Inventories

9 Months Ended

May 31, 2020

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 thousands)	May 31, 2020			August 31, 2019
Manufacturing supplies and raw materials	$	326,686		$	387,015
Work-in-process		148,342			156,614
Finished goods		219,050			130,576
Excess and obsolete adjustment		(18,636	)		(9,512	)
	$	675,442		$	664,693