XML 57 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Inventories
9 Months Ended
May 31, 2013
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 $221.6 million and $261.8 million at May 31, 2013 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 May 31, 2013 and August 31, 2012, 45% and 55%, respectively, of the Company's total inventories were valued at LIFO. The remainder of inventories, valued at FIFO, consisted mainly of material dedicated to CMC Poland Sp. z o.o. ("CMCP") (formerly CMC Zawiercie S.A. or 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 May 31, 2013 and August 31, 2012, $101.1 million and $68.0 million, respectively, were in the form of raw materials.