Balance, February 28, 2019129,060,664  $1,290  $346,156  $(100,887) $1,449,159  (11,139,594) $(197,418) $196  $1,498,496  
Six Months Ended February 28, 2019
 Common StockAdditionalAccumulated
Other
 Treasury Stock Non- 
(in thousands, except share data)Number of
Shares
AmountPaid-In
Capital
Comprehensive
Loss
Retained
Earnings
Number of
Shares
Amountcontrolling
Interests
Total
Balance, September 1, 2018129,060,664  $