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Inventories | 12 Months Ended
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Aug. 31, 2023
Inventory Disclosure [Abstract] |
Inventories | Note 8 - Inventories
|  | August 31, |
($ in thousands) |  | 2023 |  |  | 2022 |
Raw materials and supplies |  | $ | 83,908 |  |  | $ | 93,469 |
Work in process |  |  | 7,820 |  |  |  | 12,603 |
Finished goods and purchased parts |  |  | 86,793 |  |  |  | 110,022 |
Total inventory value before LIFO adjustment |  |  | 178,521 |  |  |  | 216,094 |
Less adjustment to LIFO value |  |  | (22,589 | ) |  |  | (22,318 | )
Inventories, net |  | $ | 155,932 |  |  | $ | 193,776 |
Of the $178.5 million and $216.1 million of inventories at August 31, 2023, and 2022, respectively, $64.8 million and $77.8 million, respectively was valued on the last-in, first-out ("LIFO") basis, and $113.8 million and $138.3 million, respectively was valued on first-in, first-out ("FIFO") or average cost methods. In fiscal 2023, the Company recorded a $1.2 million decrease to its cost of goods sold, or $0.11 per diluted share, related to the liquidation of LIFO inventory quantities.

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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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