Physical Commodities Inventory

3 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Physical Commodities Inventory

Physical Commodities Inventory

The Company’s inventories consist of finished physical commodities as shown below.

(in millions)	December 31, 2022		September 30, 2022
Physical Ag & Energy(1)	$	274.8	$	223.6
Precious metals - held by broker-dealer subsidiary	85.5		136.3
Precious metals - held by non-broker-dealer subsidiaries	252.4		153.6
Physical commodities inventory, net	$	612.7	$	513.5

(1) Physical Ag & Energy consists of agricultural commodity inventories, including corn, soybeans, wheat, dried distillers grain, canola, sorghum, coffee, cocoa, cotton, and others. Agricultural inventories have reliable, readily determinable and realizable market prices, have relatively insignificant costs of disposal and are available for immediate delivery. Physical Ag & Energy also includes energy related inventories, including primarily propane, gasoline, and kerosene. The Company records changes to these values in Cost of sales of physical commodities on the Condensed Consolidated Income Statements.