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Inventories | 9 Months Ended
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May 31, 2020
Inventory Disclosure [Abstract] |
Inventories | Inventories
| May 31, 2020 |  | August 31, 2019
| (Dollars in thousands)
Grain and oilseed | $ | 1,021,535 |  |  | $ | 1,024,645 |
Energy | 681,364 |  |  | 717,378 |
Agronomy | 967,451 |  |  | 954,037 |
Processed grain and oilseed | 108,115 |  |  | 109,900 |
Other | 40,293 |  |  | 48,328 |
Total inventories | $ | 2,818,758 |  |  | $ | 2,854,288 |
As of May 31, 2020, and August 31, 2019, 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 net realizable value. If the FIFO method of accounting had been used, inventories would have been lower than the reported amount by $79.0 million and higher than the reported amount by $215.0 million as of May 31, 2020, and August 31, 2019, respectively. Actual valuation of inventory under the LIFO method can be made only at the end of each year based on inventory levels and costs at that time. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and values and are subject to the final year-end LIFO inventory valuation. During the third quarter of fiscal 2020, we experienced price declines in our energy inventories associated with the novel corona virus COVID-19 pandemic. As a result, we recorded a noncash, lower of cost or market charge of $42.0 million in cost of goods sold to reduce the carrying value of our energy inventories to their market value at the end of the period. This charge may increase or decrease in the fourth quarter of fiscal 2020, based upon market prices observed at our fiscal year-end. Any adjustments that exist as of our fiscal year-end would be incorporated into the LIFO carrying value of the inventories.

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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 http://asc.fasb.org/topic&trid=2126998 + Details
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