Inventories include materials, direct labor, inbound freight, customs, duties, tariffs, and related manufacturing overhead. Inventories are stated on a first-in, first-out basis at the lower of cost and net realizable value and consist of the following as of the dates presented (in millions):


	May 31, 2025		August 31, 2024
Raw materials, supplies, and work in process (1)	$	239.5	$	222.1
Finished goods	273.0		191.1
Inventories excluding reserves	512.5		413.2
Less: Reserves	(26.5)		(25.6)
Total inventories	$	486.0	$	387.6

(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, we do not believe the segregation of raw materials and work in process is meaningful information.