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Inventories

9 Months Ended

May 31, 2024


	May 31, 2024		August 31, 2023
	(Dollars in thousands)
Grain and oilseed	$	1,089,436	$	1,099,956
Energy	849,708		645,333
Agronomy	1,028,520		1,111,477
Processed grain and oilseed	128,717		141,360
Other	208,786		217,053
Total inventories	$	3,305,167	$	3,215,179

As of May 31, 2024, and August 31, 2023, we valued approximately 22% and 16%, 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 $463.7 million and $589.0 million as of May 31, 2024, and August 31, 2023, 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.