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Inventories
3 Months Ended
Nov. 30, 2012
Inventory Disclosure [Abstract]  
Inventories
NOTE 3. INVENTORIES

Inventories are stated at the lower of cost or market. Inventory cost for most domestic inventories is determined by the last-in-first-out ("LIFO") method. LIFO inventory reserves were $238.4 million and $261.8 million at November 30, 2012 and August 31, 2012, respectively. Inventory cost for international inventories and the remaining domestic inventories are determined by the first-in-first-out ("FIFO") method.

At November 30, 2012 and August 31, 2012, 52% and 55%, respectively, of total inventories were valued at LIFO. The remainder of inventories, valued at FIFO, consisted mainly of material dedicated to CMC Zawiercie S.A. (“CMCZ”) and certain marketing and distribution businesses.

The majority of the Company’s inventories are in the form of finished goods with minimal work in process. At November 30, 2012 and August 31, 2012, $101.5 million and $68.0 million, respectively, were in raw materials.