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Inventories
6 Months Ended
Feb. 29, 2012
Inventories [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 method (“LIFO”). LIFO inventory reserves were $285.4 million and $307.3 million at February 29, 2012 and August 31, 2011, respectively. Inventory cost for international inventories and the remaining domestic inventories are determined by the first-in, first-out method (“FIFO”). The majority of the Company’s inventories are in the form of finished goods, with minimal work in process. At February 29, 2012 and August 31, 2011, $95.0 million and $107.7 million, respectively, were in raw materials.