Inventories

12 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Inventories

  INVENTORIES

The components of inventories are as follows:

30 September	2018		2017
Finished goods		$125.4		$120.0
Work in process	21.2		15.7
Raw materials, supplies and other	249.5		223.0
Total FIFO Cost	396.1		358.7
Less: Excess of FIFO cost over LIFO cost	—		(23.3		)
Inventories		$396.1		$335.4

As discussed in Note 1, Major Accounting Policies, we changed our accounting method for U.S. inventories from a LIFO basis to a FIFO basis effective 1 July 2018. As of 30 September 2017, inventories valued using the LIFO method comprised approximately 49% of consolidated inventories before LIFO adjustment. Liquidation of LIFO inventory layers prior to our change in accounting policy in fiscal year 2018 and in fiscal years 2017 and 2016 did not materially affect the results of operations.

We did not restate prior period financial statements for the change in U.S. inventories as the impact was not material. Instead, the Company applied the accounting change as a cumulative effect adjustment to cost of sales in the fourth quarter of fiscal year 2018. This change increased inventories by $24.1 at 1 July 2018 and increased pre-tax income from continuing operations by $24.1 for the quarter and fiscal year ended 30 September 2018.