7.INVENTORIES

The components of inventories are as follows:



	September 30,
	2017			2016
(In millions)
Inventories at FIFO cost
Finished goods	$	87.6		$	94.0
Work in process	20.3			12.3
Raw materials, supplies and other	52.5			29.4
	160.4			135.7
Less: Excess of FIFO cost over LIFO cost	(8.8		)	(8.3		)
Inventories	$	151.6		$	127.4

Inventories valued using the LIFO method comprised 28% and 32% of combined inventories before LIFO adjustment at September 30, 2017 and 2016, respectively. Liquidation of LIFO inventory layers in 2017, 2016, and 2015 did not materially affect the results of operations.

First-in, first-out (FIFO) cost approximates replacement cost.