Physical Commodities Inventory

9 Months Ended

Jun. 30, 2011

Physical Commodities Inventory [Abstract]

Physical Commodities Inventory

Physical commodities inventory is valued at the lower of cost or fair value, determined using the weighted-average cost method. Commodities in process include commodities in the process of being recycled. At June 30, 2011 and September 30, 2010, $246.2 million and $124.8 million, respectively, of physical commodities inventory served as collateral under one of the Company’s credit facilities, as detailed further in Note 11. The carrying values of the Company’s inventory at June 30, 2011 and September 30, 2010 are shown below.



(in millions)	June 30, 2011		September 30, 2010
Commodities in process	$	1.4	$	3.6
Finished commodities	246.5		121.4
Physical commodities inventory, at cost	$	247.9	$	125.0

- 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.

+ References+ Details