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Supplemental Balance Sheet Information
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
Cash Equivalents
The Company had $527.1 million and $265.1 million of cash equivalents at March 31, 2024 and December 31, 2023, respectively. The Company has categorized its cash equivalents as a Level 1 financial asset, measured at fair value based on quoted prices in active markets of identical assets.
Accounts Receivable, net
Accounts receivable is presented net of an allowance for doubtful accounts of $11.4 million at March 31, 2024 and $11.5 million at December 31, 2023.
Inventories, net
Inventories are stated at current cost, net of reserves for excess, slow moving and obsolete inventory. Inventories are primarily valued under the FIFO method or average cost method. Inventory balances are summarized as follows (in millions):
Balance at
March 31, 2024December 31, 2023
Raw materials and supplies$571.3 $560.6 
Work in process193.4 184.8 
Finished goods168.5 172.3 
Total inventories, net$933.2 $917.7 
Product Warranty Costs
Some of the Company’s products are subject to specified warranties, and the Company provides for the estimated cost of product warranties. The adequacy of the warranty reserve is assessed regularly, and the reserve is adjusted as necessary based on a review of historic warranty experience with respect to the applicable business or products, as well as the length and actual terms of the warranties. The warranty reserve is included in current accrued liabilities and other long-term liabilities on the condensed consolidated balance sheet.
 Three Months
Warranty Reserve (in millions):20242023
Balance at beginning of year$49.1 $50.3 
Product warranty expense 3.5 4.3 
Deductions(5.1)(4.2)
Balance at end of period$47.5 $50.4