Inventories

9 Months Ended

Jun. 30, 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):

	June 30, 2020			September 30, 2019
Finished goods and work in process	$	937.1		$	938.9
Raw materials		788.0			818.8
Spare parts and supplies		513.8			479.7
Inventories at FIFO cost		2,238.9			2,237.4
LIFO reserve		(101.2	)		(129.9	)
Net inventories	$	2,137.7		$	2,107.5