Inventories

3 Months Ended

Nov. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories        

	November 30, 2022		August 31, 2022
	(Dollars in thousands)
Grain and oilseed	$	2,244,788	$	1,133,531
Energy	918,042		824,114
Agronomy	1,482,707		1,295,548
Processed grain and oilseed	316,490		292,992
Other	108,077		106,686
Total inventories	$	5,070,104	$	3,652,871

    As of November 30, 2022, and August 31, 2022, we valued approximately 12% and 14%, 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 $515.9 million and $678.3 million as of November 30, 2022, and August 31, 2022, 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.