Inventories

3 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Note 9. 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):

	December 31, 2023			September 30, 2023
Finished goods and work in process	$	1,083.8		$	1,044.9
Raw materials		1,045.8			1,049.8
Spare parts and supplies		601.7			578.2
Inventories at FIFO cost		2,731.3			2,672.9
LIFO reserve		(340.0	)		(341.4	)
Net inventories	$	2,391.3		$	2,331.5