Inventories (Tables)

3 Months Ended

Nov. 30, 2021

Inventory Disclosure [Abstract]

Components of Inventories

Inventories are valued at the lower of cost or net realizable value using the first-in first-out method. Work-in-process includes material, labor and overhead. Finished goods includes completed wheels, parts and railcars not on lease or in transit. The following table summarizes the Company’s inventory balance:

(in millions)	November 30, 2021			August 31, 2021
Manufacturing supplies and raw materials	$	471.3		$	352.8
Work-in-process		117.1			167.3
Finished goods		58.2			73.4
Excess and obsolete adjustment		(15.2	)		(19.9	)
	$	631.4		$	573.6