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Inventories (Tables) | 9 Months Ended
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May 31, 2021
Inventory Disclosure [Abstract] |
Components of Inventories | Inventories are valued at the lower of cost or net realizable value using the first-in first-out method. Work-in-process includes material, labor and overhead. Finished goods includes completed wheels, parts and railcars not on lease or in transit. The following table summarizes the Company’s inventory balance:
(In thousands) |  | May 31, 2021 |  |  | August 31, 2020 |
Manufacturing supplies and raw materials |  | $ | 315,587 |  |  | $ | 263,080 |
Work-in-process |  |  | 140,285 |  |  |  | 116,909 |
Finished goods |  |  | 117,012 |  |  |  | 173,761 |
Excess and obsolete adjustment |  |  | (19,747 | ) |  |  | (24,221 | )
|  | $ | 553,137 |  |  | $ | 529,529 |

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