Inventories

6 Months Ended

Feb. 28, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories        

	February 28, 2022		August 31, 2021
	(Dollars in thousands)
Grain and oilseed	$	2,533,038	$	1,435,544
Energy	899,041		762,317
Agronomy	1,648,670		958,548
Processed grain and oilseed	162,323		140,975
Other	61,745		37,291
Total inventories	$	5,304,817	$	3,334,675

    As of February 28, 2022, 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 $596.8 million and $359.2 million as of February 28, 2022, 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.