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Inventories

12 Months Ended

Aug. 31, 2015

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories as of August 31, 2015 and 2014 are as follows:

	2015				2014
	(Dollars in thousands)
Grain and oilseed	$	966,923			$	961,327
Energy	785,116				875,719
Crop nutrients	369,105				374,023
Feed and farm supplies	465,744				448,454
Processed grain and oilseed	48,078				84,498
Other	17,378				16,232
Total inventories	$	2,652,344			$	2,760,253

As of August 31, 2015, we valued approximately 18% 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, 2014). If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $68.1 million and $538.7 million at August 31, 2015 and 2014, respectively.

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- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SX 210.5-02.6)



-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766



Reference 3: http://www.xbrl.org/2003/role/presentationRef



-Publisher SEC



-Name Regulation S-X (SX)



-Number 210



-Section 02



-Paragraph 6



-Subparagraph a, b, c



-Article 5

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