Inventories

6 Months Ended

Feb. 28, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories include materials, labor, inbound freight, and related manufacturing overhead, are stated at the lower of cost (on a first-in, first-out or average cost basis) and net realizable value, and consist of the following as of the dates presented (in millions):

	February 28, 2021		August 31, 2020
Raw materials, supplies, and work in process (1)	$	163.1	$	170.3
Finished goods	201.1		199.1
Inventories excluding reserves	364.2		369.4
Less: Reserves	(42.9)		(49.3)
Total inventories	$	321.3	$	320.1

_______________________________________

(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, we do not believe the segregation of raw materials and work in process is meaningful information.

We review inventory quantities on hand and record a provision for excess or obsolete inventory primarily based on estimated future demand and current market conditions. A significant change in customer demand or market conditions could render certain inventory obsolete and could have a material adverse impact on our operating results in the period the change occurs.