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Inventories | 9 Months Ended
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May 31, 2023
Inventory Disclosure [Abstract] |
Inventories | Note 3 – 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) |  | May 31, 2023 |  |  | August 31, 2022 |
Manufacturing supplies and raw materials |  | $ | 710.6 |  |  | $ | 570.2 |
Work-in-process |  |  | 108.4 |  |  |  | 183.3 |
Finished goods |  |  | 85.0 |  |  |  | 75.9 |
Excess and obsolete adjustment |  |  | (16.0 | ) |  |  | (14.1 | )
|  | $ | 888.0 |  |  | $ | 815.3 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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