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Inventories | 9 Months Ended
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May 31, 2023
Inventory Disclosure [Abstract] |
Inventories | Inventories
| May 31, 2023 |  | August 31, 2022
| (Dollars in thousands)
Grain and oilseed | $ | 1,011,947 |  |  | $ | 1,133,531 |
Energy | 673,584 |  |  | 824,114 |
Agronomy | 1,096,250 |  |  | 1,295,548 |
Processed grain and oilseed | 292,254 |  |  | 292,992 |
Other | 206,787 |  |  | 106,686 |
Total inventories | $ | 3,280,822 |  |  | $ | 3,652,871 |
As of May 31, 2023, and August 31, 2022, we valued approximately 17% and 14%, respectively, of inventories, primarily crude oil and refined fuels within our Energy segment, using the lower of cost, determined on the last in, first out ("LIFO") method, or net realizable value. If the first in, first out ("FIFO") method of accounting had been used, inventories would have been higher than the reported amount by $477.8 million and $678.3 million as of May 31, 2023, and August 31, 2022, 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 final year-end LIFO inventory valuation.

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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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