Inventories

6 Months Ended

Feb. 28, 2021

Inventory Disclosure [Abstract]

Inventories

Note 3 – 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)	February 28, 2021			August 31, 2020
Manufacturing supplies and raw materials	$	291,698		$	263,080
Work-in-process		104,467			116,909
Finished goods		148,008			173,761
Excess and obsolete adjustment		(21,189	)		(24,221	)
	$	522,984		$	529,529