Inventories

6 Months Ended

Feb. 28, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories        

	February 28, 2021		August 31, 2020
	(Dollars in thousands)
Grain and oilseed	$	1,927,931	$	1,064,079
Energy	714,798		696,858
Agronomy	1,403,480		822,535
Processed grain and oilseed	155,492		126,022
Other	44,350		32,644
Total inventories	$	4,246,051	$	2,742,138

    As of February 28, 2021, and August 31, 2020, we valued approximately 11% and 16%, respectively, of inventories, primarily crude oil and refined fuels within our Energy segment, using the lower of cost, determined on the LIFO method, or net realizable value. If the FIFO method of accounting had been used, inventories would have been higher than the reported amount by $284.3 million and $93.5 million as of February 28, 2021, and August 31, 2020, 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.