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INVENTORIES | 3 Months Ended
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Mar. 31, 2021
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Included in Inventories were the following:
| March 31, |  | December 31, |  | March 31,
| 2021 |  | 2020 |  | 2020
Finished goods | $ | 1,413.0 |  |  | $ | 1,427.6 |  |  | $ | 1,586.9 |
Work in process and raw materials | 434.3 |  |  | 376.5 |  |  | 367.9 |
Inventories | $ | 1,847.3 |  |  | $ | 1,804.1 |  |  | $ | 1,954.8 |
The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs are subject to the final year-end LIFO inventory valuation. In addition, interim inventory levels include management’s estimates of annual inventory losses due to shrinkage and other factors. For further information on the Company’s inventory valuation, see Note 4 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

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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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