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Inventories

6 Months Ended

Mar. 31, 2014

Inventories consisted of the following (in millions):



		March 31,			September 30,
		2014			2013
Raw materials		$	468.2		$	428.4
Partially finished products		258.1			272.4
Finished products		359.1			312.6
Inventories at FIFO cost		1,085.4			1,013.4
Less:	Progress/performance-based payments on U.S. government contracts	(92.6		)	(114.9		)
	Excess of FIFO cost over LIFO cost	(79.7		)	(76.5		)
		$	913.1		$	822.0

Title to all inventories related to U.S. government contracts, which provide for progress or performance-based payments, vests with the U.S. government to the extent of unliquidated progress or performance-based payments.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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