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INVENTORIES
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Included in Inventories were the following:
202520242023
Finished goods$1,784.2 $1,751.9 $1,810.9 
Work in process and raw materials534.0 536.2 518.9 
Inventories$2,318.2 $2,288.1 $2,329.8 
Inventories were stated at the lower of cost or market, with cost primarily determined on the 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 method, and presents the effect on Inventories had the Company used the first-in, first-out (FIFO) inventory valuation method.
202520242023
Percentage of total inventories on LIFO71 %74 %74 %
Excess of FIFO over LIFO$616.8$630.2$668.0
During 2025, 2024 and 2023, 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 2025 liquidation reduced Net income by $3.5 million and the 2024 and 2023 liquidations increased Net income by $4.8 million and $1.2 million, respectively.
The Company recorded a reserve for obsolescence of $138.3 million, $137.7 million and $170.8 million at December 31, 2025, 2024 and 2023, respectively, to reduce Inventories to their estimated current market price.