Inventories

6 Months Ended

Mar. 31, 2020

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):

	March 31, 2020			September 30, 2019
Finished goods and work in process	$	982.6		$	938.9
Raw materials		766.8			818.8
Spare parts and supplies		494.2			479.7
Inventories at FIFO cost		2,243.6			2,237.4
LIFO reserve		(118.2	)		(129.9	)
Net inventories	$	2,125.4		$	2,107.5