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CREDIT ARRANGEMENTS
 6 Months Ended
Feb. 28, 2026
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, 2026February 28, 2026August 31, 2025
2030 Notes4.125%$300,000 $300,000 
2031 Notes3.875%300,000 300,000 
2032 Notes4.375%300,000 300,000 
2033 Notes5.750%1,000,000 — 
2035 Notes6.000%1,000,000 — 
Series 2022 Bonds, due 20474.000%145,060 145,060 
Series 2025 Bonds, due 20324.625%150,000 150,000 
Other4.906%10,508 10,108 
Finance leases5.128%186,453 158,917 
Total debt3,392,021 1,364,085 
Less unamortized debt issuance costs(33,672)(14,051)
Plus unamortized bond premium4,167 4,261 
Total amounts outstanding3,362,516 1,354,295 
Less current maturities of long-term debt(52,621)(44,289)
Long-term debt$3,309,895 $1,310,006 

The Company's credit arrangements require compliance with certain covenants, including interest coverage and debt to capitalization ratios, and as of February 28, 2026, the Company was in compliance with all financial covenants.

Capitalized interest was $5.0 million and $8.9 million during the three and six months ended February 28, 2026, respectively, compared to $2.4 million and $4.5 million, respectively, during the corresponding periods.

Senior Notes Activity

In November 2025, the Company issued $1.0 billion of 5.750% senior unsecured notes due November 2033 (the "2033 Notes") and $1.0 billion of 6.000% senior unsecured notes due December 2035 (the "2035 Notes"). Interest on the 2033 Notes is payable semiannually on May 15 and November 15 and interest on the 2035 Notes is payable semiannually on June 15 and December 15. Gross proceeds from the issuance of the 2033 Notes and the 2035 Notes were used to facilitate the closing of the Foley Acquisition. Aggregate fees and issuance costs associated with the 2033 Notes and the 2035 Notes were approximately $15.8 million and $21.3 million for the three and six months ended February 28, 2026, respectively. Prior quarter amounts included rating agency and legal fees whereas current quarter amounts relate to additional fees associated with the 2033 Notes and the 2035 Notes that were conditional on the closing of the Foley Acquisition. For more information on the Foley Acquisition, see Note 2, Acquisitions.

Series 2025 Bonds

In May 2025, the Company issued $150.0 million in original aggregate principal amount of tax-exempt bonds (the “Series 2025 Bonds”). The Series 2025 Bonds accrue interest at a fixed rate of 4.625%, payable semiannually on April 15 and October 15 of each year. The Series 2025 Bonds have a mandatory tender for purchase on May 15, 2032, and will mature in 2055.

Credit Facilities

The Company entered into a commitment letter, dated October 15, 2025 (the “Commitment Letter”), with Bank of America, N.A., BofA Securities, Inc. and Citigroup Global Markets Inc., pursuant to which, subject to the terms and conditions set forth therein, Bank of America, N.A. and Citigroup Global Markets Inc. agreed to provide the Company (i) a 364-day senior unsecured bridge facility in an aggregate principal amount of up to $1.85 billion (the “Bridge Facility”) and (ii) a senior secured revolving credit facility in an aggregate principal amount of $600.0 million (the "Backstop Facility"). On October 31, 2025, in connection with the effectiveness of the Second Amendment (as defined below), the Company amended and restated the
Commitment Letter to eliminate the Backstop Facility. On December 15, 2025, the Commitment Letter terminated in connection with the closing of the Foley Acquisition.

On October 31, 2025, the Company entered into the Limited Consent and Second Amendment (the "Second Amendment") to the Sixth Amended and Restated Credit Agreement (as amended from time to time, the "Credit Agreement"), which, among other things, permitted the Bridge Facility, and modified the event of default provisions in the Credit Agreement to provide that certain monetary judgments will not constitute an event of default. On December 17, 2025, the Company entered into the Third Amendment and Commitment Increase to the Credit Amendment (the “Third Amendment”), which increased the borrowing capacity under the revolving credit facility (the "Revolver") from $600.0 million to $1.0 billion and extended the maturity date from October 26, 2029 to December 17, 2030. The Company had no amounts drawn under the Revolver at February 28, 2026 or August 31, 2025. The availability under the Revolver was reduced by outstanding standby letters of credit totaling $1.0 million at both February 28, 2026 and August 31, 2025.

CMC Poland Sp. z.o.o., a subsidiary of the Company, had credit facilities in Poland totaling PLN 600.0 million as of February 28, 2026 and August 31, 2025, equivalent to $167.8 million and $164.5 million, respectively. There were no amounts outstanding under these facilities as of February 28, 2026 or August 31, 2025. The available balance of these credit facilities was reduced by outstanding standby letters of credit, guarantees and/or other financial assurance instruments, totaling $1.9 million and $2.7 million as of February 28, 2026 and August 31, 2025, respectively.

Accounts Receivable Facility
The Poland accounts receivable facility had a limit of PLN 288.0 million as of February 28, 2026 and August 31, 2025, equivalent to $80.6 million and $78.9 million, respectively. The Company had no advance payments outstanding under the Poland accounts receivable facility as of February 28, 2026 or August 31, 2025.