v3.26.1
Physical Commodities Inventory
9 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Physical Commodities Inventory Physical Commodities Inventory
The Company’s inventories consist of physical commodities as shown below:
(in millions)June 30,
2026
September 30,
2025
Physical Agriculture and Energy$225.6 $249.3 
Precious metals - held by broker-dealer subsidiary187.9 221.8 
Precious metals - held by non-broker-dealer subsidiaries(1)
752.0 446.4 
Physical commodities inventory, net$1,165.5 $917.5 
(1)Includes the following:
Raw materials$24.6 $4.6 
Work in process$89.3 $48.6 
Physical Agriculture and Energy inventory 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.