Inventories

9 Months Ended

May 31, 2022

Inventory Disclosure [Abstract]

Inventories

Note 4 – 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)	May 31, 2022			August 31, 2021
Manufacturing supplies and raw materials	$	561.3		$	352.8
Work-in-process		149.9			167.3
Finished goods		84.2			73.4
Excess and obsolete adjustment		(13.7	)		(19.9	)
	$	781.7		$	573.6