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Inventories | 9 Months Ended
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May 31, 2023
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories include materials, direct labor, inbound freight, customs, duties, tariffs, and related manufacturing overhead. Inventories are stated on a first-in, first-out basis at the lower of cost and net realizable value and consist of the following as of the dates presented (in millions):
| May 31, 2023 |  | August 31, 2022
Raw materials, supplies, and work in process (1) | $ | 231.0 |  |  | $ | 252.6 |
Finished goods | 199.9 |  |  | 264.0 |
Inventories excluding reserves | 430.9 |  |  | 516.6 |
Less: Reserves | (30.4) |  |  | (30.9) |
Total inventories | $ | 400.5 |  |  | $ | 485.7 |
_______________________________________ (1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, we do not believe the segregation of raw materials and work in process is meaningful information. We review inventory quantities on hand and record a provision for excess or obsolete inventory primarily based on estimated future demand and current market conditions. A significant change in customer demand or market conditions could render certain inventory obsolete and could have a material adverse impact on our operating results in the period the change occurs.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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