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)	June 30 2018			September 30 2017
Finished products	$	202		$	180
Raw materials, supplies and work in process	34			31
LIFO reserves	(37		)	(33		)
Obsolete inventory reserves	(3		)	(3		)
	$	196		$	175