Inventories

3 Months Ended

Nov. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories        

	November 30, 2021		August 31, 2021
	(Dollars in thousands)
Grain and oilseed	$	2,290,770	$	1,435,544
Energy	926,801		762,317
Agronomy	1,176,564		958,548
Processed grain and oilseed	156,281		140,975
Other	58,400		37,291
Total inventories	$	4,608,816	$	3,334,675

    As of November 30, 2021, and August 31, 2021, we valued approximately 11% and 13%, respectively, of inventories, primarily crude oil and refined fuels within our Energy segment, using the lower of cost, determined on the last in, first out ("LIFO") method, or net realizable value. If the first in, first out ("FIFO") method of accounting had been used, inventories would have been higher than the reported amount by $402.2 million and $359.2 million as of November 30, 2021, and

August 31, 2021, 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.