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Inventories | 9 Months Ended
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May 31, 2024
Inventory Disclosure [Abstract] |
Inventories | Note 6 – Inventories Inventories consisted of the following as of May 31, 2024, May 31, 2023, and August 31, 2023:
($ in thousands) |  | May 31, 2024 |  |  | May 31, 2023 |  |  | August 31, 2023 |
Raw materials and supplies |  | $ | 83,750 |  |  | $ | 82,323 |  |  | $ | 83,908 |
Work in process |  |  | 13,235 |  |  |  | 12,720 |  |  |  | 7,820 |
Finished goods and purchased parts, net |  |  | 96,295 |  |  |  | 95,847 |  |  |  | 86,793 |
Total inventory value before LIFO adjustment |  |  | 193,280 |  |  |  | 190,890 |  |  |  | 178,521 |
Less adjustment to LIFO value |  |  | (21,758 | ) |  |  | (24,131 | ) |  |  | (22,589 | )
Inventories, net |  | $ | 171,522 |  |  | $ | 166,759 |  |  | $ | 155,932 |
Of the $171.5 million, $166.8 million, and $155.9 million of net inventories at May 31, 2024, May 31, 2023, and August 31, 2023, respectively, $49.8 million, $45.3 million, and $42.2 million, respectively, was valued on the last-in, first-out ("LIFO") basis, and $121.7 million, $121.5 million, and $113.7 million, respectively, was valued on the first-in, first-out ("FIFO") or average cost methods.

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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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