Inventories

Inventories consisted of the following (in millions):



	December 31, 2018			September 30, 2018
Raw materials	$	672.7		$	639.2
Partially finished products	300.5			354.3
Finished products	417.0			330.2
Inventories at FIFO cost	1,390.2			1,323.7
Less: Excess of FIFO cost over LIFO cost	(98.6		)	(96.0		)
	$	1,291.6		$	1,227.7

Due to the adoption of ASC 606, certain contracts in the defense and commercial segments are now recognized on the cost-to-cost method of percentage-of-completion. Costs incurred under these contracts are now recognized as “Unbilled receivables, net” on the Company’s Condensed Consolidated Balance Sheets.