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INVENTORIES, NET | 12 Months Ended
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Aug. 31, 2015
Inventory Disclosure [Abstract] |
INVENTORIES, NET | NOTE 6. INVENTORIES, NET Inventories are stated at the lower of cost or market. Inventory cost for most U.S. inventories is determined by the LIFO method. At August 31, 2015 and 2014, 51% and 44%, respectively, of the Company's total net inventories were valued at LIFO. LIFO inventory reserves were $119.5 million and $198.8 million at August 31, 2015 and 2014, respectively. We determine inventory cost for our International Mill segment by the weighted average cost method. The cost for our remaining international and U.S. inventories is determined by the FIFO method. We record all inventories at the lower of their cost or market value. The majority of the Company's inventories are in the form of finished goods with minimal work in process. At August 31, 2015 and 2014, before LIFO reserves, $61.5 million and $84.3 million, respectively, of the Company's inventories were in the form of raw materials. During fiscal years 2015, 2014 and 2013, inventory in certain LIFO pools was reduced. This reduction resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of current purchases. The effects on net earnings were $3.9 million and $3.5 million for fiscal years 2015 and 2013, respectively, and immaterial for fiscal year 2014.

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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