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Inventories

6 Months Ended

Jun. 30, 2024

Inventory, Net [Abstract]

Inventories

Inventories

The major classes of inventory were as follows:

In millions			June 30, 2024						December 31, 2023
Raw materials			$	579.3					$	605.1
Work-in-process			429.3						385.1
Finished goods			1,374.5						1,332.3
			2,383.1						2,322.5
LIFO reserve			(179.6)						(170.4)
Total			$	2,203.5					$	2,152.1

The Company performs periodic assessments to determine the existence of obsolete, slow-moving and non-saleable inventories and records necessary provisions to reduce such inventories to the lower of cost and net realizable value. Reserve balances, primarily related to obsolete and slow-moving inventories, were $163.1 million and $143.5 million at June 30, 2024 and December 31, 2023, 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
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/330/tableOfContent

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- References

No definition available.

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