INVENTORIES

Certain lubricants are valued at the lower of cost or market using the last-in, first-out (“LIFO”) method. Remaining inventories are carried at the lower of cost or net realizable value using the weighted average cost method.

The following summarizes Valvoline’s inventories:



(In millions)	March 31 2018			September 30 2017
Finished products	$	198		$	180
Raw materials, supplies and work in process	33			31
LIFO reserves	(33		)	(33		)
Obsolete inventory reserves	(4		)	(3		)
	$	194		$	175