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Inventories

12 Months Ended

Aug. 31, 2014

Inventories as of August 31, 2014 and 2013 are as follows:



	2014		2013
	(Dollars in thousands)
Grain and oilseed	$	961,327	$	1,133,555
Energy	875,719		742,194
Crop nutrients	374,023		293,370
Feed and farm supplies	448,454		407,023
Processed grain and oilseed	84,498		79,706
Other	16,232		8,887
Total inventories	$	2,760,253	$	2,664,735

As of August 31, 2014, we valued approximately 16% of inventories, primarily crude oil and refined fuels within our Energy segment, using the lower of cost, determined on the LIFO method, or market (16% as of August 31, 2013). If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $538.7 million and $652.6 million at August 31, 2014 and 2013, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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