Inventories

9 Months Ended

Jun. 30, 2019

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, 2019			September 30, 2018
Finished goods and work in process	$	930.4		$	867.0
Raw materials		808.5			730.0
Spare parts and supplies		485.7			368.2
Inventories at FIFO cost		2,224.6			1,965.2
LIFO reserve		(150.4	)		(135.6	)
Net inventories	$	2,074.2		$	1,829.6