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Inventories (Tables) | 6 Months Ended
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Feb. 28, 2022
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 millions) |  | February 28, 2022 |  |  | August 31, 2021 |
Manufacturing supplies and raw materials |  | $ | 530.2 |  |  | $ | 352.8 |
Work-in-process |  |  | 146.5 |  |  |  | 167.3 |
Finished goods |  |  | 66.8 |  |  |  | 73.4 |
Excess and obsolete adjustment |  |  | (15.0 | ) |  |  | (19.9 | )
|  | $ | 728.5 |  |  | $ | 573.6 |

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