Inventories (Tables)

3 Months Ended

Nov. 30, 2019

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 thousands)	November 30, 2019			August 31, 2019
Manufacturing supplies and raw materials	$	357,260		$	387,015
Work-in-process		184,286			156,614
Finished goods		202,780			130,576
Excess and obsolete adjustment		(10,520	)		(9,512	)
	$	733,806		$	664,693