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Inventories | 12 Months Ended
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Dec. 31, 2022
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Included in Inventories were the following:
| 2022 |  | 2021 |  | 2020
Finished goods | $ | 1,957.7 |  |  | $ | 1,378.8 |  |  | $ | 1,427.6 |
Work in process and raw materials | 668.8 |  |  | 548.4 |  |  | 376.5 |
Inventories | $ | 2,626.5 |  |  | $ | 1,927.2 |  |  | $ | 1,804.1 |
Inventories were stated at the lower of cost or net realizable value, with cost primarily determined on the last-in, first-out (LIFO) method. Management believes that the use of LIFO results in a better matching of costs and revenues. The following table summarizes the extent to which the Company’s Inventories use the LIFO cost method, and presents the effect on Inventories had the Company used the first-in, first-out (FIFO) inventory valuation method.
| 2022 |  | 2021 |  | 2020
Percentage of total inventories on LIFO | 74 | % |  | 70 | % |  | 72 | %
Excess of FIFO over LIFO | $ | 792.7 |  | $ | 593.0 |  | $ | 312.1
During 2021, certain inventories accounted for on the LIFO method were reduced, resulting in the liquidation of certain quantities carried at costs prevailing in prior years. The 2021 liquidation increased net income by $25.8 million. The Company recorded a reserve for obsolescence of $139.0 million, $118.6 million and $125.8 million at December 31, 2022, 2021 and 2020, respectively, to reduce Inventories to their estimated net realizable value.

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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 https://asc.fasb.org/topic&trid=2126998 + Details
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