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INVENTORIES
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories at December 31 are as follows:
in millions20242023
Finished products 1
$534.6 $494.4 
Raw materials69.7 51.2 
Products in process9.0 6.5 
Operating supplies and other68.5 63.5 
Total inventories$681.8 $615.6 
1Includes inventories encumbered by volumetric production payments (see Note 2) of $3.9 million and $3.6 million as of December 31, 2024 and 2023, respectively.
In addition to the inventory balances presented above, as of December 31, 2024 and 2023, we had $22.8 million and $12.5 million, respectively, of inventory classified as long-term assets (other noncurrent assets) as we do not expect to sell the inventory within one year of their respective balance sheet dates.
We use the LIFO method of valuation for most of our inventories as it results in a better matching of costs with revenues. Inventories valued under the LIFO method total $389.8 million and $356.9 million at December 31, 2024 and 2023, respectively. During 2024, 2023 and 2022, inventory reductions resulted in liquidations of LIFO inventory layers carried at costs prevailing in prior years as compared to current-year costs. The effect of the LIFO liquidation on our results was as follows:
▪2024 — decrease cost of revenues by $5.1 million and increase net earnings by $3.8 million
▪2023 — decrease cost of revenues by $3.6 million and increase net earnings by $2.7 million
▪2022 — decrease cost of revenues by $4.8 million and increase net earnings by $3.5 million
Estimated current cost exceeded LIFO cost at December 31, 2024 and 2023 by $370.6 million and $302.6 million, respectively. In periods of increasing costs, LIFO generally results in higher cost of revenues than under FIFO. In periods of decreasing costs, the results are generally the opposite. We provide supplemental income disclosures to facilitate comparisons with companies not on LIFO. The supplemental income calculation is derived by tax-affecting the change in the LIFO reserve for the periods presented. If all inventories valued at LIFO cost had been valued under first-in, first-out (FIFO) method, the approximate effect on net earnings would have been an increase of $47.2 million in 2024, an increase of $27.9 million in 2023 and an increase of $48.1 million in 2022.