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Inventories | 12 Months Ended
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Dec. 31, 2020
Inventory Disclosure [Abstract] |
Inventories | Inventories We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental U.S. Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost. Inventories measured using LIFO must be valued at the lower of cost or market. Inventories measured using FIFO must be valued at the lower of cost or net realizable value. Inventories at December 31 consisted of the following:
| 2020 |  | 2019
Finished products | $ | 758.9 |  |  | $ | 647.3 |
Work in process | 2,535.4 |  |  | 2,067.6 |
Raw materials and supplies | 651.2 |  |  | 424.6 |
Total (approximates replacement cost) | 3,945.5 |  |  | 3,139.5 |
Increase to LIFO cost | 34.8 |  |  | 51.2 |
Inventories | $ | 3,980.3 |  |  | $ | 3,190.7 |
Inventories valued under the LIFO method comprised $1.21 billion and $1.20 billion of total inventories at December 31, 2020 and 2019, respectively.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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