Physical Commodities Inventory

3 Months Ended

Dec. 31, 2023

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, 2023		September 30, 2023
Physical Ag & Energy(1)	$	139.8	$	146.2
Precious metals - held by broker-dealer subsidiary	174.6		240.3
Precious metals - held by non-broker-dealer subsidiaries	204.0		150.8
Physical commodities inventory, net	$	518.4	$	537.3

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