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Physical Commodities Inventory

12 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Physical Commodities Inventory

Physical Commodities Inventory

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

			September 30,
(in millions)			2025						2024
Physical Ag & Energy			$	249.3					$	169.0
Precious metals - held by broker-dealer subsidiary			221.8						207.6
Precious metals - held by non-broker-dealer subsidiaries(1)			446.4						304.5
Physical commodities inventory, net			$	917.5					$	681.1
(1)Includes raw materials of $4.6 million and work in process of $48.6 million as of September 30, 2025

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 Consolidated Income Statements.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/330/tableOfContent

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