Inventories

9 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Note 8. Inventories

We value substantially all of our U.S. inventories at the lower of cost or market, with cost determined on a last-in first-out (“LIFO”) basis. We value all other inventories at the lower of cost and net realizable value, with cost determined using methods that approximate cost computed on a first-in first-out (“FIFO”) basis. These other inventories represent primarily foreign inventories, distribution business inventories, spare parts inventories and certain inventoried supplies.

The components of inventories were as follows (in millions):

	June 30, 2022			September 30, 2021
Finished goods and work in process	$	1,074.4		$	972.7
Raw materials		1,096.0			888.1
Spare parts and supplies		515.5			536.4
Inventories at FIFO cost		2,685.9			2,397.2
LIFO reserve		(385.4	)		(223.9	)
Net inventories	$	2,300.5		$	2,173.3